financial services

Things to know before Filing ITR

The last date to file Income Tax Return is 31st July 2018, for the financial year 2017-18. We would request you to file your ITR before the due date, to avoid any last-minute hassle, but before you start filing your ITR you must know a couple of things.

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  • If you are a salaried individual and you are paying a home loan for a property that is occupied by you then in that case the taxpayer is supposed to file ITR 1 or Sahaj Form, it is an ITR Form that is used by individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources like Interest etc. and having total income up to Rs 50 lakh.

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  • Inheritance tax was abolished in the year 1986, so if you have inherited any property you are not required to pay any tax on it.

Filing Income Tax Return

  • While filing your Income Tax Return, you should not forget to mention your interest income. You should add this interest income to your gross income and then proceed to compute your actual tax liability. You must check your bank account statements for interest earned by various fixed deposits and bonds you hold.

So, these are some of the minute things you must keep in mind while filing ITR forthe financial year 2017-18.

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