INCOME TAX RETURNS 2018 (AY 18-19)*

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🔴🔴 *INCOME TAX RETURNS 2018 (AY 18-19)*

Prepare for filing income-tax returns well before its deadline of 31st July 2018.

*Certain precautions need to be taken this year, as the Income Tax Dept. has tightened the provisions.*

1). Any Individual, having Gross Income of Rs.2,50,000/- during FY 2017-18 must file Tax-Returns. Even if less income, it is advisable to file for Continuity. For NRI’s who don’t have income from India, but having Investments, transfers to India, it is better to file ITR.

2). Check your Form-16 thoroughly for the entire Financial Year i.e. 1-4-17 to 31.3.18 Income earned by you. Pls. check all the Income / Investments declared by you are considered and TDS is also computed correctly.

3). Download Form-26AS Tax Credit Statement from www.Incometaxindiaefiling.gov.in and cross-tally the TDS amount from all sources, including Salaries, Bank Interest, TCS from other sources. If you have NOT Registered in the IT Dept. site, please register NOW with simple procedure & take out the Form-26AS.

4). Please Link from Income-tax site your PAN-Adhar with your Mobile Number. This will enable you to file ITR Online &  e-verify, once filing is done.

5). Remember to collect evidence of INCOME EARNED by you from all Sources like, Salaries, Rental Income, Bank FD/RD Interest, Post office NSC, Dividends received, Capital Gains from Shares / Mutual Funds Sale, House Property Sale etc. and declare it in your IT Returns. Pls. remember, the IT Dept. is getting all these info from the sources and they will cross-check whether you are complying or not.

6). Get the documentary proof for ADDITIONAL SAVINGS, which are NOT shown in Form-16, but you can claim NOW for getting eligible Refund of Taxes, like, LIC premiums, PPF, School Fees, EMI Certificate for Home loan /Education Loan, NPS, Donation receipts, Mediclaim premium receipts, etc. for computation of Total Income and claim refunds.

7). All your Bank accounts details must be declared in the Return with Account Number, IFSC Code.

8). Get the details of Long term & Short Term Capital Gains from the relevant Service Provider

9). Income from House Property, please give Details of Tenant name, PAN Number, Address of House, Rent Received, Municipal Taxes paid, Interest paid on Loan. This year, the entire deduction under this category (Sec.24) is restricted to Rs. 2,00,000/-.

10). Foreign Assets if any (Moveable & Immoveable), need to be declared in detail, as per specific format.

11). Penalty Provision is declared for Late filing. I.E, filing upto 31.7.2018 NO Latefees. From 1st Aug.18 to 31st Dec.18 Rs. 5,000/-. Subsequently Rs. 10,000/- for Tax filing from 1.1.19 to 31.3.19. So, take out little time, submit all relevant documents well before 30th June 2018 itself, as we foresee heavy inflow of filing during July 2018 and possible slow-down of site, pressure, etc.

12). Once E-filing is done, you will get an Email Confirmation from DONOTREPLY@INCOMETAXINDIAEFILING.GOV.IN. Just open that PDF file with password (pan number + Date of birth… example  azcpz2839k11061991) and check the filing details are perfectly alright.

13). Go to Income tax Site, do E-Verification, thru Net Banking or Adhar OTP, a very simple Process. This is MUST to be complied within 120 days of filing.  Else, your filing will become INVALID. Assessment will start only after E-Verification.

*Please DON’T IGNORE this process*.

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