Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS
News Headlines »
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18
 How to file Income Tax Returns online in 5 simple steps

Ten facts to know about filing income tax return this year
June, 24th 2017

By this time you must have got Form 16 from your employer and might also be thinking of filing your income tax return (ITR). With the due date for filing tax return approaching fast, it is surely time to file your return. However, only filing ITR is not enough. It is also necessary to keep abreast of the latest changes in ITR rules so as to make your return filing complete in all respects. Here we are taking a look at ten facts which you need to know about filing income tax return this year for the last financial year:

Due date for filing return

The due date for filing your income tax return is 31st July 2017. If you need to get a tax audit done, the due date is 30th September 2017. Filing before the due date is important if you want to carry forward any loss incurred by you during the year.

Mandatory return filing

It is mandatory to file income tax return if your taxable income before any deduction exceeds Rs 2.5 lakh. “The limits are 3 lakh and 5 lakh for senior citizen and super-senior citizen, respectively. Also, filing of ITR has been made mandatory if one has Long Term Capital Gains from sale of shares or mutual funds of more than Rs 2.5 lakh in a year,” says Archit Gupta, Founder & CEO,

Change in law w.r.t. revised return

Till last year, a revised return could be filed only if the original return was filed within the due date. Starting from this year, a return can be revised even if filed after due date, i.e even if a belated return is filed.

Linking of Aadhaar card with PAN

Based on a Supreme Court ruling and the rules announced during Budget 2017, it is now mandatory to link your Aadhaar Card with your PAN if you own both PAN and Aadhaar. An interim relief has been provided by the SC only to those who may have PAN but not Aadhaar. However, your Aadhaar number or the Aadhaar Enrolment ID number will now be mandatorily required for filing of income tax returns as well as for applications for PAN from July 1 this year.

Dividend Tax

There has been a new rule regarding dividends. “Any person who receives dividend above Rs 10 lakh has to pay an additional income tax of 10% (on amount in excess of Rs 10 lakh). Dividend here includes dividend on equity shares or mutual fund units,” says Gupta.

Return filing mandatory even if TDS deducted

There is a misconception that a return has to be filed only when any tax is due. Return filing is now mandatory irrespective of TDS deducted on your income if your income exceeds Rs 2.5 lakh.

TDS and Form 26AS

Form 26AS is a Tax Credit Statement that contains details of all TDS deducted against your income. It is a good practice to check the TDS figures in Form 26AS before filing the income tax return.

Savings Bank Interest Income

Interest earned on savings bank account balance should be declared in the income tax return. Also, “a deduction of Rs 10,000 is available u/s 80TTA for income from interest. This means that savings interest income up to Rs 10,000 is indirectly exempt in the form of a deduction. This income can be calculated from the bank statement. The interest is usually paid quarterly or half-yearly,” says Gupta.

Schedule AL

A statement of assets and liabilities has to be provided by every assessee whose income is more than Rs 50 lakh, This statement also includes the cost of acquisition of movable properties held such as jewellery, vehicle or cash.

E-Verification of Income Tax Returns

It is now possible to E-verify your income tax return instead of sending ITR-V by post. This makes the verification process easier. This is an important step that is required to complete the process of online income tax return filing.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions