NEWS & ADVICE : FIXED DEPOSITS
Things you should know while filing income tax returns
By Neelima Shankar
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Annual investment details:

All kinds of investments made during the year need to be mentioned while filing the return. Transactions of immovable property, cash deposits along with credit card expenses have also to be mentioned in the return filing process.

Any income which can be accounted to have been earned by minor needs to be mentioned in the I-T return form. The income earned by minor needs to be included in the return form filled by parents.

Interest on bank accounts is taxable income:

Any form of interest earned on savings bank deposit is taxable form of income and needs to be mentioned in the by the taxpayer.

Submit ITR-V form on time:

Returns filed online without a digital signature need to be verified using the ITR-verification (ITR-V) form. The ITR-V form needs to be submitted within 15 days of filing the return online at the nearest income tax office. Non filing of ITR-V form implies that the return which has been filed online is invalid.


 


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