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Income Tax Filling - RI
Today it is very simple online process for filling Income Tax. You just need to create your registration online at Govt. of India Income Tax website .
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Key Points to remember:
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As per Income Tax Act, Income is taxable under five heads- Salary, House Property, Business or Profession, Capital Gain and income from other Sources. You may require experts help in calculation.
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For a Salaried Employee, Form 16 from his Employer is a must. A Salaried Employee can file Income Tax Return by using Form 16 and adding other Income. Here i am assuming that there is no other source of income
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A Standard deduction of 30% is available on Income from House Property. Second House Property is always considered as deemed let out. You have to consider the Income from House Property even if it is vacant. In case of Home Loan, you can claim Loss from the Let Out Property.
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Long Term Capital Gain will arise if the holding period of an Asset is more than 3 years. In case of Equity, if the holding period is more than 1 year then there is no tax on the capital gains.
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Gifts received from the non-blood relatives which exceed Rs. 50,000 is taxable in the hands of recipient.Gifts received at the time of Marriage, inherited through Will or Succession and from blood relatives are tax free.
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Maximum deduction allowed u/s 80C, 80CCC and 80 CCD is Rs.1,50,000. Tax deduction on Health Insurance Premium is available up to Rs. 25,000. Tax deduction on Health Insurance Premium is available up to Rs. 20,000 for parents. Deduction limit of Interest earned on Savings Account is up to Rs.10, 000.
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It is mandatory to file Income Tax Return if the Income exceeds Basic Exemption Limit. It is mandatory to provide details of all the Bank Accounts in Income Tax return. It is mandatory to provide Passport number in the Income Tax return. It is mandatory to provide detail of Fixed Assets held abroad in the Income Tax return.
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If you have Aadhaar then you need not send ITR V acknowledgment through Ordinary Post or Speed Post to IT department. You can opt for Aadhaar based authentication to file Income Tax Return.
