Are Gifts Received On Marriage Taxable - The Economic Times PDF

11/9/2016
Aregiftsreceivedonmarriagetaxable?TheEconomicTimes
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Aregiftsreceivedonmarriagetaxable?
Updated:May16,2016,09.09AMIST
1.GiftswithamonetaryvalueofoverRs
50,000,receivedfromanyoneotherthana
definedrelative,issubjecttotaxinthehandsof
therecipient.
14
More
Giftsreceivedbythebrideandthe
MoreFromTax
Aregiftsreceivedon
marriagetaxable?
2.However,giftsreceivedbythebrideandthe
groom,ontheoccasionoftheirwedding,are
exemptfromtax.
groom,ontheoccasionoftheir
marriage,areexemptfromtax.
14
Comments
3.Depositcashreceivedasgiftsintothebank
accountasclosetotheweddingdateas
possible.
4.Highvaluegifts,especiallyacarorahouse,shouldbesupportedbyagift
deed,datedclosetothedateofthewedding.
5.Maintainarecordofgiftsreceivedattheweddingaspartofthenormal
documentationofassetsyouhold,especiallypreciousjewellery.
(ThecontentonthispageiscourtesyCentreforInvestmentEducationand
Learning(CIEL).ContributionsbyGirijaGadre,ArtiBhargavaandLabdhi
Mehta.)
Madeamistakeinyourtax
return?Here'showtocorrectit
Whatyoumayloseifyoudo
notfileyourIncomeTaxReturn
byJuly31
NoForm16yet?Youcanstill
fileyourincometaxreturns
READMORE: Tax|Relative|Jewellery|gifts|ETWealth|CIEL
Comments(14)
Missedthetaxreturnfiling
deadline?Here'swhattodo
AddYourComments
StepwisefilingofITR&allthe
linksyouneed
Whatyoumustcheckinyour
TDScertificates,Form26AS&
whytheyshouldmatch
Missedthetaxreturnfilingdeadline?Here'swhat
todo
ITRfiledinwrongformwillbe
'defective':Here'stheITRform
whichappliestoyou
UnderwhichSectionhaveyou
gotanincometaxnotice?
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http://economictimes.indiatimes.com/wealth/tax/aregiftsreceivedonmarriagetaxable/articleshow/52266713.cms
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NEXTSTORY
Missedthetaxreturnfilingdeadline?
Here'swhattodo
BySunilDhawan,ECONOMICTIMES.COM | Updated:Oct12,2016,07.31PMIST
Merelypayingthedueamountoftaxisnot
sufficient.Inaddition,theIncometaxrules
requireataxpayertoalsofilereturn,
irrespectiveofwhethertaxisdueornot.
Therefore,forallthosewithincomeabovethe
exemptedlimit,taxreturnfilingwithinthedue
dateisamust.
NotfilingyourITreturnbythedue
49
Comments
dateisnotonlyanoffencebutmay
alsomakeyouineligibleforcertaintax
benefits
Related
Madeamistakeinyourtaxreturn?
Here'showtocorrectit
Everyyear,July31isthedatebywhich
taxpayersaresupposedtofiletheirITreturns
(ITR).Butasithashappenedinquiteafew
previousoccasions,thedeadlinethistimewas
againextendedtillAugust5,2016,forthe
assessmentyear201617,whichpertainsto
incomeearnedinthefinancialyear201516.
SurajNangia,Partner,Nangia&Co,says,"Withlessthan3percentofpeople
inIndiafilingtaxreturns,theperceptionamongstmostisthatsinceTDS(tax
deductionatsource)hashappened,filingoftaxreturnsisnotimportant.Many
taxpayersalsooftentakeiteasyasanincometaxreturnforFY201516canbe
filedbyMarch2018."
DespiterepeatedremindersbytheITDepartmentandtheextensionofthedue
date,therecouldbesometaxpayerswhohavefailedtofiletheirreturns.We
willnotgointothereasonshere,butlet'sseetheimplicationsforthosewho
havemissedthelastbus.
Belatedreturnscanbefiledby...
