Here's What You May Have Missed Out In That ITR

Here are some tips to keep in mind while sending your papers to the taxman.

- Pranav Sakhadeo

Missed the July 31, 2017 due date of filing income tax return? And then...forgot about Au-gust 5, 2017 as well? Well, don’t panic. You can still do so by March 31, 2018...but only this time. From the next assessment year (2018-19), all late filers will have to pay a ‘late fee’ of Rs 5,00010,000 depending on how ‘late’ they are. So, Better late than Never. Yet, whenever you file your return make sure you do try considering the following points:

If you are salaried, salary is not the only income you earn: The salaried class are considered to be honest taxpayers. But are we honest enough? Individuals drawing huge salaries have multiple investments in share markets, real estate, bank deposits, etc. But they file their income tax return only on the basis of the Form 16 – Salary Certificate. People having salary as main source of income, should also disclose their income from other sources like interest on deposits, dividend on shares/ mutual funds, trading in equity shares, rent income, etc, in order to avoid penal action from the tax authorities.

Make sure you declare all your bank accounts: The Central Board of Direct Taxes (CBDT) in 2015 issued a notification by which every person at the time of filing his return of income should declare all the bank accounts held in his name. Your tax consultant might ask for only one bank account in case you have refund receivable from the government. But failure to disclose all the bank accounts will be considered as furnishing of inaccurate details and hence liable for penalty under the Income-tax Act, 1961.

Don’t forget to disclose exempt income: