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March end - the Perfect Time to date your Taxes

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The financial year 2018-2019 is about to end soon, and the financial year, 2019-2020 is on the verge of commencement. But before the arrival and providing a warm welcome to the new financial year, 2019-2020 you have to clear all due taxes and clearances.

So, there is now time to get smart and learn 5 things to do before the end of the current financial year, 2018-2019.

  1. Pending Income Tax returns file for the financial year 2017-2018 as this cannot be filed after 31st March 2019:

    As per the current tax laws, an individual is allowed to file income tax returns for two financial years at any given point of time. So, if anyone or any business persons have not filed their income tax return for the financial year 2014-2015, they have the last opportunity to file the return by 31st March 2017.

 

2. Submitting Details of salaries received from previous companies:

 

 If an employee has worked for more than one employer during the previous financial year and till now has not provided the details of salaries received from the previous employers to present employer, he/she has to provide the details to his/her current employer. This is required for the calculation of taxes. The Income Tax Department has all the details of the salaries of an employer from his previous recruiter as well as his current employer.

 

3. Submitting Investment Proof to your employers:

 

If you are an employer and earn a salary, then you have to submit investment proofs to your employer to avail various benefits, like HRA exemptions, medical claim and various other tax exemptions. If an employee fails to do so, he would be exempted to pay excess TDS on his/her salary.

 

4. Pending Income Tax returns file for the financial year 2017-2018 to avoid paying the penalty:

 

The tax bearers are required to file income tax returns for the financial year 2017-2018 earliest by December 2018. In any case, if an individual fails to file income tax returns, the tax chargers and tax levying officers will endow upon the sole person a penalty of Rs. 10,000 (INR) for such a mistake. However, the officer-in-charge cannot do so without providing the defaulter a chance to explain the reason for his/her mistake.
 

5. Invest in products that help avail the Tax benefits of Section 80C:

Under this scheme, an individual enjoys tax benefit of about 1.5 lacs per annum. Certain tax saving schemes that provide with this money-saving are ELSS, 5 year tax saver fixed Deposit, NSC, PPF, Senior Citizen saving scheme and some more. A person can also avail tax deduction of about 1.5 lacs on the tuition fees of their children.

If you have do not done all the above mentioned, then do it. The financial year end approaches soon. Buck up your belt and plan your decisions without any hassle and confusion.

 

Just be smart and Get Rich!

 

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