FilingITRaftertheduedateiscalledbelatedreturn.Itcanbefiledbeforethe
endoftherelevantassessmentyearorbeforecompletionoftheassessment,
whicheverisearlier.DrSureshSurana,Founder,RSMAstuteConsulting
Group,informs,"IfanindividualmissesthedeadlineofAugust5,2016forfiling
returnpertainingtoFY201516(AY201617),hecanfileabelatedreturnby
March31,2018."
2/12
11/9/2016
March31,2018."
Butevenifoneisunabletofileone'sreturn,atleastthetaxes,ifany,shouldbe
paid.SwamiSaranSharma,Director&CEO,InsuringIndia.com,suggests,"The
bestscenarioistopayyourtaxesandfileyourreturnintime.Butincaseoneis
notabletofilethetaxreturnduetosomereason,itisadvisabletocalculate
andpaythetaxduebeforethescheduleddateoffilingtheITR.Ifallyourtaxes
arepaid,youdonotattractanypenaltyevenifthereturnofincomeisfiled
anytimebeforeMarch31ofthefollowingyear."
Penaltyforbelatedfiling
Notfilingyourreturnontimemeansyouareliabletothepenaltyand
prosecutionprovisionsundertheITAct,iftaxesareunpaid.Ifyouhavenot
furnishedthereturnwithintheduedateandyouhavetaxduestobepaid,you
willhavetopayinterestonthedueamountoftaxaswell.Nangiainforms,
"Penaltyisleviedbythetaxofficerincaseswherethetaxpayerfailstofilehis
returnbeforetheduedate.UnderSection271F,thetaxofficermaylevya
penaltyofRs5,000forfailuretofurnishreturnofincome.Thepenaltyforany
delaybeyondAugust5isnotleviedautomaticallyandisatthesolediscretion
ofthetaxofficer.Inextremecases,wherethetaxpayerwillfullyfailstofurnish
thereturninduetime,thetaxofficermaypenalisewithprosecution,however,
suchinstancesarerare."
Interestondueamountoftax
Ifonehasn'tfiledontimeandhasdueamountoftax,theninterestunder
Section234Awillhavetobepaid.Nangiasays,"Suchinterestisleviedfor
delayinfilingthereturnofincome.Inotherwords,ifthetaxpayerfilesthereturn
ofincomeaftertheduedate,simpleinterestof1percentpermonthorpartofa
monthislevied."Andthecalculationofintereststartsfromtheverynextday
fromtheduedate.Suranasays,"Theinterestappliesfromthedate
immediatelyfollowingtheduedate,endingonthedateoffilingofreturn.For
thepurposeofthiscalculation,partofthemonthshallbeconsideredaswhole
month."
Lessertimeforthosewhofilelatereturns
StartingFY201516,therulesforfilingbelatedreturnshavechanged.Nangia
informs,"Inanyonefinancialyear,ataxpayercanfilereturnsforprevioustwo
financialyears.ThereforeinFY201617,ataxpayercanfiletaxreturnsforFY
201415andFY201516.HenceanyreturnwhichpertainstoFY201314and
beforeistimebarredandundernocircumstancescanbefiled.Anotable
changebroughtaboutduringBudget2016isthereductionoftimeperiodfor
filingofbelatedincometaxreturns.Theperiodoffilingbelatedreturnshas
beenreducedfromtwoyearstoone.Accordingly,fromthenextassessment
year,i.e.,FY201617,taxpayerswillneedtofilereturnsbeforetheendofthe
relevantassessmentyear."So,makeitahabittofileITreturnsontimeasthe
windowtofilebelatedreturnswillbelessnow.
LostOpportunities
Notimetorevise
Ifyouwanttochangesomefiguresinyourtaxreturn(FY201516),youcando
sobyfilinga'revisedreturn',providedyouhadfiledontime.Revisionofa
belatedreturnisnotallowed.Soifyouhaven'ttakencreditforadeduction
underchapterVI(Section80C,etc.),there'snowayITDepartmentwillallow
thatnow.Also,iftheDepartmentpointsamistake,youmaybeaskedtopaya
penalty.
