Nuances While Filing That Tax Return
The Finapolis|September 2017

Filing the tax return is obligatory, even if the assessee has had tax deducted at source (TDS) and finds that no extra tax needs to be paid.

A N Shanbhag & Sandeep Shanbhag
Nuances While Filing That Tax Return

The last date for filing income tax return for most individuals is July 31. The recent Finance Act, 2017, (FA17) has incorporated many changes in this area with the applaudable objective of speeding up the process. This article is designed for those who have missed the deadline (which was extended to August 5 this year) and those who desire to revise their return.

Who must file returns?

The sixth proviso to Sec. 139(1) requires a person to furnish a return of income if his total income without claiming any deductions under Chapter VI-A (Sec. 80C, 80D, etc) and also the exemption u/s 10(38) related with long-term capital gain (LTCG) on equities and equity-based units of mutual funds, exceeds the maximum amount which is not chargeable to tax. In other words, the return has to be filed even if these deductions and exemptions bring down the income chargeable to tax below the tax threshold.

Filing the tax return is obligatory, even if the assessee (particularly the salaried class) has suffered tax deduction at source (TDS) and finds that no extra tax needs to be paid.

All this obviously results in extremely few individuals who need not file tax returns and yet in reality, the situation is much different.

Moreover, where a Resident individual (not an RNOR – Resident but not Ordinarily Resident) has any asset (including financial interest in any entity) located outside India or signing authority for any account (bank account, demat account, etc.) located outside India, filing a tax return would be compulsory, irrespective of whether such individual has taxable income below the threshold or not.

Diese Geschichte stammt aus der September 2017-Ausgabe von The Finapolis.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der September 2017-Ausgabe von The Finapolis.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS THE FINAPOLISAlle anzeigen
7 Ways to Prevent Text Neck
The Finapolis

7 Ways to Prevent Text Neck

Our head is heavier at an angle than it is at a neutral position. That means our increasing usage of smartphones for reading, texting, etc is putting undue pressure on our spine

time-read
3 Minuten  |
September 2016
How To Take Your Networking To Next Level
The Finapolis

How To Take Your Networking To Next Level

Networking is one of the best ways to use your time

time-read
4 Minuten  |
September 2016
5 Fun Ways To Save Money
The Finapolis

5 Fun Ways To Save Money

There are several simple ways to reduce spending and rack up more cash. Sukanta Kundu lists some interesting ones.

time-read
4 Minuten  |
September 2016
In Search of Higher Returns Amid Falling Rates
The Finapolis

In Search of Higher Returns Amid Falling Rates

As Bank Deposit Rates Fall, Even Conservative Investors Are Switching Assets. Where Can They Go? 

time-read
5 Minuten  |
December 2016
National Savings Certificates Help as Interest Rates Fall
The Finapolis

National Savings Certificates Help as Interest Rates Fall

National Savings Certificates (NSCs) have been among the most popular tax-saving options for ages. In spite of the advent of market-linked investment products such as equity-linked savings schemes (ELSS), the certificates have retained their charm for certain sections of society. In this column, let us discuss the various facets of this special instrument of investment.

time-read
3 Minuten  |
December 2016
What Drives Us to Invest?
The Finapolis

What Drives Us to Invest?

I had made the journey from economics to finance. As part of Keynesian economics, we were taught about the three motives to hold money: the transactions motive, the precautionary motive and the speculative motive; all through my teaching career that remained part of my Keynesian economics. But two decades, later when I immersed myself into the world of investment, I had to develop my own tools to understand the new discipline and make my investors understand the working of their own minds. One night as lay turning on my back, poring over the day’s happenings, suddenly I made a strong connection between what I had studied years back and the problem I was grappling with now: the motives.

time-read
4 Minuten  |
December 2016
Ask The Finapolis
The Finapolis

Ask The Finapolis

Col. Sanjeev Govila (retd) of Hum Fauji Investments answers readers’ queries on investments, taxation and personal finance. Do you have a question you want answered? Email your question to feedback@thefinapolis.com

time-read
9 Minuten  |
June 2017
Input Tax Credit To Benefit End-customer
The Finapolis

Input Tax Credit To Benefit End-customer

Looking at the scale of India, it is reasonable to expect 3-5 years for the system to stabilize

time-read
4 Minuten  |
June 2017
Will GST Really Spike Up Your Bills?
The Finapolis

Will GST Really Spike Up Your Bills?

As goods and service providers can claim input tax credit, your net tax bill will reduce say experts

time-read
4 Minuten  |
June 2017
The Bull Run Is Here To Stay
The Finapolis

The Bull Run Is Here To Stay

Karvy Finapolis’ event —“Is this the mother of all bull runs?” — evoked a thunderous response from investing public recently in Hyderabad.

time-read
4 Minuten  |
June 2017