What are the proofs of income? My offer cum appointment letter includes details of salary, and the income gets deposited in the bank. Kindly help me out. Will I get a good job with this letter?
From India, Bangalore
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From India, Bangalore
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Proof of income is your payslip and not your offer cum appointment letter. hence you ask your present employer your pay slip.
From India, New Delhi
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425From India, New Delhi
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Hello Roshni,
An appointment letter on its own is not proof but an indication of your income. However, an appointment letter, along with your bank statement, can be considered as proof since the bank statement verifies the compensation amount stated in the appointment letter. Most employers find it convenient to verify your income using a combination of your salary slip and bank statement as it provides the exact amount paid to you monthly.
Additionally, Form 26AS is a document that mentions all the remuneration paid to you by your employer. You can access this document by logging into your online account on the income tax website. Furthermore, your employer will issue you Form 16 at the end of the financial year, detailing the total remuneration paid to you during that year, including your total income, taxable income, tax deductions, and deposits with the Income Tax department.
I hope this addresses your queries.
Good luck.
Cheers, A.B.
From India, Mumbai
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An appointment letter on its own is not proof but an indication of your income. However, an appointment letter, along with your bank statement, can be considered as proof since the bank statement verifies the compensation amount stated in the appointment letter. Most employers find it convenient to verify your income using a combination of your salary slip and bank statement as it provides the exact amount paid to you monthly.
Additionally, Form 26AS is a document that mentions all the remuneration paid to you by your employer. You can access this document by logging into your online account on the income tax website. Furthermore, your employer will issue you Form 16 at the end of the financial year, detailing the total remuneration paid to you during that year, including your total income, taxable income, tax deductions, and deposits with the Income Tax department.
I hope this addresses your queries.
Good luck.
Cheers, A.B.
From India, Mumbai
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Best proof of income is your Income Tax return, a government document with a declaration of authenticity and backed by financial transactions such as tax deposits, etc.
Apart from that, what works depends on the specific situation. In some cases, even an appointment letter with salary details may suffice.
From India, Delhi
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Apart from that, what works depends on the specific situation. In some cases, even an appointment letter with salary details may suffice.
From India, Delhi
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Hi,
Actual proof of income is a payslip, which includes Form 16 provided to the employee by the employer. A payslip alone is not strong evidence of proof of income. An appointment letter is never proof of income.
A bank statement indicating the credit of salary in your account is considered as evidence of income under the Indian Evidence Act. However, I would still suggest that Form 16 is a far better and the only strong evidence of income.
If you have other sources of income apart from a salary:
CASE 1:
If, apart from your job, you have other sources of income, then under the Income Tax Act of 1961, the clubbing of income is mandatory to determine taxable income. If you file income tax separately under a self-assessment scheme or have it filed by a CA/CS/CWA on your behalf, meaning that your employer does not perform tax deduction at source, then a form provided by the Income Tax Authority, ratified by the seal of CA/CS/CWA, can be considered as your source of income.
CASE 2:
If your employer conducts tax deduction at source, then Form 16 is the best proof of income. If you file a return of income tax for tax deducted by the employer to avoid double taxation, then such a return form along with tax filing documents should be considered as an income certificate. The procedure will be similar to that of Case 1.
Examples of other sources of income:
1. Income under the head, House Rent or property rent.
2. Income from Business or profession.
3. Income from other sources.
Hope your problem is solved.
Thanks & Regards,
Sovik B
From India, Mumbai
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Actual proof of income is a payslip, which includes Form 16 provided to the employee by the employer. A payslip alone is not strong evidence of proof of income. An appointment letter is never proof of income.
A bank statement indicating the credit of salary in your account is considered as evidence of income under the Indian Evidence Act. However, I would still suggest that Form 16 is a far better and the only strong evidence of income.
If you have other sources of income apart from a salary:
CASE 1:
If, apart from your job, you have other sources of income, then under the Income Tax Act of 1961, the clubbing of income is mandatory to determine taxable income. If you file income tax separately under a self-assessment scheme or have it filed by a CA/CS/CWA on your behalf, meaning that your employer does not perform tax deduction at source, then a form provided by the Income Tax Authority, ratified by the seal of CA/CS/CWA, can be considered as your source of income.
CASE 2:
If your employer conducts tax deduction at source, then Form 16 is the best proof of income. If you file a return of income tax for tax deducted by the employer to avoid double taxation, then such a return form along with tax filing documents should be considered as an income certificate. The procedure will be similar to that of Case 1.
Examples of other sources of income:
1. Income under the head, House Rent or property rent.
2. Income from Business or profession.
3. Income from other sources.
Hope your problem is solved.
Thanks & Regards,
Sovik B
From India, Mumbai
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Final Article Income tax Investment Proof.pdf