Have you started Filing Tax Return for FY 15-16? The tax return filing season is almost upon us!
Right now, most honest taxpayers are busy collecting their Form 16 s, Interest certificates and bank statements from banks in order to file the ITRs themselves or with the help of their trusted CAs.
OracleInvestor.com , would like to add a few important points you must note while filing tax return (ITR) :
- Make sure you report capital gains/losses as well . Seek the same from AMC / Broking companies for gains/losses made in mutual funds/ Stocks.
- Report interest income from NSC and other schemes wherein interest earned is taxable.
- A deduction for up to Rs.10,000 is allowed on interest earned on savings accounts.
- However, interest earned on bank deposits, if any, forms a part of your taxable income and is taxable at applicable slab rates.
- You can claim deductions under section 80 G on donations made to charitable institutions, savings certificates and other deductions.
- Benefit under Section 80 C can also claimed for tuition fees paid by an individual for their children and for the repayment of principal amount in respect of home loan taken by him.
- Capital Gains/Loss on sale of property also needs to be filed in ITR .
- Check the tax payable carefully at the time of filing the ITR. If you pay less, you may receive a demand notice .
- In case you have to pay taxes (more taxes) at the time of filing the return; Choose the right challan.
- Fill up the correct Assessment Year ( FY and AY are different)
- Calculate interest earned in financial year from all your savings accounts with various banks; Upto INR 10000 will be exempt from tax, for the remaining amount you will have to pay tax.
- The TDS amount appearing in your Form 16 and Form 16A (if any) must tally with the Tax credit in Form 26 AS.In case there is mismatch in TDS amounts appearing on 26 AS and Form 16,you may get a notice from IT Dept.
We shall keep adding more relevant points to this post for your perusal.
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