1. Income Tax Return Filing: 10 facts to know about filing income tax return this year

Income Tax Return Filing: 10 facts to know about filing income tax return this year

Before filing your tax return, it is necessary to know about the latest changes in ITR rules so as to make your return filing complete in all respects.

By: | Updated: July 28, 2017 11:25 AM
The due date for filing your income tax return is 31st July 2017.

By this time you must have got Form 16 from your employer. With the due date for filing tax return approaching fast, it is surely time to file your return. However, only filing ITR is not enough. It is also necessary to keep abreast of the latest changes in ITR rules so as to make your return filing complete in all respects. Here we are taking a look at ten facts which you need to know about filing income tax return this year for the last financial year:

Due date for filing return

The due date for filing your income tax return is 31st July 2017. If you need to get a tax audit done, the due date is 30th September 2017. Filing before the due date is important if you want to carry forward any loss incurred by you during the year.

Mandatory return filing

It is mandatory to file income tax return if your taxable income before any deduction exceeds Rs 2.5 lakh. “The limits are 3 lakh and 5 lakh for senior citizen and super-senior citizen, respectively. Also, filing of ITR has been made mandatory if one has Long Term Capital Gains from sale of shares or mutual funds of more than Rs 2.5 lakh in a year,” says Archit Gupta, Founder & CEO, ClearTax.in.

Change in law w.r.t. revised return

Till last year, a revised return could be filed only if the original return was filed within the due date. Starting from this year, a return can be revised even if filed after due date, i.e even if a belated return is filed.

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Linking of Aadhaar card with PAN

Based on a Supreme Court ruling and the rules announced during Budget 2017, it is now mandatory to link your Aadhaar Card with your PAN if you own both PAN and Aadhaar. An interim relief has been provided by the SC only to those who may have PAN but not Aadhaar. However, your Aadhaar number or the Aadhaar Enrolment ID number will now be mandatorily required for filing of income tax returns as well as for applications for PAN from July 1 this year.

Dividend Tax

There has been a new rule regarding dividends. “Any person who receives dividend above Rs 10 lakh has to pay an additional income tax of 10% (on amount in excess of Rs 10 lakh). Dividend here includes dividend on equity shares or mutual fund units,” says Gupta.

Return filing mandatory even if TDS deducted

There is a misconception that a return has to be filed only when any tax is due. Return filing is now mandatory irrespective of TDS deducted on your income if your income exceeds Rs 2.5 lakh.

TDS and Form 26AS

Form 26AS is a Tax Credit Statement that contains details of all TDS deducted against your income. It is a good practice to check the TDS figures in Form 26AS before filing the income tax return.

Savings Bank Interest Income

Interest earned on savings bank account balance should be declared in the income tax return. Also, “a deduction of Rs 10,000 is available u/s 80TTA for income from interest. This means that savings interest income up to Rs 10,000 is indirectly exempt in the form of a deduction. This income can be calculated from the bank statement. The interest is usually paid quarterly or half-yearly,” says Gupta.

Schedule AL

A statement of assets and liabilities has to be provided by every assessee whose income is more than Rs 50 lakh, This statement also includes the cost of acquisition of movable properties held such as jewellery, vehicle or cash.

E-Verification of Income Tax Returns

It is now possible to E-verify your income tax return instead of sending ITR-V by post. This makes the verification process easier. This is an important step that is required to complete the process of online income tax return filing.

  1. A
    Aditya
    Jun 26, 2017 at 6:29 pm
    Most of the points are already pre existing.
    Reply
    1. G
      Gagan Behari Dash
      Jun 24, 2017 at 8:27 am
      Good
      Reply
      1. G
        Gagan Behari Dash
        Jun 24, 2017 at 8:26 am
        Good
        Reply
        1. d
          dhanu0009@gmail.com
          Jun 23, 2017 at 11:59 am
          EVC accepted....after filling returns...showing the status as EVC Accepted...what does this mean??, Returns verified or in process???
          Reply
          1. P
            Pradeep K Appukkuttan
            Jun 23, 2017 at 11:30 am
            Dear Sir, My date of birth as per PAN is 28/07/1960 and year of birth as per Adhar is 1959 so that I cannot link both. I have filed a correction application PAN facilitation centre(Kary) on 5/6/17, but so far I didn't receive the amended PAN, thereby foiling my attempts to link both. Regards, Pradeep Mob-9446188000
            Reply
            1. S
              Supriyo Dey
              Jun 23, 2017 at 11:21 am
              If Income of an individual is equal or less than Rs. 3 lakhs for Senior Citizen , IT Dept. should not send any query on submission of I. T. Return .
              Reply
              1. J
                Jagdish Agrawal
                Jun 23, 2017 at 7:17 am
                Useful information
                Reply
                1. Ashok Choudhary
                  Jun 22, 2017 at 10:43 pm
                  Article is helpful.
                  Reply
                  1. A
                    Amitabh RoyChowdhury
                    Jun 22, 2017 at 10:03 pm
                    This article doesn't mentioned the implication of section 234, which is based on advance tax payment schedule default.
                    Reply
                    1. D
                      DEVI SINGH THALOR
                      Jun 22, 2017 at 8:23 pm
                      Yahoo India has became a rouge and no one is looking into it.
                      Reply
                      1. R
                        R A Goyal
                        Jun 22, 2017 at 6:38 pm
                        What will be the excel version required for ITR 2 for FY 2017-18. R A Goyal
                        Reply
                        1. Ajit Jain
                          Jun 22, 2017 at 2:56 pm
                          A Ness aryl information has been shared by you.thanks.
                          Reply
                          1. S
                            Shyamala Balasubramanian
                            Jun 22, 2017 at 2:50 pm
                            Dividend tax was introduced in the latest budget, and so it shouldn't be applicable for the last financial year ending March 31, 2017, but only for the next one. Please clarify this without fai
                            Reply
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