8 Things To Consider While Filing Income Tax Returns For 2016

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Tax payer should be very careful while filing income tax return and returns should be filed before July 31, 2016. ITR forms varies with individuals mode of income and nature of the income.

With Electronic Verification Code (EVC), one can verify tax returns online with one-time password which will replace the sending of paper acknowledgment to the CPC Bangalore.

Here are a few things to remember while filing your tax returns, which individuals often missed to consider.

Minor Income

Income generated from investment made in the name of minor has to to reported.

If you have opened an account in the name of the child and if the child has received interest, it's mandatory to include the amount in the parents tax returns

Annual returns information

It is very important that you report certain large transactions, including those of purchase of large assets like real estate or purchase of shares beyond a specified sum.

Income outside India

If an individual is having income outside India and if there is any property or capital asset held outside India should be reported.

Form 16 for salaried individual

For every employee, the company would provide Form 16, issued by the employer. It contains your salary details along with the TDS (tax deducted at source) details.
One should collect the form 16 and keep it ready while filing tax returns.

Bank Statement

Collect bank statements of all the accounts. There are changes that you could miss the bank account which is less used. Make sure you have all the statements ready before filing tax returns.

Form 26AS

Go through your tax credit information as you will find all the details of income earned and TDS deducted. Make sure how much you are eligible for tax refund and so.

Capital Gains tax

If tax payer has sold any property, shares and mutual funds, such details of the transactions should kept ready for computation of capital gains tax.

Income over Rs 50 Lakhs

From this year, taxpayer with income over Rs 50 lakh for the year will have to give details of their movable such as cash, jewellery and vehicle and immovable land and building assets.

Story first published: Tuesday, June 28, 2016, 10:10 [IST]
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