Friday, 23 February 2018

Income Tax Return: Filing ITR before March 31? Don’t forget to do these 8 things

When filing your income tax returns, reconcile with your form 26 AS so that you do not miss any income already reported in it.

Income Tax Return (ITR) filing: a If you are one of those people who have not yet filed the age-wise Income Tax Return (ITR), who want to modify 2016-17-17 and A.A..2017-18 or , Then you have to do it as soon as possible. For this, you have a very limited time to do this. The Income Tax Department has already warned taxpayers of 'Eye Clean' and filed their extinct or revised income tax returns by 31st February, 2018, or are ready to face the sentence or prosecution on the basis of the case.

However, while doing so, you have to be careful to carefully report all your income and other details, otherwise you may have to pay a heavy penalty if caught by the I-T department. It is also possible that you forget some things while filing your return. Therefore, before filing your revised or delayed ITR before March 31, you should take into account the following things:

1. If you have deposited cash in any of your bank accounts in your bank account in two years, it is important to report in your tax return.

2. If cash is deposited in cash against your unpaid income, then it is important for you to add it to your taxable income for the year on which it is related and to pay taxes on it. If necessary, you can revise the review for F. 2015-16 and 2016-17, if already filed, "says Chetan Chandak, Head of Tax Research, H & R Block India.

3. However, those who are not able to explain the way to earn the year or such income, they have to pay the applicable taxes on income of 60% with the applicable interest and penalties.

4. A taxpayer, who has not opted for PMGKY scheme and has offered his black money in his income tax return, will have to pay the total tax and 77.25% penalty. However, "If you do not file returns while revealing your income properly and if any investigation has been caught in the assessment then you will have to pay 83.25% of unfamiliar income as tax and penalty. Even if you have been charged on the raids, you will have to pay 107.25 / 137.25% as tax and penalty on your unaccounted income, depending on whether you voluntarily disclose your unknown income during the search Do not hand over or not "Chandak says.

5. Also, also insure that when you file your tax returns, then reconcile it with your form 26 AS so that you do not remember any income already reported in it.

6. Insure that you fill all mandatory programs, which may apply in your case, i.e.

# # Property and liability schedules are compulsory if your total income exceeds 50 lakh rupees.

# If you hold any immovable property or any other asset located outside India, then you are signing the authority in any account located outside India or if you are a resident of India, then in any foreign entity Foreign bank accounts, financial interests, or any trust created outside India, are in a reversal, beneficiary or trustee, filing foreign property schedules and making your tax return Return related N reporting is essential for you if you miss it, you may have to pay hefty penalties

7. Do not forget to verify / e-verify your tax return at the earliest "as long as you do not verify it at the time of permission, your refund will be invalid and your refund may be delayed or you There may be interest and penalties for filing returns on time. "

8. If you have received any wages or pension dues, you are eligible to claim tax relief under Section 8 9 (1), but you must file Form 10E to claim this relief. If you fail to file this form, then your claim can be rejected by the Income Tax Department.
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