Thursday, May 23, 2013

Check Few things to remember while filing your tax returns This Year 2013

Six things to remember while filing your tax returns:

The financial year has ended and it's now time to file your tax returns, before the deadline of July 31, 2013. Here are a few things to remember while filing your tax returns, which individuals often omit or forget.

Disclose income that is not taxable:

There are certain forms of income that are not taxable. For example, income from dividend from shares is not taxable. However, it's mandatory to report the same and then show a deduction. Also, other forms of income like interest on SB account is presently exempted up to Rs 10,000. This too needs to be shown in the returns.

Income received through a minor child:

If you have opened an account in the name of the child and if the child has received interest, it's mandatory to include the amount in the parents tax returns. Other forms of income for a minor needs to be reported in the parents income.

Do not forget to post ITR-V:

After you finish filing returns online without a digital signature, it is mandatory to post the ITR-V form generated to the income tax officials within 30 days of filing the returns. Remember, if the ITR does not reach the IT department, it would tantamount to not having filed returns.

Incorrect bank details:

It's important that you check your bank details time and again. The refund of tax, if any will be sent to your bank account directly. Do not blame the IT department if you do not receive your refund for incorrect bank details.

Choose the correct ITR form:

There are various Income Tax Return forms, depending on the various streams of income you have. This means you have to choose the correct form accordingly. For example, if you are a salaried employee, then you have to fill ITR-2.

Annual returns information:

It's essential that you report certain large transactions, including those of purchase of large assets like real estate or purchase of shares beyond a specified sum.

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