Refundwithoutinterest
Ifyouareeligibleforataxrefund,youwillgetitbutonlyfromdateoffilingof
belatedreturn.Byfilingabelatedreturn,onelosesonaportionoftheinterest
onthetaxrefundamount.TheITDepartmentpaysinterestofonehalfpercent
foreverymonthcalculatedfromApril1oftheassessmentyear.Eventherefund
processmaygetprolonged.Suranaadds,"Latefilingofreturnofincomewould
3/12
11/9/2016
processmaygetprolonged.Suranaadds,"Latefilingofreturnofincomewould
resultindelayedprocessingofrefund."
Unabletosetofflosses
Lossesincurredcanbecarriedforwardtofutureassessmentyearstobesetoff
againstfuturegains.However,ifyouhavesustainedalossinafinancialyear,
whichyouproposetocarryforwardtothesubsequentyearforadjustment
againstsubsequentyear(s)positiveincome,youmustmakeaclaimoflossby
filingyourreturnbeforetheduedate.Suranasays,"Loss(excepthouse
propertyloss)canbecarriedforwardandsetoffinfutureyearsonlyifthereturn
hasbeenfiledwithintheduedateoffilingreturnofincome."
Conclusion
Asawordofcaution,Suranasays,"Becarefulwhilefilingthereturnsothatyou
don'thavetheoptionoffilingarevisedreturn.Ifapersonfilesabelatedreturn,
heneedstofilluptheincometaxreturncarefullytoavoidanyomissionorerror
asthebelatedreturnoncefiledcannotberevised."
Onceyouhavefiledthebelatedreturn,don'tforgettocompletetheverification
processastheacknowledgmentITRVhastobesenttoITDepartment.One
mayfollowtheeverificationprocesstodothesameimmediatelyafterfiling.
Suranasays,"Itmaybenotedthatwhilethereisnospecificlimitforelectronic
verification,itseemsthattimelimitof120daysincaseofsendingITRVby
postcouldbeapplicableincaseofelectronicverificationalso."
READMORE: TDS|taxpayers|return|filing
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NEXTSTORY
Madeamistakeinyourtaxreturn?
Here'showtocorrectit
BySanjeevSinha,ECONOMICTIMES.COM | Updated:Aug08,2016,04.22PMIST
Taxpayersareusuallycarefulandexercisedue
diligencewhilefilingincometax(IT)returns.
Butsometimesinarushtofiletheirtaxreturns
withintheduedateof31stJuly(extendedto
05thAugustthisyear),theyendupmaking
mistakes.Amongthecommonerrorsare
20
Comments
Youmustfileyourtaxreturnwith
unclaimeddeductionsoranincomenot
reportedorreportedincorrectly.One'scontact
utmostcaretoavoidanyerrorsor
detailsorthebankaccountgivenfortherefund
omissions.Butifamistakedoescreep
oftaxescouldalsobewrong.However,ifyou
in,youstillhaveanopportunityto
rectifyit.
havefiledyourreturnwithintheduedate,then
youneednotworryasyoucanreviseyour
Related
return.
Missedthetaxreturnfiling
deadline?Here'swhattodo
Amajorreasonwhytaxpayershavetorevise
theirreturnsisthattheyarenotawareofthe
recentchangesintaxrules,whichresultinincorrectfilingofreturns.For
example,accordingtothelatesttaxlaws,"thisyearthetaxpayerwhoseincome
exceedsRs50lakhperannumhadtofileadeclarationabouthis/herassets
andliabilities.However,onlyafewtaxpayersmighthavereportedthisdueto
theirignorance.Insuchcases,theystillhaveanopportunitytorectifytheir
mistakebyfilingarevisedreturn,"saysVaibhavSankla,Director,H&RBlock
India.
Whocanfilerevisedreturns?
OfthemanyadvantagesofsubmittingyourITreturnstimely,themost
importantisthatitcanberevised.However,"tomakeyourrevisionprocess
smooth,it'sbetternottoverifyareturnifthathasbeenfiledonlineyouwish
torevise.Thatisbecauseonceareturnisverified,theIncomeTaxDepartment
beginsprocessingit.Therefore,correctyourerrorswhenyounoticethem,
reviewyourreturnproperlyandsubmityourrevisedreturn.Youcanthenverify
therevisedreturn,"informsArchitGupta,founderandCEO,cleartax.com.
