Checklist for filing Income Tax Return

Checklist for filing Income Tax Return – 2017

Income Tax return: Commonly, the due date for documenting the 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

  1. 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) for purposes of intrigue. You have to accumulate Form 16 from each one of the organizations you have worked within the cash-related year for which you are recording the landing.
  2. You need your bank statement to report the interest income that you have earned on your savings and fixed deposits.
  3. 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.
  4. 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.

  5. If you have rental income and your tenant has deducted TDS on rent, then collect form 16A from there too.

  6. Form 26AS is also an important document that you need to check before filing a return. It is basically your tax credit statement that 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
  7. 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.
  8. To claim deductions, you need to keep handy all the documents related to your investments made during the year. Also, if you have availed of any loans such as home loans and education loans, keep the bank statements to avail deduction for interest and principal repaid.
  9. 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
  10. 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 Indiaincome tax consultant in Banglore

 

 

Most important income tax changes applicable from April 1

Income Tax: Get Notified with the changes 

With the tax proposals in the Budget 2017 turning into  law, we are all set to file our income tax returns . Below are 10 most important income-tax changes affecting you; thereby lets plan to save more!

Income Tax Assistance in Bangalore

  •  With a deviation in tax rate from 10 per cent to 5 per cent for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year and Rs 14,806 (including surcharge and cess) for those with income above Rs 1 crore.
  • 2. Tax rebate is descreased to Rs 2,500 from Rs 5,000 per year for tax payers with income up to Rs 3.5 lakh (earlier Rs 5 lakh). Due to the combined effect of change in tax rate and rebate, an individual with taxable income of Rs 3.5 lakh will now pay tax of 2,575 instead of 5,150 earlier.
    Income tax Updates
  • Extra charge at 10 for each penny of expense collected on rich citizens, with pay between Rs 50 lakh and Rs 1 crore. The rate of surcharge for the super rich, with income above Rs 1 crore, will remain 15 per cent.
  • Having period for immovable property to be considered “long term” decreased to 2 years from 3. This will ensure immovable property held beyond 2 years is taxed at reduced rate of 20 per cent and eligible for various exemptions on reinvestment.Income tax Bangalore
  • Long haul capital increases expense will bring about a lower payout attributable to valuable corrections. The base year for indexation of cost (adjustment of inflation) has been shifted to April 1, 2001, from April 1, 1981. This means lower profits on sale.
  • Further, charge exception will be accessible on reinvestment of capital picks up in told redeemable bonds (notwithstanding interest in NHAI and REC bonds).
  • A simple one-page tax return form is to be introduced for individuals with taxable income up to Rs 5 lakh (excluding business income).

  • Delay in documenting expense form for 2017-18 will draw in punishment of Rs 5,000 if recorded by Dec 31, 2018 and Rs 10,000 if recorded later.Such charge will be restricted to Rs 1,000 for little nationals with wage up to Rs 5 lakh.

  • Deduction for first-time investors in listed equity shares or listed units of equity oriented fund under the Rajiv Gandhi Equity Savings Scheme is withdrawn from 2017-18. On the off chance that an individual has as of now guaranteed derivation under this plan before April 1, 2017, he/she should be permitted to profit a conclusion for the following two years.

  • Day and age for modification of government form sliced to one year (from 2 years) from the finish of the pertinent FY or before fruition of evaluation, whichever is prior.

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Link your PAN with Aadhaar Card today!

Aadhaar not yet linked with PAN? Its Important.

Aadhaar and PAN: The government of India has decided to make Aadhaar number compulsory for the filing of Income Tax returns and linking it with Permanent Account Number (PAN) before 1st of July 2017.

        Here are simple steps to link :

  • Every tax payers have to first register themselves on the Income tax e-Filing portal.
  • After registration, login to the portal using your credentials i.e. the log-in ID, password, and date of birth.
  • A pop-up window will appear, prompting you to link.
  • Once you enter the details the same will be verified. If details match, enter the Aadhaar card number and click on the “link now” button
  • You will get the message that your linking has been successfully linked to your PAN card.

Click To link Aadhar with PAN Card 

Certicom Consultants provides all kinds of services related to GST and Accounting related services for your business.

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