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Friday, November 24, 2017

Points to Remember When Filing Your Income Tax Return

Points to Remember When Filing Your Income Tax Return

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If you are an earning member of the community, you are required to give back to the community a small portion of your income and this is the basis of Income Tax. However, not everyone willingly parts with their hard earned or ill-gotten gains, thus the need for legislation to determine how much tax an individual needs to pay, by which date these taxes are payable, what the penalties are in case taxes are evaded and so on. All of these laws are provided for in the Income Tax Act of 1961 and the penalties included in the Act can be quite severe in case an individual fails to comply. One of the lesser-known and often missed parts of the IT Act is the filing of your returns. In the following sections, we will discuss some of the key things to keep in mind when filing your ITR.

Don’t Miss the Due Date

This is of prime importance because missing the due date can cause small problems like delayed refunds or larger issues like having the IT Department initiate criminal proceedings. Additionally, in case your ITR is filed after the due date, you also lose out on the opportunity to make corrections later. For self-employed, carrying forward business losses can be a blessing in disguise which will also be missed in case of there is a delay in filing the return.

Use the Online Method of Filing Taxes

In case you are a salaried individual, filing your income tax returns has truly become a breeze with the introduction of the ITR-1 or Sahaj form. There is truly no easier way to do it as the entire system is almost completely automated with inbuilt calculators and automated cross-reference of TDS paid form 26AS and much more. These benefits cannot be avail in case you are still using the paper filing system so it is probably time to upgrade in case you haven’t already.

Compute Interest Income carefully

Interest income above a certain limit (currently Rs. 10,000 annually) features TDS at the rate of 10%. However, in case you belong to a higher tax bracket, such interest income will be treated as “income from other sources” and added to you’re to total income and taxed according to the applicable tax bracket. If you miss out on such interest income especially in case of savings account, where no TDS is chargeable you will definitely get an income tax notice.

Don’t Miss out any Tax Exemptions

An individual taxpayer is liable to take the benefit of various tax exemptions under key sections such as 80C, 80D, 24 and others. Just under 80C itself, an individual in the maximum tax bracket can save over Rs. 46,000 in taxes if they use the complete tax benefit offered by the section. Some of the other commonly missed benefits include personal loan taken for home renovations, rent paid, income from agricultural activities and so on. This time around, with the Sahaj form, it should be easier to correlate all of the applicable tax exemptions before filing your return.

Verify Your Income Tax Return

This might be the last step when filing your return but its importance cannot be overstated. The old school system of ITR verification was a paper form named ITR-V, which had to manually sent by post to the CPC Office located in Bangalore. Using currently available digital technology is much easier. Now the
verification can be completed online on the Income Tax e-filing website and in case you have already linked your Aadhaar Card with your PAN, an Aadhaar OTP can also be used to complete the process as long as your mobile number is registered with the UIDAI Database. Additionally, verification can also be completed through Net Banking of leading Indian public and private sector banks as long as your PAN is updated with them.

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