Soifyounoticeanyerrorinyourtaxreturnafterfilingit,youbetterfilearevised
returncorrectingtheerrortoavoidanypenalty.Incometaxlawsallowthe
taxpayersanopportunitytocorrecttheerrororomissionintheirreturnsby
submittingarevisedtaxreturnunderSection139(5).
"Theprovisionclearlystatesthatanypersonwhohasfiledtheoriginaltax
returnonorbeforetheduedatecanfilearevisedtaxreturnbeforetheexpiryof
oneyearfromtheendoftherelevantassessmentyear,orbeforethe
completionofassessment,whicheverisearlier.Forexample,ifapersonhas
filedhisoriginalreturnforthefinancialyear201516withintheduedate,then
hecanfilearevisedreturnbeforeMarch31,2018orbeforethecompletionof
theassessmentoftheparticularfinancialyear,whicheverisearlier,"saysNitin
Baijal,Director,BMR&AssociatesLLP.
OnegoodnewsisthatstartingthenextAY201718,theIncomeTax
Departmenthasallowedrevisionofbelatedreturns(returnswhicharefiledafter
theduedate)aswell.
Howmanytimescanyoureviseyourreturn?
5/12
11/9/2016
IfyouhavefiledyourtaxreturnforFY201516onorbefore5thAugust,2016,
thenyoucanfilearevisedreturnanynumberoftimesupto31stMarch2018.
"Thoughonecanreviseone'staxreturnanynumberoftimes,butthefacility
shouldbeusedsparinglyasitmayincreasethechancesofyourreturnbeing
selectedforscrutiny,especiallyifitisresultinginlargerefundsforyou.Revision
isallowedonlyiftheomissionwasunintentional,butifyoudeliberatelyfilea
falsereturn,thenyouwillbeliabletobeimprisonedunderSection277andthe
offencewillnotbecondonedbyfilingarevisedreturn.Further,youmayalso
havetopay100to300percentoftaxdueaspenaltyforconcealingincome,"
saysSankla.
Accordingtohim,incasetherevisionoforiginalreturnresultsinsometaxes
payable,youmayhavetopaytheinterestunderSections234C&234B(levied
fornonpaymentofadvancetaxes),butyouwillbesavedfromtheinterest
underSection234A(leviedfornonfilingoftaxreturnwithinduedate).Youcan
paysuchinterestandtaxesthroughChallanNo.280.Alsomakesurethatyou
enterthedetailsofsuchchallanintherevisedreturn,elseitwillbeconsidered
adefectivereturnowingtoadditionaltaxpayable.
Howtofilearevisedreturn?
Forfilingtherevisedreturn,youwillberequiredtoentertheacknowledgement
numberandthedateoffilingoftheoriginalreturnintherevisedform.Ifyouare
filingarevisedreturnmorethanonce,thenatfirstandeverysubsequent
revisionyouwillhavetoentertheacknowledgementnumberandthedateof
filingrelatingtotheoriginalreturnonly.Youcanfilearevisedreturnonlineor
throughphysicalmode.
Youcanreviseareturnonlineonlyifyouhavefiledtheoriginaloneonlineand
havethe15digitacknowledgementnumberoftheoriginalreturnsenttoyouby
theITDepartment."Yourreturncanberevisedwithanyoftheefilers,
irrespectiveofwhetheryoufiledyouroriginalreturnwiththemornot.
Incorporatetheomissioninyourreturn,thenreviewandcheckallthefields,
includingthosewheretherewasnochange.Ifthechangesresultinataxdue,
youmustpaythistaxbeforesubmittingyourreturn,"saysGupta.
Verifyingyourreturns
Arevisedreturnfiledonlinemustbeverified.Youcanverifyitviaseveral
methodsprovidedbytheITdepartmentincludingnetbankingorAadhaarOTP
(OnetimePassword).YoucanalsosendthephysicalITRVtoCPC,
Bangalore.However,remembertosendtheITRVoftherevisedreturn.ITRV
issentasanattachmentbytheITDepartmenttoyourregisteredemailIDafter
yousuccessfullyupload/fileyourreturnonline.
ItisalwaysinyourbestinteresttofileyouroriginalITreturnwithutmostcare,
avoidingthechancesofanyerrororomission.Youcan,however,stillusethe
opportunityprovidedbylawtorectifymistakesinyourreturn,ifany,beforeitis
toolate.
