8 important points to know before filing your INCOME TAX RETURN

Its time to file your income tax return as income tax department has already issue the relevant forms and you all must have got Form-16 or Form-16A, but before filing your return make sure the relevant following points otherwise it may create trouble for you. Take a look which you need to know about filing income tax return.
  1. Due Date of filing of return

The due date of filling of return whose tax audit is not mandatory is 31st July 2017, so don’t forget to file your return before its too late because loss of current year cannot be carry forward if return not filed before the due date.

  1. Don’t forget to claim rebate under section 87A

The major benefit that government has given is rebate of tax, which means you no need to pay income tax if your income tax liability is upto Rs.5000 (whose net income does not exceeds Rs.5,00,000)

  1. Declare your house property income and losses

House property is a source of income which we often forget to declare. It is more important to declare your house property losses because only the house property loss which can only be set off against the Salary income, so don’t make such mistake and claim your losses.

  1. Declare your Interest from Saving bank and Fixed deposit

Most of the time we don’t remember such income because this interest automatically credited in your bank account and you are not aware of it. In past few years assesses got notices from income tax department just because they didn’t declare interest. It is recommended to show your interest in income tax return.

  1. Link your Aadhar card with PAN

It is not mandatory to link your aadhar number with PAN, but relief has been provided to those who don’t have aadhar but aadhar enrolment ID number will be mandatory. The benefit of linking Aadhar with PAN is you no need to send your ITR acknowledgement at Bangalore.

  1. Claim the TDS deducted

Before filing your income tax return you can see you TDS deduction in Form-26AS. It is good practice to check Form-26AS as you can claim it against your income tax liabilities.

  1. Schedule of Asset & liabilities

If your income is more than Rs. 50 Lakh then you have to declare your assets and liabilities details in your income tax return.

  1. Cash Deposited between 09/11/2016 to 30/12/2016

If you have deposited cash Rs.2 Lakh or more during demonetization then make a report of such deposit in your income tax return. It is recommendation to declare such transaction because income tax department has already information about you.

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