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Updated Sep 14, 2021 | 08:28 IST
Don't forget to report these incomes, assets in your tax return
Don't forget to report these incomes, assets in your tax return 

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  • The extended ITR filing deadline should be used to calculate your tax liability properly and pay the due tax to avoid interest charges. 
  • Taxpayers who file their return on their own should be aware how incomes from other sources have to be reported in the ITR
  • There are some incomes, which are exempted from tax. But still you need to report these incomes in your ITR.
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cricket ipl,Especially, this is more important for taxpayers who file their return on their own. They should be aware how incomes from other sources have to be reported in the tax return and know about the various deductions available to them. Also, there are some incomes, which are exempted from tax. But still you need to report these incomes in your ITR in order to avoid getting a notice from the tax department in the future. 

For instance, many taxpayers don’t report their interest income in their returns even though it is fully taxable. Many others don’t report capital gains because mentioning the details of every transaction is very tedious. And a lot of taxpayers don’t even know that dividends are now fully taxable and must be mentioned in the return. Similarly, incomes such as maturity proceeds from Public Provdent Fund, withdrawal from EPF (after five years) are exempt from income tax. But still you need to show them in your ITR so that the I-T department does not ask you about the source of this money when you invest that amount in the future.,betensured match prediction

football betfair,"A Taxpayer has to report all income--taxable or exempt--in his return. While most people are diligent about reporting taxable income, many miss reporting exempt income like PPF interest, pf withdrawal etc.,” said Aarti Raote, Partner, Deloitte India.

There are chances that those taxpayers who file their ITR on their own may miss out on reporting some of the incomes. Here are some tax rules that one should be aware of while preparing his/her tax return. Worth mentioning here is that there are now two tax regimes to choose from. The new tax regime aims to tax your income at lower slab rates if you donn't intend to avail any exemptions. You have to select the tax regime before filing the income tax return. And this has to be done by sending an intimation through Form 10IE to the income tax department, said Balwant Jain, Tax and Investment expert.  ,3 pate games

Salaried taxpayers have the option to change their tax regime at the time of filing ITR even if their employer has already arrived at their tax liability based on the old tax regime and has deducted TDS accordingly. ,cash lottery india online

betway 365,Calculating capital gains

free india slot games,With a large number of retail investors now directly investing in stocks and mutual funds, having capital gains from these assets is quite likely. Worth mentioning here is that long-term capital gains from equities and equity-oriented mutual funds beyond Rs 1 lakh in a year are taxable.

bet india live,Calculating capital gains is a complicated exercise, not only because you need to maintain records of all transactions but also because of the different tax rates applicable to various instruments. The new tax filing portal was supposed to auto calculate and pre-fill the capital gains and tax in the tax form of an individual. However, that has not happened so taxpayers have to calculate all capital gains on their own and fill in the form. 

leovegas rtp,Worth mentioning here is the new rule requires details of the scrips, buying price, selling price and dates of transactions to be mentioned in the return form if the taxpayer has made long-term gains. The tax department has clarified that there is no need to mention scrip-wise details of transactions when reporting short-term gains. However, for investors providing these details won't be much difficult as all fund houses provide investors a capital gains statement, that mentions all the transactions and gains and losses made during the year. Similarly, most large brokers also provide their clients capital gains statement for their equity investments. 

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betensured match prediction,Other than listed shares and mutual funds, taxpayers must also report their investment in unlisted shares and foreign assets. "Foreign assets held outside India (both as owner and as beneficiary) have to be mentioned in Schedule FA (foreign assets)," said Mr Jain. Worth mentioning here is that undisclosed foreign income or assets are taxed at 30% plus a penalty, which is 300% the tax payable on the income or value of the undisclosed asset. An additional penalty of Rs 10 lakh may be levied for failure to disclose such foreign assets in the return.

betway 365,The foreign assets that need to be disclosed are foreign depository accounts, foreign custodial accounts, foreign equity and debt interest, shares held in any foreign company, and details of trusts created under the laws of another country in which the assessee is a trustee and any other capital asset.

cricket ipl,Dividends are no more exempted from income tax

Many investors are of the belief that dividends received from mutual funds and stocks are not taxable. It may be noted that till 2019-20, fund houses used to deduct tax on dividends paid while companies used to pay dividend distribution tax. But from the financial year 2020-21, dividend distribution tax was removed and the investor has to pay tax on the dividend income. These income are added to the taxable income of the taxpayer and are taxed as per your slab rates.,shubman gill

Interest income is fully taxable,cycling group

d lajovic,The interest earned on bank fixed deposits, savings accounts, post office term deposits, bonds and some other small savings schemes is fully taxable, but many taxpayers do not report these incomes. Even the interest on savings bank balance has to be reported as “income from other sources” in the tax return. Although almost everyone has some interest income, most taxpayers do not report this income in their ITR. 

Worth mentioning here is that all interest payments are reported to the tax department by the financial institution paying the interest. Keep in mind that not only bank deposits, but even investments in Post Office schemes now require your PAN, and the information on the interest earned ultimately reaches the department.,fpay 777 com login

free download 918kiss,Some taxpayers believe that no tax is payable on interest income as their bank has already deducted TDS on the this income. This is also a misconception. TDS is deducted at10% of the interest (20% if PAN is not provided). If a taxpayer is in a higher tax slab, he needs to pay additional tax on the interest. Check your interest income for the financial year in the Form 26AS. It will have details of the TDS deducted from interest payments. The income declared in your tax return must match the information in the Form 26AS, else be ready for a tax notice.

It’s a good idea to also report the exempted income such as the interest earned on tax-free bonds, PPF and the Sukanya Samriddhi Yojana in your tax return. You will find it easier to explain the credit of large sums when these investments mature if you have been reporting this income all along.,26$ in rupees

bet india live,One common mistake that taxpayers make relates to the clubbing of income. Tax rules say that if money gifted by a spouse is invested, the income from that investment will be clubbed with that of the giver and taxed accordingly. “The law is very clear on this. Yet, we come across cases where property is jointly owned by a couple even though the entire money was paid by the husband. In such cases, the rental income cannot be divided between husband and wife. It will have to be reported as his income alone,” ET Wealth quoted Kaushik of Taxspanner. Likewise, income from investments made in the name of spouse and minor children will have to be added to the income of the giver.

shubman gill,Reconciling income and expenses

gambling games,Taxpayers with a net taxable income of more than Rs 50 lakh in a financial year are also required to report details of specified assets such as land, building, movable assets, bank accounts, shares and bonds and the corresponding liabilities against those assets if any. Last year, it introduced a new Section E in the Form 26AS which mentions high-value transactions done during the year. These high-value expenses mentioned in the Form 26AS should match the income you declared in your return. For instance if a person spends Rs 8-10 lakh on his credit card and another Rs 4-5 lakh on foreign travel but declares an income of only Rs 5-6 lakh, then the tax department will want to know how his expenses exceed his income and may send a notice regarding the same.

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