READMORE: taxreturndeadline|revisedtaxreturns|ITR|incometaxreturn
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WhatyoumayloseifyoudonotfileyourIncome
TaxReturnbyJuly31
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NEXTSTORY
Whatyoumayloseifyoudonotfile
yourIncomeTaxReturnbyJuly31
ByPragatiKapoor,ECONOMICTIMES.COM | Updated:Jul29,2016,01.32PMIST
Theduedateforfilingincometaxreturnfor
individualsJuly31isfastapproachingbut
severalpeoplethinkthatifonehaspaidall
one'staxesthereisnoadverseconsequence
evenifonemissesthetaxreturnfilingdeadline.
However,thisisnotcorrect.Evenifallyour
taxeshavebeenpaidyouwouldstillloseouton
76
Comments
Whileyoucanfileyourpersonal
certainbenefitsifyoudonotfileyourincome
incometaxreturnevenafterthedue
taxreturnbytheduedate.
date,July31,butyouwouldlose
certainbenefitsifyoudoso.
Related
Switchedjobs?Makesureyoufile
Cannotreviseabelatedreturn
"IfyoufileyourincometaxreturnforFY2015
16aftertheduedateyoucannotfilearevised
7/12
11/9/2016
Switchedjobs?Makesureyoufile
yourreturnright
returnlaterincaseyoudiscoveramistakein
theoneoriginallyfiled",saysKuldipKumar,
PartnerandLeaderPersonalTax,PwC.Thisessentially,meansthatincase
youdiscoverthatyouhadforgottentodeclaresomeincomeinthereturnor
madeawrongstatementandyoulaterwishtofileacorrectedor'revised'return
youcannotdosoforFY201516incasetheoriginalreturnisbelated,he
explains.Insuchacase,ifyourmistakeisdiscoveredbytheincometax
assessingofficerthenhewouldnotaccepta'revisedreturn'andthemistake
wouldbepenalisedasperrules.Ineffectyoulosethefacilityofadmittingtoa
mistakeonyourownandcorrectingitwithoutbeingpenalisedwherevera
penaltyisapplicable.
TherulethatbelatedreturnscannotberevisedcomesfromSection139(5)of
theIncomeTaxAct.However,itistobenotedthatthissectionhasbeen
amendedw.e.f.April01,2017byBudget2016toalloweventhosewhofilea
belatedreturntorevisethatreturnlater.Soitwouldbepossibletorevise
belatedreturnsfiledafter1.4.2017i.e.forFY201617butreturnsfiledforFY
201516arenotcoveredunderthisamendedprovision.Hence,thereisno
scopeofrevisingareturnfiledaftertheduedateJuly31,2016fortheFY2015
16,clarifiesKumar.
Lossininterestonrefunds
Incaseyouclaimarefundinyourreturnofanyadvancetaxpaid/TDS,you
wouldlosesomeoftheinterest(currently6%perannumpaidbythetax
department)onsuchrefund.Theinterestonrefundisnormallycomputedfrom
April1oftheassessmentyear(theyearimmediatelyfollowingthefinancialyear
forwhichthereturnisfiled)tillthedateofgrantofrefund,saysKumar.
However,incaseofabelatedreturn(i.e.returnfiledafterduedate)interestis
computedfromtheactualdateoffilingthereturntillthedatewhenrefundis
granted.Thismeanslossoftheinterestthatwouldhavebeenpaidforthe
periodApril1tilldateoffilingthereturn.Evenifyoufilethereturnonedayafter
theduedateyouwouldbelosinginterestforatleastfourmonthsApril,May,
JuneandJuly(presumingduedateisnotextendedbeyondJuly31).
Nocarryforwardoflosses
Ifyoufileabelatedreturnyoucannotcarryforwardlosses(exceptlossfrom
houseproperty)."Lossesunderthefollowingheadsofincome:Incomefrom
businessandprofessionincludingspeculationbusiness,capitalgains,and
incomefromothersourcescannotbecarriedforwardincaseabelatedreturnis
filedbythetaxpayer.Thereturnfilerwillnotbeallowedtocarryforwardthese
lossesevenifalltaxeshavebeenpaidintimeifthereturnisbelated,"says
PwC'sKumar.
