Filing Of Tax Return? Include Income From All Resources
The clockâs ticking away and the Treasury is pending. How to calculate your tax liability on the right is a matter of being conscientious, you will have to pay a fine of 100-300% of the amount of tax you get away. In addition, you will be asked to pay interest at a rate of 1.5% per month on the outstanding amount charged from the date of your tax return should have been filed.
To calculate your total tax liability, you must consider more than the form 16 and the profit and loss. Do not forget to take into account “Income from other sources” for fear that you are a tax arrears without his knowledge. Some of the other sources of income.
Interest income:
Never mind how tiny the amount of interest on your savings account, framework decisions, obligations and National Savings Certificates (NSC) is taxable. Factor for any amount of interest you have earned during the year, even if you expect to receive money after the deadline for filing returns. This is in addition to your income and taxed accordingly.
Gifts:
Cash gifts of more than 50,000 received from someone who is not considered a specified relative fall in the context of income from other sources. These parents are parents, grandparents, spouses, siblings, your spouse or your parents siblings, children, grandchildren and their spouses. All non-monetary gifts must also be taken into account and to declare the value is the cost of the asset on the day he was gifted. However, gifts received during your marriage and all the inheritance is not taxed.
Proceeds from gift:
If you invest the money given to you, the income generated by it will be taxed. Despite receiving the gift should bear the burden of taxes on the interest they earn, the case is different in the case of spouses. Said Homi Mistry, Partner, Deloitte Haskins and Sells: “Suppose a woman presents 5 lakh man found in a cargo tank fixed deposit interest rates of 9% per year means that women earn 45 000 as interest income, but this money will be. is added to the account of husband and he will have to pay tax on it. ”
Income earned by minor child :
If you opened a savings account or fixed deposit in the name of a minor child, the interest is taxable. You can apply for exemption from up to 1,500 per year per child (two children). Clubbed with the sum of the parent earns more income and taxed accordingly. However, when beaten, the same parent company will continue to bear the tax burden, even if the relationship between profit change. On the other hand, if the child has earned the money for themselves, revenues can not take a punch and a tax return must be filed separately.
Property:
Even if you have a dish that is lying vacant, will have to pay taxes on it. KH says Viswanathan, Executive Director of the RSM smart: “If a person has more than one house and one of them is empty, be taxed on a theoretical basis.” The empty house is taxed at the imputed rent, along with the income earned by other houses in the locality.
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Another common mistake made by the owners, is to assume that the bar of 1.5 lakh on the interest deduction on housing loans also apply to leased properties. “This only applies to the land occupied by itself,” he added. So you can claim a deduction on the full interest on mortgages for your second home as long as it is rented.
Capital Gains:
If you sell assets such as real estate and gold in the three years of purchase, the benefits must be listed under the short-term gains of capital. In the case of shares, bonds or mutual funds are short-term profit gains on units sold before the end of the year. All these gains will be taxed.
However, if you have short-term losses can be offset capital gains in the short term and long term. These losses can be transferred to eight years. Says Vineet Agarwal, Director, KPMG: “This will ultimately lead to low load current fiscal year.” But you can only do so if your file income tax returns by July 31.
Gratuity:
This amount is usually paid to an employee after he has worked in the same company for five consecutive years. The amount received on free death or retirement is fully exempt from tax. Otherwise, the exemption limit is 10 lakh. But if an employee is free before, it will be fully taxable. The employer must include this amount as income in the form 16th
Have you filed your return without taking these sources of income? Do not worry, because you can submit a revised tax return in March 2013.
Source: [TOI]
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