The season for filing the income tax return for FY 2015-16 (AY16-17) is about to begin. Before filing of return, each individual must be aware of changes in tax treatment and changes in the new ITR to avoid any mistakes in ITR. 10 things you cannot afford to miss this tax season:

1. E Filing of return is mandatory for any assessee having total income of Rs. 5 Lakhs & above and for Individual/HUF, being resident, having assets located outside India.

 

2. Your income may not be taxable after giving benefits of the various deductions available but you are still required to file your income tax return if your income before such deduction exceeds Rs. 2.5 lakh in case you have not completed 60 years, Rs. 3 lakh if you are a senior citizen and Rs 5 lakh if you have completed 80 years of age.

 

3. Asset/Liability details are to be given by every individual/ HUF having total income exceeding Rs. 50 lakhs

 

4. In case your total income before claiming various deductions under Chapter VIA as well amount of exemption available under Section 10(38) in respect of long term capital gains on shares and units of equity oriented schemes exceeded the basic exemption amount, you will have to file your income tax return even if there are no tax liabilities. This will even cover the cases where the tax payer does not have any taxable income during the year but the amount of exempt income exceeds the basic exempt income in which case you will have to file the income tax return.

 

5. Deduction of tax at source of 10% on premature taxable withdrawal from EPFS above Rs. 30,000/- during the year.

 

6. Section 80D has been amended to raise the limit for deduction from Rs. 15,000 to Rs. 25,000 and from Rs. 20,000 to Rs. 30,000 for senior citizens.

 

7. Individual taxpayers can claim TCS in case of deduction u/s 206 (1D) in case of purchase of bullion and jewellery.

 

8. Deduction under section 80C, to the parent or the legal guardian of a girl child of the sum paid or deposited during the year in name of the girl child in the Sukanya Samridhi Account Scheme. Interest on deposits in the scheme will be exempt and withdrawal from the scheme will also be exempt.

 

9. No need to disclose share of income/profit from firm/AOP/BOI which is exempt from tax in the hands of the individual.

 

10. Deduction for transport allowance increased from Rs. 800/- per month to Rs. 1600/- per month.

For filing of your return click taxmantra.com.

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