Delayedreturnwheretaxremainsunpaid
Ifyouhaveanyunpaidtaxliability,filingyourreturnaftertheduedatewould
resultinlevyofpenalinterest@1%permonthfromtheduedateoffilingthe
returntilltheactualdateoffiling.Thiswouldbeaheavyandavoidablepayout.
Whatismore,taxauthoritiescaninitiateprosecutionifthereturnisdelayed
beyondtherelevantassessmentyearandtheamountofunpaidtaxexceeds
Rs.3,000,headds.
IfreturnisnotfiledevenbyendofrelevantAssessmentYear
Ifyoudonotfileyourtaxreturnevenby31stMarchoftherelevantassessment
year(i.e.theyearimmediatelyafterthefinancialyearforwhichthereturnisto
befiled)butnotaxesaredue,apenaltyofRs.5,000canbeleviedbythetax
authoritiesifyouareunabletoprovideareasonablecauseforthedelay,Kumar
adds.
READMORE: TDSdeduction|TaxFiling|PwC|July31|ITR|incometaxreturn|IncomeTaxAct
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NoForm16yet?Youcanstillfileyourincometax
returns
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NEXTSTORY
NoForm16yet?Youcanstillfileyour
incometaxreturns
ByChandralekhaMukerji ,ETBureau | Updated:Aug03,2016,12.37PMIST
BENGALURU:Twoweekstothetaxfiling
deadlineandstillhavenotreceivedyourForm
16?Maybeit'stimeyoutriedfilingyourreturns
withoutone.
TheIncomeTaxActlaysdownthatTDS
certificatemustbeissuedbytheemployer,
onceayear,onorbeforeMay31ofthe
66
Comments
Withthetaxfilingdeadlineclosingin
financialyearimmediatelyfollowingthe
andnosignofForm16yet,itisbestto
financialyearinwhichtaxisdeducted."Ifan
employerfailstoprovideyouwithaForm16
gatherallyourdocuments,calculate
yourliabilityandfilereturns.
afterhavingdeductedTDStheminimum
penaltythattheemployerwillpayisRs100for
everydaythedefaultcontinues,"saysArchitGupta,CEO,ClearTax.in.
9/12
11/9/2016
everydaythedefaultcontinues,"saysArchitGupta,CEO,ClearTax.in.
ThereasonfornotissuingForm16couldbemany.Thecompanymightbein
troubleandmaynothavedepositedyourtaxesatallortheHRdepartmentmay
bejustlazy.Whatevermaybethecase,thereisnopointrunningafteryour
employeranymoresincethedeadlineisclose.Youmightstartcollectingthe
alternatedocumentsthatwillhelpyoucalculateyourtaxliabilityandfilereturns.
Thiswilltakesometimeespeciallyifyouareplanningtofileyourreturns
yourself.
StartbyfamiliarisingyourselfwiththedifferentITRformsandthecorrectform
foryou.MostofthesalariedclasswillbefilinganITR1,2or2A.Form3,4and
4Aareforpeoplewithincomefromprofessionalpracticeorbusiness.Ifyouare
usingthegovernmentfilingsite,youwillhavetochooseanddownloadthe
correctITR.
Theformselectionprocessisautomatedifyouarefilingthroughanonlinefiling
platform.Nextstepistogetallthedocumentsreadytocalculateyourtaxable
income.
Declaringyourtaxableincome:InabsenceofForm16,yourpayslipisthe
secondbestresourcetocalculateyourincomefromsalary.Rememberto
deductthenontaxableheadssuchasHRA,LTAandotherreimbursements
fromtotalincome.IfyouarefilingITR2A,ITR2andITR4,youwillhaveto
provideadetailedsalaryschedulewithabreakupofallowancesthatare
exemptfromtaxalongwithvalueofperquisites."Refertoyourappointment
letterthatgivesabreakupofyourCTCfordetails,"saysGupta.
Yourincomeshouldincludeearningsfromothersourcestoo.Interestincome
canbeeasilyretrievedfromyourTDScertificatesfrombankorForm26AS.Do
notforgettodeclarerentalincome,capitalgains,incomefromsavingsbank
account,cashgiftsaboveRs50,000receivedfromanonrelativeandeven
incomeexemptedfromtaxsuchasdividendincome.
