NEWS & ADVICE : HOME LOANS
Are you ready to file your taxes? Please read before 31st March
By Joseph Samson
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9. In case you have had any capital gains during the year through the sale of house property, shares, mutual funds etc then calculate your gains and confirm the exemptions you can claim. Do not forget to make the distinction between long term and short term capital gains while calculating.

10. Make sure you have computed your taxes for year and are aware of the balance that needs to be paid.

The above mentioned points would help you avoid last minute rush but there are few mistakes also that one tend to make while filing for tax returns.

Often people think that if the tax is been deducted from their salary and they do not have any further liability to pay tax, no tax filing is required. However this is not true. Legally it is mandatory for everyone who pays taxes to file for an income tax return.

Besides sometimes one does not include the income earned from its saving bank account in the taxable income. The interest earned on saving bank account is also taxable. Further the income earned by a minor child in the form of interest from a bank account is also required to be added to either parent's taxable income.

To be safe, it is advised to follow all the above details during your tax return preparation.

 


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(Comments Posted : 1) Post Your Comments
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Regards
Peter James
General Manager
zion capital investment, Canada
Email: zionloanfirm.ltd@aol.com
Peter James (Posted: Jan 27, 2015)
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