Income Tax Returns Deadline: 11 days to go and 10 important points to keep in mind

Income Tax Returns Deadline: 11 days to go and 10 important points to keep in mind

Deadline for Income Tax Returns filing only 11 days away. We can also file for belated (I-T) return filing before 31 March 2018 for the two preceding years.

Surely a consequential number of income taxpayers have cleared their income tax (I-T) liability for the assessment years 2016-17 and 2017-18, but the ones who have not paid as yet can still do so by filing the belated income returns (I-T).

Ideally, the salaried individuals are expected to pay the I.T. Return before July 31 of the year following the one for which the income tax return is filed, however, there is a provision to file the return anytime afterward but before the next financial year’s 31 March. Sample this.

For the financial years, 2015-16 and 2016-17, also known as assessment years 2016-17 and 2017-18 in the I.T. parlance; the income taxpayers are meant to file their returns anytime before July 31 of 2016 and 2017, respectively. However, the related income tax (I-T) returns for these years can also be filed before March 31 of 2018, which is just two weeks from now.

Making use of this provision, income taxpayers can file the return for these two years gone by.

Deadline For Filing Income Tax Returns Looms Large. 10 Things To Know

1. Income tax (I-T) department categorically mentions on its website that the income, exemptions and other deductions that will be claimed now in the return must not deviate from the details mentioned in form 16/ form 16A.

2. The income tax (I-T) department cautions that the income taxpayers should not resort to the last minute rush and they must file their income tax (I-T) returns as soon as possible, before these two weeks expire.

3. You can file income tax return on the department website incometaxindiaefiling.gov.in but make sure that you have your form 16. You don’t need to go anywhere or approach anyone to do the job for you.

4. For filing the income tax return, you must give your user ID and password to be able to open your income tax (I-T) filing web page on the department website.

5. You can submit the taxable income details. And the exemptions that you claim to be able to ascertain the income tax (I-T) liability.

6. Once you submit the income details, the system will tell you the tax liability (if any) or the income tax return (if any), as the case may be.

7. Please be informed that the income tax department website also allows you to calculate your I.T. to update P.A.N. (Permanent account number), to link Aadhaar with your PAN, among other things.

8. You should check the form 26AS to ascertain your total income (on which tax has been paid). The form 26. AS also carries the names of deductors (who have deducted T.D.A. & deposited the tax with the department) and their tax deduction account numbers.

9. If you have any income generated in form of rental income from a property you own. You should make sure that you calculate tax by adding that income as well.

10. All the incomes that accrued in the respective financial years on account of interest income from a bank if it exceeds Rs. 10,000 is also taxable.

COMMENTS

WORDPRESS: 0
DISQUS: