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.
- 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.
- Don’t forget to claim rebate under section 87A
- 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.
- 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.
- 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.
- Claim the TDS deducted
- 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.
- 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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