In the footsteps of the Union Budget this year, here are four things that you should keep in mind before filing your I-T returns.
Your employer deducts TDS from your salary and also issues Form 16 but this does not absolve you of your responsibility to file your I-T return.
If you have missed the I-T return filing deadline of July 31, you can still file a belated return within a year. For instance, belated return for the financial year (FY) 2017-18 can be filed by March 31, 2019.
Interest in your saving bank account is taxable if the aggregate interest from all such accounts is more than 10,000. If interest is less than 10,000, you still need to report this in your return. If you are a senior citizen, interest up to 50,000 is not taxable from FY 2018-19.
Tenants who pay rent of over 50,000 per month must deduct TDS at 5 per cent. But your landlord will get credit for the TDS, you cannot set it off with your tax liability.