The deadline for filing your tax returns is just around the corner. Anindita Ghosh helps you with pro tips on how to go about it.
Does the thought of paying taxes put your brain on pause? Well, let’s get all your woes sorted right away so that you can file your returns in time like a smart girl! The Income Tax Act says that anyone who lives and earns in India will have to pay income tax—even NRIs, if they have been in the country for more than 182 days. Not paying income tax attracts penalties and even jail terms. IT returns are also essential for getting loans, life insurance and even a visa for your vacation abroad. FYI, the date for filing your income tax returns for 2017-18 is July 31, so follow these tips to file like a pro.
Time is money Your income tax is calculated on the income you earned in a financial year, that is, from April 1 to March 31. “In certain cases, you could pay some of these taxes in advance. For instance, if you are a salaried employee you will only have to pay advance tax if you have other sources of income like interest on investments, and if your tax liability is more than `10,000 after TDS (tax deducted at source). Advance tax can be paid in three instalments: before September 15, December 15 and March 15. Entrepreneurs and those who are self-employed must pay advance taxes,” says Surya Bhatia, certified financial planner of the firm Asset Managers, Delhi.
What is taxable? “According to the Indian Income Tax Act, income is classified under five heads,” says Delhi-based chartered accountant Manoj Jain, Manoj Jain Associates.
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