New Deadline for filing Income Tax Returns is 5th Aug 2017

The last date for filing of income tax returns for the financial year 2016-17 is 5^th Aug which is extended today by the Income Tax Department.

Every individual whose gross total income exceeds the taxable income must file an Income Tax Returns by 5^th Aug.







e-file your Income Tax Returns today: https://www.trutax.in/sign-in

While ITRs can now be filled by Aug 5, the ministry of finance has said the Aadhaar-PAN linking can be done till Aug 31. However, the returns will not be processed until the linkage of Aadhaar with
 PAN is done.



The linking of Aadhaar number with the PAN of a taxpayer has also been made mandatory for filing of income tax return(ITR). The department has asked taxpayers to declare cash deposits made in bank accounts aggregating to Rs. 2 lakhs or more during demonetisation in the ITRs.

Claim benefits on reimbursements while filing income tax return.

The due date for filing income tax return is 31^st 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:

HRA(House Rent Allowance):

If you live on rent and paid rent then you can claim the deduction on house rent allowance(HRA) while filing your IT return.

Repayment of home loan:

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.

Section 80 Deductions:

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.

List of Section 80 Deduction:

Public Provident Fund

ELSS(Equity Linked Savings Scheme)

Life and health Insurance Premium

NSC(National Saving Certificate)

Provident Fund

Donation to charitable institutions

Medical/Telephone reimbursement:

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  31^st 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 31^st 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.

Collect form 16 from your employer:

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.

Form 26AS:

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.

PAN card:

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.

Aadhaar 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.

Collect proof of investments:

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 31^st March of the year, a deduction can be claimed and your total income will be reduced to that extent.

How to avoid last minute tax filing mistakes while filing tax returns?

This is a tax filing season and if you will make any mistake in filing your taxes then you can end up losing refund, paying penalty and may even face prosecution.

The government has taken very necessary and much needed steps to make this process simple that even common man or first time taxpayer can file their income tax returns easily. Yet many taxpayers commit mistakes while filing their taxes which can be avoidable if they will pay heed to the details.

This is the checklist for you so that you can avoid those common mistakes during your ITR form filing process.

Choosing wrong ITR form:

You need to choose your ITR form very carefully while filing taxes. Selecting the wrong ITR form is a very common mistakes among taxpayers which can results in rejection of your tax returns.

This year ITR forms have been modified which can confuse new taxpayers who are filing their taxes first time.

For any detailed information for income tax forms, you can visit:

http://www.trutax.in/charts/which-itr-to-file

Wrong personal details:

This is another common mistake that people provide wrong person information during ITR form filing process. Incorrect PAN details, correspondence address and bank details are some of the major mistakes people tend to commit while filing their taxes which may result into disallowing tax credit refund.

These mistakes can be avoided by just cross checking the information in the form and carefully check the email address and phone number you are providing in ITR forms.

Incorrect mention of exempted income:

There are different types of income which are exempt from tax and you can save good amount of money from tax net by notifying tax department about it in your ITR.

These exempted income such as dividend or long term capital gains or equity funds or PPF need to be mentioned in your ITR form.

If you hide such income from IT department, then this may result in to legal discrepancy by you.

Mention interests you have earned:

Under Section 80TTA, interest income from your savings account is exempt up to Rs.  10,000 and it does not cover up the fixed deposits and recurring deposits. Such interests are taxed at a normal rate like any other income sources and you need to disclose it in the ITR form.

Careful study TDS details:

Form 26AS or tax credit statement gives you all the important details of taxes you have paid.

You should check it before filing your tax return which will help you in eliminating any errors in tax calculation to file an accurate return.

It is mandatory to quotes or mention Aadhaar number or Enrolment ID in the tax returns by all eligible tax payers.

UPLOAD FORM 16:

http://www.trutax.in/

Checklist of ITR forms for filing income tax returns AY2017-2018

ITR Forms for filing taxes (AY-2017-18)

This is a time for filing income tax returns so if you are filing taxes then you need to know about the income tax forms and its applicability.

