Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

7 Useful Tips for ITR Filers

7 Useful Tips for ITR Filers

1. Whether to File ITR or Not: If your income exceeds basic exemption limit (i.e. Rs. 2,50,000) then you must file ITR to avoid any surprise. If your income is more than Rs. 5,00,000 then it is mandatory to e file the ITR.  If TDS has been deducted and you think you deserve refund of that then you must file ITR to claim the refund. Even if no tax payable or no refund is due you should continue the holy ritual to file ITR every year reporting your correct income so that Kripa Bani Rahe!

2. More Time to File ITR: For all the assessee having salary income, Income from house property, Interest Income or business income where accounts are not required to get audited due date for filing ITR has been extended to 31st Aug, 2015. Hurray! One month more for mind battle!

3. What’s New this year: This year IT department has launched new service of e verification of ITR through OTP (Like we do while making online payments) which can be accessed by internet banking, aadhaar number, ATM & E mail. So now we don’t need to send the ITR V acknowledgement (Do Not Disturb Letter!) to IT Department, Bangalore. 

4. Correct Form of ITR: Categorize your sources of income. Based on the source of income you have to choose correct form for yourself. For example ITR1 is for salaried persons along with interest income and ITR4 is for Proprietary Business or Profession. Different forms for different category of incomes. 

5. Paper Work: Now no paper has to be sent to IT Department to file ITR. You just need to have Form 16 of applicable FY with you to file tax return, if TDS has been deducted on your income. Hey! But if you couldn’t E verify your online return then same as you did in the last year, you have to send ITR V to IT Department Bangalore. 

6. Our Favorite Part! Deductions: Obviously we all want to save tax, therefore we have been given so many beautiful sections under boring IT Act. There are many sections under it, some of them are :

  1. Deduction under section 80C, 80CCC & 80CCD(1) is available upto Rs. 1,50,000. Under this section you get deduction for amount paid for PF, annuity plans, LIC, other insurance, pension fund and other annuity linked approved investments.
  2. Deduction u/s 80TTA is for interest on deposits for FY upto Rs. 10,000.
  3. Preventive health checkup expenditure of spouse/self/parents is allowed u/s 80D, even in cash upto 5,000/- and upto 15,000/- for medical insurance premium of self, spouse & children.
  4. You can claim deduction of Interest paid on Loan for Higher Education u/s 80E for yourself, spouse, children or students whom assessee is legal guardian.
  5. If you don’t receive HRA doesn’t mean you cannot claim deduction for house rent paid. Though the quantum of relief is limited but still it is there. Under section 80GG you get standard deduction of Rs. 2000 per month for house rent paid.

There are also other deductions available under chapter VIA for tax savings.

7. The Cherry on the shake: Apart from deductions under chapter VIA we do also have rebate of tax upto Rs. 2,000, If gross total income after deduction is upto Rs. 5,00,000. 

7 Useful Tips for ITR Filers

Gujarat VAT department has issued circular

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