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: VAT Audit :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TDS :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

Missed Filing Your Income Tax Return? E-File Now by September 7
September, 07th 2015

If you haven't e-filed your income tax return yet, you have reason to rejoice, the due date for filing of your tax return has been extended to 7 September. If you have earned income which is more than Rs 2,50,000 (gross) you still have a few days to file and meet the due date.

Filing before the due date has benefits. If you have tax payable, you will be saved from penal interest under section 234A. Those who've had a bad stint at the stock markets and have earned short term capital losses, must file a return. Without a return such losses, which remain unadjusted from income, are not allowed to be carried forward. It may not be so bad to have incurred a loss after all; a loss which can be carried forward and adjusted in future years can be useful. Sometimes, we may need to revise a return when we've omitted some income or deduction or have additional deduction to report; returns which will be filed by 7t September shall be allowed to be revised if required.

Your e-filing is smooth and won't take much time, when you have a Form 16, most e-filers including ClearTax allow upload of Form 16. A PDF of your form 16 can be uploaded and saves you from manually entering information. You can also enter details manually while it's possible to upload multiple Form 16s as well. Find what works best and start preparing your return. Do note though that more than one Form 16 is very likely to throw up a tax due. This is mainly because TDS has been deducted on your salary by employers, who don't have information about your aggregate salary, or who may not have taxed your income at the correct slab. This may make your TDS deductions insufficient and result in a tax payable.

Remember to mention your name and date of birth in your return exactly as it appears in the PAN details; first, middle and last. Tax returns are not accepted if there's a name mismatch. A lot of taxpayers who have not been able to claim HRA from the employer, can do so while filing their tax returns. Just calculate the exempt portion of HRA and reduce it from your total taxable salary. You may need a CA to help you out at the last minute. No documents have to be submitted to your e-filer or to the tax department, but you must maintain these safely with you, should the Assessing Officer ask for them. Medi-claim and LTA cannot be at the time of filing of your tax return.

Do not miss reporting your interest income from savings bank accounts and fixed deposits. You'll have to download annual statements of your bank account or look them up from your email. Take interest for 12 months of April 2014 to March 2015. Usually the interest credits are quarterly and you have to pick for the 4 relevant quarters. Fixed deposits interest can also be found in your statements. Even though your FD may have a longer maturity, you must report the interest income in your return annually. That way your income matches up with the TDS deduction on such income made by the bank. And you can include this TDS in your return which will be adjusted against total tax payable. If you wait for the FD to mature and then include interest, you may have a tough time matching the TDS deducted in earlier years against your tax dues.

After including all incomes, mention all the deductions you are eligible for. All the deductions under section 80 can be claimed at the time of filing your return. This can be done where these deductions or investments were not disclosed to your employer, do however maintain proper receipts.

TDS which has already been deducted is adjusted against your final tax dues. This may result in a refund or a tax due. Pay your tax dues before filing your return.

After you have successfully e-filed, you have to verify your return. This year the tax department has introduced several new ways to verify your return. If your incomes less deductions are Rs 5 lakhs or less you can e-verify on the department's website via EVC. If your income is more than Rs 5lakhs, you can use the aadhaar OTP method, which starts with first linking your aadhaar on the department's website. If you have a refund due you must use netbanking to e-verify. If you do not succeed with any of these means of e-verification, you can send your ITR-V the old way, via speed post, to CPC Bangalore.

With 2 deadline extensions, you can make it with your returns in time, do not miss it.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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