Income Tax returns filing for FY 2013-2014: New things to note this year

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Income Tax returns filing for FY 2013-2014: New things to note this year
Each year there are a few changes that take place when filing your income tax returns. For financial year (FY) 2013-2014 and assessment year 2014-2015 as well there are a few changes.

To begin with salaried individuals need to await Form 16 that they are likely to get from their employers in the next few weeks. Once that happens, please be aware that the Income Tax Return (ITR) form has undergone a few changes.

For example, this year investors are likely to see a form that provides complete details of tax exempted under Schedule S. Previously, the form provided for a consolidated figure that one could insert. This year you would have to provide all exempted amounts like conveyance, medical bill furnished etc. If you are filing your returns online,please keep the Form 16 ready to see the exemptions.

The form also has gone a change with regards to information on capital gains. This year the form will provide extra heads under capital gains to ensure better transparency. This would give the assessing officer a better idea, rather than a mere consolidated figure.

Capital gains on sale of house property in the ITR form has also undergone a change and is more elaborate now. Tax payers have to inform on the amount invested in capital gains bonds, capital gains savings scheme, sale consideration etc.

Thus, one needs to carefully study the details on the ITR form before filing tax returns.
Please note that the last day for filing tax returns for this year is July 31, 2014. Last year the IT department extended the date and hopefully they might do it this time as well.

It's best to file your returns early, as soon as you receive Form 16 to avoid last minute rush and server related issues. Also read what are the penalties for delay in filing IT returns here

It's also important to remember that you should check and re-check the return before filing, to avoid rectification later. Also, remember that you must carefully preserve the proof of the returns. To know why click here

Read more about: it returns, itr
Story first published: Monday, May 12, 2014, 8:42 [IST]
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