Checklist for filing Income Tax Return – 2017
Income Tax return: Commonly, the due date for documenting wage assessment form of the past money related year is July 31. In spite of the fact that you have time close by, it is constantly better to begin getting ready right on time to maintain a strategic distance from the very late scramble. You can utilize an agenda of records that you have to keep inconvenient to maintain a strategic distance from slip-ups in documenting your expense form.
Here is a 10-point cheat-sheet
- If you are a salaried individual, you would require Form 16, which is issued by the business. It contains your compensation unobtrusive components close by the TDS (force deducted at source) purposes of intrigue. You have to accumulate the Form 16 from each one of the organizations you have worked with in the cash related year for which you are recording the landing.
- You need your bank statement to report the interest income that you have earned on your savings and fixed deposits.
- On the off chance that you have gotten whatever other salaries, for example, profit, lease or blessing above Rs. 50,000, you have to give insights about it in your government form. A portion of the salary like profit pay is duty excluded however you need to report them on your arrival.
- Collect Form 16A which provides details of the TDS deducted on account of any income that you have received. For example, collect the form from the bank if it has deducted TDS on interest income.
If you have rental income and your tenant has deducted TDS on rent, then collect form 16A from there too.
- Form 26AS is also an important document that you need to check before filing return. It is basically your tax credit statement which shows all taxes received by the Income Tax Department. You can download it from the tax department’s website. All tax deductions and high-value transaction get reported in this form
- If you have sold any property, shares and mutual funds during the year, you need to keep details of the transactions for computation of capital gains tax.
- To claim deductions, you need to keep handy all the documents related to your investments made during the year. Also, if you have availed any loans such as home loan and education loan, keep the bank statements to avail deduction for interest and principal repaid.
- This year, assesses with income over Rs. 50 lakh during the year will have to give details of their movable (such as cash, jewelry, and vehicle) and immovable (land and building) assets in the tax return
- You also need to report details of any other income which is derived or earned from outside India plus the details of all the immovable property or any capital asset held at any time during the year outside India
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