Attention Taxpayers! 4 things a taxpayer shouldn't miss
Tax filing tips
Keep in mind these four points while filing your income tax returns (ITR) this year
Don't worry if you missed the deadline
If you have missed the filing deadline of July 31, you can still file a belated return within a year. For example, belated return for the financial year (FY) 2017-18 can be filed by March 31, 2019.
Make sure you file your returns
Yes, your employer deducts TDS from your salary and even issues Form 16 but this does not mean it absolves you of your responsibility to file your I-T return.
Interest income
Interest earned in your saving bank account is taxable if the aggregate interest from all such accounts is more than Rs 10,000. If the interest earned is less than Rs 10,000, you will still have to report this in your ITR. If you are a senior citizen, interest up to Rs 50,000 is not taxable from FY 2018-19.
TDS on rent paid
Tenants who pay rent of over Rs 50,000 a month must deduct TDS at 5 percent. But your landlord will get credit for the TDS; you cannot set it off with your tax liability.
(Source:- economictimes)
Keep in mind these four points while filing your income tax returns (ITR) this year
Don't worry if you missed the deadline
If you have missed the filing deadline of July 31, you can still file a belated return within a year. For example, belated return for the financial year (FY) 2017-18 can be filed by March 31, 2019.
Make sure you file your returns
Yes, your employer deducts TDS from your salary and even issues Form 16 but this does not mean it absolves you of your responsibility to file your I-T return.
Interest income
Interest earned in your saving bank account is taxable if the aggregate interest from all such accounts is more than Rs 10,000. If the interest earned is less than Rs 10,000, you will still have to report this in your ITR. If you are a senior citizen, interest up to Rs 50,000 is not taxable from FY 2018-19.
TDS on rent paid
Tenants who pay rent of over Rs 50,000 a month must deduct TDS at 5 percent. But your landlord will get credit for the TDS; you cannot set it off with your tax liability.
(Source:- economictimes)
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