Changes in e-Filing this year onwards
- E-Filing is compulsory for people earning more than Rs. 5Lakhs. This refers to the total income amount after claiming tax deductions like section 80 deductions.
- You will need to enter the IFSC code instead of MICR code while specifying your account details.
- For getting refund via ECS (i.e. directly into your bank account), you have to specify an 11-digit number Bank Account Number.
If you do not have an 11-digit bank account number, then you have to request your refund via cheque.
- You will have to file the ITR-2 in case of exempt income exceeding Rs. 5,000. Common examples of Exempt Income are PPF interest. Dividend earned from shares etc.
- Remember to claim Section 80TTA: Everyone should declare their Bank Interest Income and then claim this deduction.
- Section 80D (Preventive Healthcare Expenses)
- You can claim up to Rs. 5000 for preventive Healthcare Expenses. (The expenditure could have been in cash too)
- Declaration of Assets and Liabilities for Business people:If you earn Income from Business or Profession and your Total Income exceeds Rs. 25 Lakhs, you have to provide the details of all your personal and business Assets & Liabilities in Income Tax return itself. This is for people filling in ITR-3 and ITR-4 only.
- Foreign Income declaration: Income earned from foreign countries has to be declared in the ITR. This is in addition declaration of all
- foreign assets in your I-T Return.