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Hyderabad: There are only 15 days left to file income tax returns. A little care taken when filing returns will ensure that we do not execute the pillar to post to request that changes be made later. The correct deposit will also ensure that refunds, if any, occur without any hbadle.
Those with a total income greater than Rs 2.5 lakhs must produce a tax return. This limit is Rs 3 lakhs for the elderly (60 years old and over) and Rs 5 lakhs for the super citizens aged 80 and over.
According to Archit Gupta, Founder and Chief Executive Officer of ClearTax, a platform technology that deals with tax aspects, the Central Processing Center (CPC) of the Department of Income Tax has issued a warning to taxpayers, especially the salaried clbad, warning of certain penal consequences for incorrect statements in tax returns. [19659002] "They are directed to the taxpayers who intentionally manipulate the numbers, suppress the facts, inflate the investments and the expenses for tax evasion," he says. However, it is imperative to consider the following when filing tax returns:
• Filing a tax return and on time
Filing a tax return in the event of a tax return exceeding the basic threshold of Rs 2.5 lakhs. A delay in filing the return may result in a penalty under Section 234F up to Rs. 10,000
• Using Form 16
RTI 1 which was notified for the 2017-18 fiscal year requires a wage income break. Therefore, use Form 16 (provided by the employer) to provide these details. The tax filing platforms have an option where you can download the form 16 and the required details are filled out automatically.
This will prevent minimal errors or while completing the return form. TAN and other details of employers are also completed automatically.
• Using Form 26AS
The 26AS form available for download from the Income Tax Portal is another crucial document. . This form includes details of tax deducted on sources of income whether it is salary, interest and business receipts. This can be used to reconfirm the TDS reflecting in the Form 16. In addition, this form allows you to obtain details of the other income that must be disclosed in the return and to claim the credit of the TDS made on it. .
on savings account interest and, therefore, this should be stated in the tax return. Even if no tax is owed, one should claim the deduction available under section 80TTA up to Rs 10,000 by filing the tax return.
• Claiming Appropriate Exemptions
During the 2017-18 fiscal year, a large number may have invested in instruments of economy. tax that allows claiming a deduction under section 80C. Have evidence of investments made to claim an exemption to the extent applicable. In addition, note that the travel allowance and medical allowance exemptions, if not authorized by the employer in Form 16, can not be claimed at the time of filing. of the report.
• Disclose all income [19659002Assurez-vousdedivulguertouteslessourcesderevenudansladéclarationderevenusquevousproduisezSivousavezunrevenuprovenantd'uneentrepriseoud'uneprofessionchoisissezleformulaireappropriépourproduireladéclaration-ITR3ouITR4(pourimpôtforfaitaire)Danslecasoùl'onnedivulguepaslerevenud'uneentrepriseoud'uneprofessioncelarisqued'entraînerdespénalités[19659002] Also exempt income must be disclosed, if any. In case of capital gains, it is necessary to disclose and claim the exemption in the declaration itself. For example, if you make a sale of property and claim an exemption by fully reinvesting the gains, report it in the return as this will also help to substantiate TDS's claim for the consideration received on the sale of the property [19659002] Provide Correct Bank Accounts
It is essential to provide accurate bank account information, ie IFSC code, bank name and bank account number to ensure prompt receipt refunds. The ITR forms allow non-residents to provide bank account details outside of India, which is the IBAN code or swift code of the bank, so that they can receive the repayments directly [19659002] List of documents required for the filing of the ITL. ]
1. PAN card: Each taxpayer must have a PAN card. This is more than a proof of identification. The Department of Income Tax uses it to track your deposits.
2. Form 16: It is the duty of the employer to provide an official account of the deducted TDS. Form 16 is required in two parts (Form 16A and Form 16B) to file tax returns.
3. Bank Statements: Prepare bank statements for interest income information, if applicable. If more tax has been deducted than necessary, one can request a refund. For this, you need bank statements.
4. Form 26AS: Form 26AS is a consolidated annual summary of the taxes withheld on your behalf and those you have paid. This form is available on the IT website.
5. Section 80 Investments: Investments made under PPF, NSC, ULIPS, ELSS or LIC are eligible for deductions under Article 80C. Contributions to the Provident Fund, children's tuition fees, life insurance premiums, stamp and registration fees, repayment of the home loan, the amount invested in a fund of 39: Savings / mutual funds can be deducted. (Rs 1,50,000 maximum).
6. Other investment documents: Interest on the home loan for a house occupied by oneself, or a rented property is eligible for the tax savings up to Rs 2,00,000 . In addition, one can also claim deductions on the amount paid for the repayment of interest on the loans of studies.
7. Statement of trading: Stock trades during the year may be taxed under the capital gain. Therefore, it is important to report the gains, if any, of this and add it to the taxable income.
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