6 very important changes to note before filing income tax return this year

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6 very important changes to note before filing income tax return this year
There are a few changes that have been made to the way you file your income tax return for this year. Here are a few changes that you should know when filing returns for financial year 2013-14 or assessment year 2014-15.

1) Updation of mobile number and email ID

If your mobile and email ID is not updated, you may not be able to file your income tax returns from the government website, as you cannot login. Go to the website and then follow the procedure to request for new PINs, which will be sent to your email ID and mobile number. The two PINs are different for mobile and for Email.

2) No cheques for refund only ECS

Henceforth, Income Tax refunds will be by way of ECS and the practice of issuing cheques is discontinued. Therefore, make sure the bank account details are correct, before you file your tax returns.

3) Tax credit

This year there is a tax credit being given of Rs 2000 for those whose income is below Rs 5 lakhs. For claiming the credit there is a space that is available on the return form. So make sure you do the needful, if your income is under Rs 5 lakhs.

4) Income of Rs 1 crore

In case there is an income of more than Rs 1 crore, than there is a 10 per cent surcharge that has to be paid. There is now a separate section that has been created to insert the same.

5) Allowances to be separated

Separate details of allowances have to be given from this year onwards. These include HRA, LTA and other allowances. This is likely to make the Income Tax Returns more transparent than ever before.

6) Compulsory E- filing of Wealth Tax Returns

The Central Board of Direct taxes has made it mandatory for filing of Wealth Tax Return only by electronic means for certain persons including Company and an assessee being individual or HUF who is liable to audit u/s 44AB. This begins from this year.


Read more about: income tax, itr
Story first published: Tuesday, July 22, 2014, 10:04 [IST]
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