Income tax returns should be filed every assessment year by individuals, companies, entities who readily pay their taxes on time every financial year.

Filing you income tax returns on time as a responsible citizen is a must to avoid heavy penalty charges by the government.

You can file your income tax online anytime and anywhere which is simple and easy to use.To file your taxes you should also have the knowledge about the income tax forms and documents required for the process.

For the checklist of document visit:http://www.trutax.in/blog/income-tax/income-tax-returns-documents

Here is a list of various income tax forms and its applicability.

http://www.trutax.in/blog/income-tax/checklist-of-itr-forms-for-filing-income-tax-returns-ay2017-2018

form 16 details to file income tax returns

Form 16: First time filing income tax returns?

The process of filing income tax returns has been started, amid the process the government making Aadhaar card mandatory to file income tax returns.

PAN number is mandatory to file income tax returns. The government has announced on March 21 that it has made Aadhaar card mandatory to file ITR.

If you are filing your income tax returns first time then you must need to know about the very important form: Form 16.Most of the time especially salaried employees who are filing their income tax returns first time don’t know what to do or figure out with the form- 16 when their employer hands over this form to them.

We will discuss Form 16 in detail which will help you to understand the benefit and importance of this form.

What is Form 16?

Form 16 is a certificate issue by your employer every year. Form 16 is a certificate under section 203 of the Income-Act, 1961 which certifies that TDS has been deducted from your salary by the employer.

According to the income tax rules of India, if an employer deducts TDS on salary then he must issue income tax Form 16.

Understanding the content of Form-16, it will help you to file your income tax returns.

Form 16 has two sections: Part A and Part B.

Form 16 Part A:

Part A consists of your personal details such as your name and address, your employer’s name and address, PAN of both, employer’s Tax Deduction Account Number (TAN) and other. This detail helps the I-T department track the flow of money from you and your employer’s accounts.

Details Required

• Name and address of the employer.
• PAN of the employee.
• TAN and PAN of employer.
• Summarily of tax deducted and deposited quarterly, which is certified by the employer.
• Assessment Year.           
• Period of employment with the employer.
• Part A of the form 16 has a unique TDS certificate number.

It gives the summary of the TDS by the employer on behalf of the employee. This is the amount that the employer deducts from your salary as tax periodically and credits to the I-T department. For example, if every month your employer deducts Rs.3, 000 as tax from your salary, it will be shown in the Form 16 as deposited by your employer to the government.

Form 16 Part B

Part B of form 16 include most of the details that you need to file I-T return, such as salary paid, other income, tax deducted and more.

Details Required

• Taxable Salary
• Deduction allowed under the income tax act
• Breakup of Section 80C deductions.
• If you held more than one job during the year, you will have more than one Form 16.
• Part B is prepared by the employer manually and issued along with Part A.

Deductions are mentioned in the form 16 Part B. These include those under sections 80C, 80CC and 80CCD.Remember the aggregate under amount deductible under these three sections should not exceed Rs.1 lakh. Then come the deductions under other sections such as 80D (health insurance premium), 80E (interest on education loan), 80G (Donations), and others.

While all deduction related details are mentioned in Form 16, you should cross-check the amounts with your investments and other documents.

Form 16 is one of the documents that you need to keep handy before or while filing your income tax returns, which has to be done till 31 July.

In case of any error in Form 16 then you have to contact to your employer for rectify the error as he is the one who issue the form.

One important thing to remember that form 16 only declares TDS from salary. For other incomes, there are other forms, income from bank fixed deposit will in Form 16A.So, if you have interest income from Bank FD, then you will have to get Form 16A from the bank.

Another important form is Form 26AS, the tax credit statement. It will help you verify details of TDS. Using this form you can check if your company or bank has indeed paid the tax correctly reported to the I-T department.

To file your income tax returns you can upload your Form 16 on TruTax. Filing ITR on TruTax is simple, convenient and takes 5 minutes to complete the process. If you are filing your income tax returns then you can contact us for any taxation advice.

Upload your form 16:

http://www.trutax.in/