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Thursday, October 30, 2014
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Have you filed your Tax Return yet?  
You still can........HURRY  
File for FY 2012-13 & FY 2013-14  
on or before March 31, 2015  
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  • Income tax can be voluntarily paid in the form of advance tax, self-assessment tax & tax deducted at source.
  • CAUTION ! To claim deduction on your donations, ensure that you contribute to only those entities that are approved by the Income Tax Department.
  • DID YOU KNOW? You can simultaneously claim HRA exemption as well as deduction in respect of your home loan.
  • If you have had multiple employers during the last financial year, then you must consider income from all such employments for computing your tax liability.
  • Interest on loan taken for higher education (for yourself or for your children) is eligible for deduction.
  • CHEER UP ! Your children's school tuition fees are eligible for deduction.
  • MAXIMUM BENEFIT ! Investment in PPF will not only reduce your taxes but also earn you high returns with minimum risk.
  • Life insurance premium paid for your parents is NOT eligible for deduction.
  • Medical insurance premium paid for your parents is eligible for deduction.
  • For FY 2013-14, if you fail to file your tax returns before March 31, 2015, you may be liable to pay a penalty of Rs. 5,000.
  • BEWARE ! If you have pending tax liabilities, then make sure that your tax returns are filed in time. Else, penal interest will get levied if you file your returns after the due date.
  • Long term capital losses can be set off against long term capital gains only.
  • Short term capital losses can be set off against both short term as well as long term capital gains.
  • Foreign nationals are liable to pay tax on income earned in India.
  • DID YOU KNOW? In case of jointly held & Self Occupied residential property with joint loan, each co-owner can claim deduction up to Rs. 1.5 lakhs on account of home loan interest.
  • You can pay & ZERO tax on your long term capital gain by reinvesting in eligible investment options within 6 months of sale of the asset OR before the due date for filing tax return, whichever is earlier.
  • Your tax returns could be critical for getting all kinds of loans approved & for execution of your overseas travel / education / employment plans.
  • NEWS ! Income tax returns are globally accepted as standard proof of income. One more reason why you should file your returns.
  • Your Form 16 shows the income earned by you, deductions claimed by you, income tax deducted from your salary during the last financial year & net tax payable, if any.
  • ATTENTION ! In order to obtain your income tax refund, it is necessary for you to file your income tax returns.
  • DID YOU KNOW? You can claim deduction for house rent paid EVEN IF you are self- employed OR an employee who does not have House Rent Allowance (HRA) as a salary component.
  • Capital gains tax on long term assets in the form of immovable property & bullion is @ 20% (with indexation benefit).
  • ZERO TAX ! There is no capital gains tax on long term assets in the form of equity shares & mutual funds if the sale is through a recognized stock exchange.
  • For the purpose of capital gains, immovable property & bullion should be held for more than 36 months in order to be treated as long term assets.
  • To be treated as long term assets for the purpose of capital gains, equity shares & mutual fund units should be held for more than 12 months.
  • HURRAH ! Gifts from non relatives are not taxable if their value is not in excess of Rs.50,000 in a year.
  • It is advisable to disclose exempt or non-taxable income in your tax return in order to safeguard yourself in the event of a tax scrutiny in future.
  • RELIEF ! Interest earned on your savings bank account is not taxable up to Rs.10,000/- per year.
  • DID YOU KNOW? To reduce your capital gains tax on sale of your residential property, you could index & add to the acquisition cost the expenses incurred on interiors.
  • Your Form 26AS (Tax Credit Statement) is available on logging into your account at https://incometaxindiaefiling.gov.in/
  • Check your Form 26AS (Tax Credit Statement) to ensure that you claim all tax credits in your income tax return.
  • DON’T GIVE UP ! You can still file your tax returns for FY 2012-13 now. Last date for filing such a return is March 31, 2015.
  • ATTENTION ! Electronic filing (efiling) is mandatory for all individuals whose taxable income for FY 2013-14 is above Rs.5 lakhs
  • Senior citizens (persons aged over 60 years) with income over Rs.2.5 lakhs have to statutorily file their tax returns.
  • DID YOU KNOW? Persons with salary income below Rs.5 lakhs NEED to file their returns too. The exemption-from-filing for such persons was withdrawn from FY 2012-13 onwards.
  • Every individual (other than a senior citizen) with income exceeding Rs.2 lakhs is required by law to file her/his tax returns.
 
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