29 Jul 2014

Last Day To File Taxes - 31st July 2014

Hope people have been planning to file taxes! The last day to file taxes for fiscal year 2013-14 (which is the same as assessment year 2014-15) is 31st July 2014.

If your income is greater than 5 lakhs in a year, it is mandatory to file taxes online. There are a number of websites which offer this service. The government website is :

I hope most of you reading have already filed taxes. If not, here are a few humble reminders:

1. Remember to declare income from all employers even if they did not provide you with a Form 16.

2. Remember that interest on savings account is taxable. An exemption can be claimed for up to Rs.10,000.

3. Interest on fixed deposits is taxable as per the taxation slab you fall under. Even if the fixed deposit has not matured, you are liable to pay tax on the interest accrued.

4. A deduction can be claimed under 80G if you have donated to any charitable organizations.

5. Section 80C has a deduction of Rs.1 lakh which includes life insurance. PPF, PF and any tax saving fixed deposits.

6. Interest on PPF and PF are non taxable.

Happy e-filing of taxes!

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