Key Tax Return Filing Changes for FY 2016-17

Here are the key changes w.r.t. Income Tax Return (ITR) filing for FY 2016-17:

  • When and Who has to File ITR:
    Last date for filing of IT return is 31st July 2017. It is mandatory to file if your income is more than Rs. 250000 before claiming any deductions (except for senior or super senior citizen). Don’t wait anymore, Start e-Filing Now!

 

  • Quoting of Aadhaar Number/Aadhaar Enrolment ID mandatory:
    Starting 1st July, 2017, it is mandatory to mention Aadhaar Number while e-filing ITR unless you don’t have one. You can take assisted e-filing package in case you need any assistance w.r.t. linking PAN with Aadhaar.

 

  • Changes w.r.t. ITR Forms:
    ITR-1 is to be filed by an assessee having total income below Rs. 50 lakh. ITR-2 needs to be e-filed in case total income is greater than that or equal to Rs. 50 lakh. Don’t worry about which Form to choose, TaxSpanner does the job for you. Start e-Filing Now!

 

  • Reporting of Cash Deposits:
    You must report “Cash deposited during 09.11.2016 to 30.12.2016”, if >= Rs 2 lakh.

 

  • Deduction in respect of Rent Paid (Section 80GG):
    Threshold limit is increased from Rs. 24,000 to Rs. 60,000. Let our tax experts help you claim the deduction properly.

 

  • Exempt Income Schedule:
    Specific column has been given for “Long term capital gain from Equity Share” and “Dividend income from Indian Company” under “Exempt Income” Schedule in ITR-1. This is apart from “Agricultural Income”.

 

  • Reporting of Dividend Income:
    Need to report separately where dividend income from Indian Company exceeds Rs. 10 lakh under “Other Income” Schedule (Applicable from ITR-2 onwards). Same is the case with “Exempt Income” Schedule.

 

  • Deduction u/s 80EE:
    Introduction of deduction with respect to Interest on loan taken for Residential Property. Let our tax experts help you claim the deduction properly.

 

  • New Pension Scheme (NPS):
    Withdrawal of amount from New Pension Scheme is taxable to the extent of 60%.

 

  • Change in Holding Period of Shares:
    Holding period of unlisted shares (equity or preference share) has been reduced from 36 months to 24 months to qualify for short term capital asset.

 

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