The income tax department has made various changes in income tax return filing process this year to make it simpler and less complicated for taxpayers. The due date for filing income tax return is 31st July which is approaching.
By this time salaried people must be got their form 16 and planning to file income tax returns before the deadline.
Every individual who is eligible for filing income tax returns this year should know about the latest changes in ITR rules this year which will help them to complete this process easily.
We will discuss the most changes in ITR filing rules implemented this year.
Filing income tax return is mandatory:
It is mandatory to file income tax return if your taxable income before deduction exceeds Rs. 2.5 lakh and if one has long-term capital gains from sale of shares or mutual funds of more than Rs.2.5 lakh.
Last date of filing income tax return:
The due date of filing income tax return is 31st July 2017 or in the case of audit, it is 30th September 2017.
If you want to carry forward loss incurred by you then it is essential to file income tax returns before deadline.
Mention Aadhaar:
It is mandatory to link the Aadhaar with Pan while filing income tax return this year and every individual has to fill all the details of Aadhaar in income tax returns form.
TDS and Form 26AS:
It is important to check your Form 26AS as it contains all the information of TDS deducted against your income.
Dividend Tax:
According to the latest income tax rules If a person receives dividend above Rs. 10 lakh has to pay an additional income tax of 10%.
Schedule AL:
A statement of assets and liabilities has to be provided by every assessee whose income is more than Rs.50 lakh.
E-verification of income tax returns:
Every individual who is filing income tax returns this year can e-verify their income tax return instead of sending ITR-V by post.
Mention saving bank interest income:
It is important to mention the interest earned from saving bank account balance while filing income tax returns. Under section 80TTA a deduction of Rs. 10,000 is available which means saving interest income up to Rs. 10,000 is indirectly exempt in the form of deduction.
