The economic presents acquired via a man or woman on the occasion of his/her marriage would not be handled as taxable profits in his/her fingers. On a conservative foundation, it might be recommended to file the gift (as an instance: a criminal report inclusive of a gift deed, especially while the man or woman present amount, is massive) and area such report in your data. Any cash items received may also be documented (with details which include names of people who have talented the sum, and quantum), on a conservative foundation. As the same may be sought through the tax authority in case questions get up. The overall cost of gifts received at the occasion of marriage are in line with se now not income beneath section fifty-six (2)(x) and subsequently now not to be said within the tax go back as exempt earnings. There are schedules within the income tax go back shape that require information of exempt income to be disclosed. The nature of the exempt income is prescribed as hobby, dividend etcetera and there may be additionally a residual clause on other exempt profits. Any transaction that is not income at the outset can also technically not be required to be disclosed within the exempt income timetable.
I become not able to report my tax return for the monetary yr 2016-17 with the aid of the due date as I needed to travel overseas for three-four months. My tax status continues to be resident. My tax legal responsibility ultimate yr was Rs2.Five lakh. Please permit me to recognize if I must document the tax for it alongside my next 12 months’ return or achieve this at once? Also, allow me to know how a great deal penalty is due, and approximately some other formality I want to preserve in mind even as doing so.
Any income you earned in FY 2016-17 needs to be pronounced as earnings in a tax go back filed for FY 2016-17 and now not inside the subsequent tax yr.
Since you ignored this extended cut-off date, you may want to file a belated tax go back for FY 2016-17 and you could file the belated go back any time on or earlier than 31 March 2018.
If your tax liability becomes no longer paid in complete both through the way of tax withheld (TDS) or strengthen tax, you can be at risk of interest on behind schedule charge of taxes under sections 234B (at 1% consistent with a month from April 2017 till the cease of the month while the tax is paid) and 234C (will depend on the timing of price of boost tax instalments and TDS) of the Income-tax Act, 1961. Also, you would be at risk of pay hobby on any unpaid taxes, underneath section 234A of the Act for delayed submitting of the tax return for FY 2016-17 at 1% consistent with a month from August 2017 until the stop of the month when the tax is paid. If you qualified as an ‘Ordinary Tax Resident’ and you held property out of doors India (for instance overseas financial institution account), such overseas belongings will need to be said within the tax go back filed by you and any earnings earned out of doors India/from assets outside India will even want to be presented to tax in India. If you fail to record your FY 2016-17 tax return on or earlier than 31 March 2018, the tax authorities can also at their discretion levy a penalty of Rs5,000. Further, if you had incurred any losses on the sale of capital assets etcetera, you may not be allowed to hold the identical forward for the spark off in opposition to destiny earnings.
I had made some constant deposits last 12 months for 1 year every. On its hobby, TDS become deducted. If the length of investment had been 2 or three years, might TDS nevertheless be deducted on the ceasing of each yr or best after that particular constant deposit matures? Is it mandatory to pay tax every time my deposits mature or can I pay tax once I finally spoil the car-reinvest cycle and redeem my investment?
The hobby earned with the aid of a taxpayer from fixed deposits is fully taxable both within the fiscal yr (FY) in which the interest accrues or the FY in which the hobby is acquired (that is, when the fixed deposit matures), relying on the approach of accounting regularly followed/adopted through the taxpayer. Further, no matter the period of funding, TDS is normally deducted with the aid of the bank at 10% on hobby accrued in every FY, where such interest collected exceeds Rs10,000 in keeping with FY. The bank remits and reviews such TDS to the tax authority and you could check the info of such tax withheld on your Form 26AS.
You can declare credit score for the TDS withheld via your banker inside the FY in that you provide the hobby profits to tax (i.E. Both the tax years of accrual or the tax 12 months of maturity).
However, in case you want to offer the interest income to tax most effective inside the FY wherein the FD matures (coins gadget of accounting), you will need to make sure which you have sought a bring forward of the TDS in every of the tax returns filed by you for FYs in which your banker has withheld TDS on such hobby. The information of TDS will need to be mentioned in every FY on your tax go back shape and you’ll want to specify the quantity of TDS carried ahead and taken ahead (because the case can be) appropriately, (Part C of point 19-Tax Payments) in every tax go back shape filed by means of you.