MatchyourTDSnumbers:Form26ASisthebestsourcetocrosscheck
26ASisthebestsourcetocrosscheckyourentries.Yourincomefromallthe
sources(includinginterestincomewhereyouhadsubmittedaForm15GH),tax
deductedatsourceandanyhighvaluetransactionsandsaleofimmovable
propertyareallreflectedinForm26AS.Anadvancetaxpaidneedstobe
mentionedintheITRaswell.Verifyyourtaxpaymentchallan(s)numberswith
thefiguresinPartDofForm26AS.
"VerifyingallthedetailsaspertheForm26ASisamustasmanyhavebeen
gettingnoticesfromthedepartmentrecentlywheretheITRfiledbythetaxpayer
doesnotmatchwiththeinformationavailableintheform,"saysSudhirKa
ushik,CFO,Taxspanner.com.
RechecktheTDSfigurescarefully,ifyouremployerisinsomefinancial
trouble.CrosschecktheTANnumberstoknowverifytheemployerandthe
correspondingTDS.Therehavebeencaseswheretheemployerhaddeducted
TDSfromyoursalarybutthesamewasnotdepositedwiththegovernment.
Theonusoffilingcorrectreturnsisonthetaxpayer.
AlsoRead:Everythingyouneedtoknowaboutfilingtaxreturn
Iftheemployerhasdeductedtax,itmustshowupinyourForm26AS.Ifitdoes
not,eitheryourPANwasnotcorrectlymentionedortheemployerdidnot
deposittheTDS."Ifitisthelatterandtheemployerrefusesmakecorrections
youmayhavetopaytaxtothegovernmentonyourincomeyourselfandlater
onclaimfromyouremployer,"saysGupta.Anothersolutioncanbe
approachingyourjurisdictionalTDSCommissioner.
10/12
11/9/2016
"WehaveseenexampleswhereinthecompanyimmediatelydepositedTDS
andissuedForm16uponreceiptofnoticefromthetaxdepartment.Nondeposit
ofTDSisaseriousoffenceandcanresultinprosecutionandrigorous
imprisonment,"saysVaibhavSankla,director,H&RBlockIndia.
Claimthecorrectdeductions:Ifyouwerediligentindeclaringyour
investmentsduringJanuaryandFebruary,youareperhapswellorganised
already.MostofyourdeductionsunderSection80Csuchasinsurance
premiums,mutualfundinvestments,PPFcontribution,children'sschooltuition
fee,areeasilytraceable.
Justgettheinvestmentproofs,addthenumbersandyoucanfilltheaggrethe
numbersandyoucanfilltheaggregateasdeductionunderSection
80C.RemembertoincludeyourEPFcontributionsandinvestmentmadeinNPS
underSection80Ctoo.YoucangetyourEPFcontributionsinyourEPFO
statement.Iftheemployerhasnotprovidedone,justgoonline.Allyouneedis
accountnumberandestablishmentcode,whichareusuallymentionedatthe
topofyoursalaryslip.Youwillalsohavetokeyinthestatewherethe
employers'EPFtrustisregistered.
YourNPScontributionswillbeundertwosections.Yourcontributionsasan
employeegetsdeductionunderSection80CCD(1),whichcomesunderthe
overallRs1.5lakhlimitunderSection80C.Thisyearonwards,youcanclaim
anadditional50,000deductionunderSection80CCD(1b)forindividual
contribution,whichincludesanycontributionmadeasanemployee."Ifyou
contributedRs50,000ormoretowardsNPSviasalarydeductions,maximise
thetaxbenefitsunderbothSection80CandSection80CCD(1b).Claimthefull
Rs50,000underthenewsectionfirstandthenadjusttheresidualtoachieve
totaltaxdeductionofRs2lakh,"saysGupta.ThecontributionstowardsNPS
byyouremployerisdeductibleunderSection80CCD(2).
Ifyouhaveahomeloan,principalrepaymentswillalsobeaddedunderSection
80C.Consulttheloancertificatetoknowthebreakupbetweenyourprincipal
andinterestpayments.
READMORE: Taxreturn|TaxFiling|people|ITR|insurance|India|incometaxreturn
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