Skip to main content

Filing Revised Tax Returns

Best SIP Funds to Invest Online 


As the 2017-18 financial year comes to an end on March 31, 2018, there is immense pressure on people to invest in prescribed savings instruments eligible for tax deduction. This year, individuals are also getting inundated with emails and messages from the I-T Department requesting them to file their tax returns by FY-end. The department is also stressing on the implications in case the tax returns are not filed on or before March 31, 2018.

Individuals who have missed the tax filing deadline of FY 2015-16 and FY 2016-17 can still file their tax returns by March 31, 2018.

While now returns for 2016-17 can be revised, it's important to note that in case of a belated return any losses (except house property loss) cannot be carried forward. Filing of belated return attracts interest besides penal implications, as applicable in certain conditions.

Further, individuals who had earlier filed their tax return and discovered any omission or wrong statement can revise their tax returns. Tax return for FY 2015-16 can be revised by March 31, 2018, and tax return filed for FY 2016-17 can be revised by March 31, 2019, subject to provisions of the law.

Although there are no limits as to the number of times a return can be revised, this facility should be cautiously used, as it increases the chance of returns being picked up for scrutiny, especially if the revision leads to tax refunds.

For successful filing of the tax return, the following needs to be considered:

Individuals should download Form 26AS (i.e. Annual Consolidated Tax Statement) and confirm actual tax paid/deducted/collected. If any discrepancy is observed in tax amount appearing in the Form 26AS, then suitable action should be taken to rectify it.

Also, carefully study the documents that will be used while filing returns on income, such as bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and profit & loss account (if applicable), etc. No documents are to be attached along with tax returns on income.

The individual should identify the correct returns form, as applicable, and accordingly provide all information in it.

Check the calculation of total income, deductions, interest and consequent tax liability/refund.

If any tax is payable as per the return of income, then the same should be paid before filing the return of income; else, the return may reflect an error at the uploading stage.

Ensure that other details like PAN, address, e-mail address, bank account details, etc, are correct.

After filling all details in the return of income and after confirmation of all the details, one can proceed with filing returns. Both the older and revised returns have to be verified. The government has prescribed various modes like net banking, bank ATM, Aadhaar OTP, bank account and depository account for e-verification of the tax return. In case an individual is not able to e-verify, then physical ITR V (i.e. a single pager verification document) needs to be sent to the Central Processing Centre, Bangalore within prescribed timeline.

It is important to keep the above considerations in mind and file tax returns correctly to stay compliant with the tax laws and avoid any possible penal action. More importantly, to avoid any inadvertent mistake, such filings shouldn't be left for the last minute.



SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...

ICICI Prudential Value Fund Series I

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   Performance of the scheme will be benchmarked to the S&P BSE 500 index ICICI Prudential Value Fund is a closeended equity scheme. The scheme will have tenure of three years (1095 days) from the date of allotment of units. Units of the scheme will be fully redeemed at the end of the maturity period, unless rolled over. NFO PERIOD:   The NFO is open from October 18 to 28. The minimum subscription during the NFO period is Rs 5,000. SCHEME OBJECTIVE:   The scheme aims to provide long-term capital growth by investing in a well-diversified portfolio of equity and equity-related securities. INVESTMENT STRATEGY:     The fund proposes to invest in stocks that are trading at a huge discount in the BSE 500 index and plans to book profit and distribute dividen...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now