Web Event: How To Get A Headstart For Filing Income Tax
Date: 13-05-2017 Views: 1012
Here are handy tips from an expert on how to get started with the preparation for income tax filing even though the tax filing deadline is months away.
Edited transcripts 0:39 How to get a headstart in filing for income tax?
2:26 Income tax filing is all about putting together the evidence of different incomes and tax deductions
2:33 You need to set off the tax deductions against those income and pay taxes on the balance amount
2:44 Income in India is taxed under five heads: salary, rental income, capital gains, income from business and profession and other incomes
2:53 Incomes like those from rent and dividend constitute other incomes
3:00 You need to collect information about all these incomes and put them under different heads
3:06 Different heads have different tax deductions applicable to them
3:17 Then, you need papers in support of different tax deductions to claim them
3:26 If you have invested in PPF, get the passbook updated and get a photocopy
3:35 You must also collect statements of loan eligible for income tax deductions
3:51 For instance, the interest portion of the education loan is given to you as income tax deduction
4:00 Same is true for housing loans which are also eligible for income tax deductions
4:11 Among other documents required are those properties sold or the sale of shares
4:20 The evidence of the difference between sell and purchase price must be collected, regardless of whether it is a gain or loss
4:28 It is even more important for losses. In case, you don't claim the loss by the deadline for income tax filing
4:35 that loss can't be carried forward in the next year
5:00 In case of capital gains, you need to have sale and purchase dates besides indexation amounts
