With just two days to go for the end of the financial year ending 2016-17, there's still some time left for you to settle you tax matters and put your funds in those financial instruments that will help you save on tax.
Below are the five important things you need to do at the earliest in order to avoid falling under the scanner of the tax sleuths.
1. File pending income tax return for FY2015-2016
File your income tax returns along with applicable penal interest on advance tax which you should have paid earlier. If you had taxable income and fail to file before 31 March, I-T assessing officer may levy a penalty of Rs 5000.
2. File pending income tax return for FY2014-2015
File it as soon as possible, as you cannot file it beyond 31st March. If you had taxable income and failed to file your income tax return, I-T department may initiate legal action against you.
3. Pay advance tax
If you have taxable income for FY2016-2017 and you have not paid tax on it, please pay it online. It is quick and simple.
Check if you have contributed money in Public Provident Fund and National Pension Scheme in FY2016-2017, if not check the minimum contribution and do it quickly.
In case of regular premium insurance policies, check if you have paid your premium.
Check if you have exhausted tax saving limits under various sections of income tax act. Invest if you have not fully used the tax-break.
5. Check if all your investments are really done
In case of ECS, fund transfers, SIP mandates from your bank account, check if the money is really invested. Sometimes, operational failures may cause your investments not going through.
Looking to quickly calculate your tax, please try it out with our tax calculator below.
Published Date: Mar 29, 2017 06:51 pm | Updated Date: Mar 29, 2017 06:53 pm