Tuesday, 27 June 2017
Thursday, 22 June 2017
Sunday, 18 June 2017
Friday, 2 June 2017
Claim benefits on reimbursements while filing income tax return.
The due date for filing income tax return is 31st July which is round the corner and it is essential for everyone to file their income tax returns on time to avoid any penalty.Before filing your income tax return do not forget to claim benefits on your reimbursements.
To claim the benefits on reimbursements and deductions, you need to submit the tax proof to your employer.If you fail to do this within a deadline then you won’t be able to claim this benefits and our employer deducts tax which results in an extra deduction of tax from your salary.
If you still not submitted this tax proof to the employer then you can claim this deduction while filing your income tax returns.
We will discuss some allowances and reimbursement that you can claim while filing IT return:
If you live on rent and paid rent then you can claim the deduction on house rent allowance(HRA) while filing your IT return.
You can claim the benefit of both interest and principal repayment in your tax return on fulfillment of certain conditions even if you missed it in form 16.
You can claim a deduction of Rs.1,50,000 from your total income under section 80C.If you forgot to submit the proof of your investment to your employer then still you can claim this deduction while e-filing income tax returns.
Public Provident Fund
ELSS(Equity Linked Savings Scheme)
Life and health Insurance Premium
NSC(National Saving Certificate)
Provident Fund
Donation to charitable institutions
There is no way to claim the medical/telephone reimbursements amount if you have missed submitting bills to your employer.Your employer will deduct tax on it.
Income tax forms are electronic which means you don’t have to attach any document while filing income tax return.This will be safe that you should keep the documents in case of any requirement in future.
5 Important points for easy e-filing income tax returns:
The due date for filing income tax return is 31st July and people are busy in collecting every details or documents required for filing taxes online.There are huge benefits of filing income tax returns online rather than doing it manually like rectification of errors, quick refund,e-verification, access to the records etc.
The due date which is 31st July for filing taxes is approaching.
So why not to file your income tax returns online?
We will discuss 5 important points for easy e-filing income tax returns.
It is a very important document for filing taxes online which contains most of the information required to file income tax returns.If you have worked with more than one employer during the financial year then you need to collect this form from both the employers.You can upload form 16 on TruTax and file your income tax returns in 2-5 minutes which is easy and convenient.
It contains details of all the TDS linked to your PAN.form 26AS contains all the details of tax deducted at source on interest income, salary, other investments and other related information.
It is very important to mention the PAN card details while filing your income tax returns.Your personal information mention in income tax return should be same as that mentioned in the PAN card.
The government has made mention of Aadhaar card mandatory while filing income tax returns.If you do not have then make sure you apply for the aadhaar card for filing of income tax returns.
If you have done any investments then you can include it at the time of filing of income tax returns.If you have not declared investments to your employer for any reason then deductions will not appear in form 16.For any eligible investment made before 31st March of the year, a deduction can be claimed and your total income will be reduced to that extent.
Subscribe to:
Comments (Atom)