Monday, June 26, 2017

How to file IT return online in India and Ten facts to know about filing income tax return this year

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How to file IT return online in India? 
Filing of Income tax return online is very easy now a days and most of the IT payers in India adopt the method  of filing the IT returns online.

The first criteria for filing IT returns online is to create a Profile in the Website for filing Income Tax return online. PAN number of the IT payer is the User ID.User has to create a Password and remember it.


After login to the site, the user has to follow the steps given in the following link for filing IT return online by anyone  of the two methods mentioned therein.

Ten facts to know about filing income tax return this year

Here we are taking a look at ten facts which you need to know about filing income tax return this year for the last financial year:

1.Due date for filing return
The due date for filing your income tax return is 31st July 2017. If you need to get a tax audit done, the due date is 30th September 2017. Filing before the due date is important if you want to carry forward any loss incurred by you during the year.

2.Mandatory return filing
It is mandatory to file income tax return if your taxable income before any deduction exceeds Rs 2.5 lakh. “The limits are 3 lakh and 5 lakh for senior citizen and super-senior citizen, respectively. Also, filing of ITR has been made mandatory if one has Long Term Capital Gains from sale of shares or mutual funds of more than Rs 2.5 lakh in a year,” says Archit Gupta, Founder & CEO, ClearTax.in.

3.Change in law w.r.t. revised return
Till last year, a revised return could be filed only if the original return was filed within the due date. Starting from this year, a return can be revised even if filed after due date, i.e even if a belated return is filed.

4.Linking of Aadhaar card with PAN
Based on a Supreme Court ruling and the rules announced during Budget 2017, it is now mandatory to link your Aadhaar Card with your PAN if you own both PAN and Aadhaar. 
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An interim relief has been provided by the SC only to those who may have PAN but not Aadhaar. However, your Aadhaar number or the Aadhaar Enrolment ID number will now be mandatorily required for filing of income tax returns as well as for applications for PAN from July 1 this year.

5.Dividend Tax
There has been a new rule regarding dividends. “Any person who receives dividend above Rs 10 lakh has to pay an additional income tax of 10% (on amount in excess of Rs 10 lakh). Dividend here includes dividend on equity shares or mutual fund units,” says Gupta.

6.Return filing mandatory even if TDS deducted
There is a misconception that a return has to be filed only when any tax is due. Return filing is now mandatory irrespective of TDS deducted on your income if your income exceeds Rs 2.5 lakh.

7.TDS and Form 26AS
Form 26AS is a Tax Credit Statement that contains details of all TDS deducted against your income. It is a good practice to check the TDS figures in Form 26AS before filing the income tax return.

8.Savings Bank Interest Income
Interest earned on savings bank account balance should be declared in the income tax return. Also, “a deduction of Rs 10,000 is available u/s 80TTA for income from interest. This means that savings interest income up to Rs 10,000 is indirectly exempt in the form of a deduction. This income can be calculated from the bank statement. The interest is usually paid quarterly or half-yearly,” says Gupta.

9.Schedule AL
A statement of assets and liabilities has to be provided by every assessee whose income is more than Rs 50 lakh, This statement also includes the cost of acquisition of movable properties held such as jewellery, vehicle or cash.

10.E-Verification of Income Tax Returns
It is now possible to E-verify your income tax return instead of sending ITR-V by post. This makes the verification process easier. This is an important step that is required to complete the process of online income tax return filing.

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