19/05/2018
Dear All,
The Financial Year 2017-18 has ended. Now it is time to prepare for filing Income Tax Returns.
Last Date of filing IT Return-
Ø 31 July for all except following
Ø 30 september- if you are covered under tax audit
HEAVY PENALTY FROM THIS YEAR- be careful
If ITR for AY 2017-18 is filed after due date (31st July for individuals without audit, 30th Sept for other persons) but before 31st Dec of the Assessment year (31-12-2018) in case of Assessment year 2018-19)
· Then Penalty of Rs.5000/- will be levied – After 31 July Till 31 Dec
· And If ITR is filed after 31st Dec then Rs.10000 will be levied as penalty. – After 31 Dec
Businesses- If You are not covered under TAX AUDIT
Ø Prepare your Profit and loss account and Balance sheet , reconcile all bank accounts, all GST, Vat , service tax returns ,
Ø The last date is 31 July, you must contact us immediately
Business with TAX Audit
Ø Complete all your accounts, tallied with bank , GST, VAT, service tax, Excise ,third parties,stocks etc
What are the documents required-
For Salaried Employees -
ü Form-16 issued by your employer
Documents related to interest income
ü Bank statement/passbook for interest on savings account.
ü Interest income statement for fixed deposits.
ü TDS certificate issued by banks and others.
Section 80 Investments, Keep these documents at hand to claim the following expenses as deductions -
ü Your contribution to Provident Fund
ü Your children’s school fees, Tuition Fees Receipt
ü Life insurance premium payment
ü Stamp-duty and registration charges
ü Principal repayment on your home loan, Home loan statement
ü The maximum amount that can be claimed under Section 80C is Rs.1,50,000 to 2,00,000
ü PPF receipts
ü ELSS Receipts
ü Sukanya Samriddhi Account passbook
ü NSC
Other Investment Documents
ü Interest paid on housing loan. Interest on housing loan is eligible for tax saving. This is for a self-occupied house.
ü Education loan interest payments.
ü Stock trading statement. The stock trades that were made during the year may be taxed under Capital Gain.
Form 16A
This form is issued by the tax deductors, other than the employer. There may be some payments which are given to you after the TDS. For example, any commission or bank interest is given to your after the tax deduction. You should have this TDS details with you, The deductors give these details in form 16A. If you have not got it, ask to the deductor.
Bank Passbook/ Statements
You are required to fill the bank account details in the income tax return. Therefore, you should keep all the passbook before filing income tax return. Since, interest earnings of more than 10,000 is also taxable, you should also calculate it. The aggregate interest income should be entered in the other income column.
Fixed Deposit Statement
You may not get the passbook of a fixed deposit, but the interest income on fixed deposit is also taxable. Therefore, you must have the value of interest earning of FD or RD of the given financial year.
Proof To Avail Exemptions
There are some allowances and perks which are not part of your taxable income. But you are required to give the proof of actual expense.
House Rent Receipt for HRA
Medical Expense Receipts
Tickets For LTA
Proof of Investment under Section 80D
The medical insurance premium of self, family and parents are also eligible for tax deduction under section 80D. It is over and above the 80C limit. You should keep the Premium receipt to claim this tax benefit.
There may be requirement of other documents depends on each case, above list is only a genral indicative list. More documents may be required as per income, business , deductions, exemptions and other details.
Feel free to call us @ 0731-4250991 or Reach at Registered Address
Practicing Chartered Accountant Firm
