Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: due date for vat payment :: list of goods taxed at 4% :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: articles on VAT and GST in India
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

Income tax returns: 7 incomes you shouldn't forget to declare
July, 05th 2013

The idea of filing income tax would give many of us nightmares. With the last date for filing income tax soon approaching, most of us would have already begun the process of filing our returns. The due date for filing personal income-tax returns for the financial year 2012-13 is July 31, 2013.

Generally, many of us who are employed will get a Form 16 from our employer and we usually refer to details in that form to file our returns. However, there are few other heads of income which we should report (taxable or non-taxable) while filing our tax returns.

Employers would give us our Form 16 based on the declaration and proofs we submit. Most of us would declare and submit proofs for house rent allowance (HRA), leave travel allowance (LTA) and our savings under sections 80C (PPF, EPF, insurance, etc.)

There are a few more sources of income which one must disclose. The disclosure can be done either to our employer (so that they are taken care of in Form 16) or while filing our returns.

Some of them are:

1. Interest earned from savings bank account: This interest is tax free up to Rs. 10,000. Any interest earned above that is taxable and should be declared.

2. Interest earned from fixed deposits: This is taxable as per one's income tax slab. Most of the time banks deduct 10 per cent TDS when the interest accrued is more than Rs. 10,000 (unless one submits Form 15 G/H). However, the actual tax liability will be more or less, depending upon the tax bracket one falls under after all incomes and deductions are claimed.

3. Interest earned from recurring deposits: This interest is taxable as per one's income tax slab. Banks do not cut any TDS on interest earned on recurring deposits and, hence, it becomes even more important to declare this source of income.

4. Cash gifts: Cash gifts of over Rs. 50,000 should be declared as they are taxable (unless for specific occasions like marriage)

5. Capital gains/losses: Any capital gains/losses made from trading equities, selling mutual funds, gold, etc. should be declared even though they may be non-taxable (e.g. for equities, long-term capital tax is nil). Similarly, any losses should be declared as these help in offsetting gains for subsequent years.

6. Exempt income: Exempt income (e.g. interest earned on PPF/EPF accounts) should be declared for auditing purposes only. This is a tax-free income.

7. Dividend income: Dividend income is tax free in the hands of the investor. However, this should be declared while filing income tax returns.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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