It must be relieving to learn that the deadline for filing tax returns has been extended till 7th September 2015. But, those who are planning to file their taxes over the weekend should refer to this quick tips that may come handy at the end moment.
Dilemma to file or not
- Those who are still not sure if filing tax returns are mandatory for them then here's the help. Individuals with a gross income of less than Rs. 2,50,000 are not required to file taxes. On the other hand, those drawing over Rs 5 lakhs of income have to compulsory e-file their tax returns.
Should You Mention interest income
- If that thought passed by you then be aware that all incomes accruing from the bank accounts or fixed deposit should be properly recorded while filing taxes. Aggregate interest income up to Rs 10,000 is exempt under the section 80TTA.
Section 80 Deductions
- If you missed reporting to your employer any detail relating to Section 80 then this is the time to include such information while filing the tax returns. However, you should safely keep the documents about this section as it might be asked by the tax assessing officer later.
- If you had donated any sum or given any charity, then the same can be claimed under Section 80G. You will eligible for a refund after deducting any outstanding tax amount.
Short Term Or Long Term Capital Gains
- Do not miss out on filing the long term or short term capital gains. While long-term gains are exempt from tax, short-term gains are taxed as per the applicable tax slab of the individual. Also, record and add any capital losses, which may have accrued from the previous year.
Cross-check with Form 16
- Ensure that the details entered on the income tax portal matches with the details in your Form 16. Though you can enter any left-out details as mentioned earlier, rest of the information should match with that of the form. Any discrepancy can lead to questioning from the tax assessing officer.
E-verify your returns
- If you are still not aware, then you should know that there is no need to send ITR-V acknowledgement through ordinary post. The government has facilitated all taxpayers with electronic verification. All you need to do is to register on the income tax department's website and e-verify your returns using aadhaar OTP. If you are due to receive a refund, then e-verification must be done using net banking. In case it doesn't work for you then you can send the acknowledgement to Bangalore CPC via ordinary post.