Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Tuesday, September 17, 2013

What to do If you have missed few Income in I-T return?

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

 

THE due date for filing personal tax returns for financial year 2012-13 (FY13) was August 5.


It was earlier July 31 but was extended because of the rise in load factor on the income-tax server due to increase in e-filings.

 

While you would have taken all precautions in taking care of all your incomes, there could be a possibility that in your own wisdom you may have overlooked some incomes that should be offered to tax in the return. Some examples can be:

Fixed deposit interest:

Interest earned from fixed deposits is liable to tax under the Income tax Act, 1961 (IT Act). Some people believe interest from fixed deposit is not taxable, however, it is not true. Banks will deduct tax at 10 per cent on interest above Rs 10,000 and the balance tax needs to be deposited by the assessee.


Savings bank interest:

 Interest from a savings bank account is taxable. Interest up to Rs 10,000 is allowed as a deduction under Section 80TTA of the IT Act and the balance is liable to tax.

Interest accrued on NSC:

Interest earned on NSC gets reinvested in the scheme and becomes eligible for a deduction under Section 80C of the IT Act. The deduction for reinvested interest is available for first five years. However, we must not forget that such interest income is first taxable and needs to be included in the total income. Rental value of deemed to be let-out house property: If you have more than one house property then caution needs to be exercised while reporting this in your tax return. Under the IT Act, if you own more than one residential property, you can claim one of them as self-occupied and the other will be considered as `deemed to be let-out'. In case of property considered deemed to be let-out, a notional rent of the property will be taxable as house property income.

Miscellaneous incomes:

You may have purchased a property or made some financial investments and the broker would have passed commission to you. This commission is income and should be offered to tax. If any TDS has been done, the balance taxes needs to be deposited by you.

If you have discovered any such income that you have not reported in your tax return, the IT Act provides you an option to revise your tax returns under Section 139(5) of the IT Act.

Revisions can be made provided the omission of wrong statement in the original return was due to a bonafide inadvertence / mistake.

You can revise a return within one year from the end of the assessment year or before completion of assessment, whichever is earlier. Hence, revised return can be filed by March 31, 2015, or before completion on assessment, whichever is earlier for FY13.

The IT Act provides for a penalty of 100 per cent of tax evaded to 300 per cent. So it's best to look at your income sources and if there is anything that has not been disclosed then file a revised return and lead a happy life. After all it's always better to address any unnecessary questions from the tax officer later.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

No comments:

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications
Related Posts Plugin for WordPress, Blogger...

Popular Posts