With July 31 being the last day for filing income-tax returns, tax assesses need to start getting their returns ready electronically. In the last few years, things have become quite easy due to the e-filing process.
E-filing is mandatory for taxpayers with an income of over Rs 5 lakh a year. But before that you need to know the changes in the return form this year. Changes in return forms are brought about almost every year.
There are some changes that one needs to keep in mind. For instance, form Income Tax Returns - 1 or ITR-1 has space for first-time home buyers to claim deduction under section 80EE.
Those who took a home loan between April 1, 2013 and March 31, 2014 can claim an additional deduction of Rs 1 lakh on the housing loan interest paid, that is, they can claim tax benefit for interest repaid up to Rs 2.50 lakh instead of Rs 1.50 lakh. However, the loan amount for this should be Rs 25 lakh or less.
Text: Neha Pandey Deoras, Business Standard
Image courtesy: Income Tax India