Five things you must do before 31st March; here's the tax calculator for your help

If you have taxable income for FY2016-2017 and you have not paid tax on it, please pay it online

FP Staff March 29, 2017 18:51:07 IST
Five things you must do before 31st March; here's the tax calculator for your help

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.

Five things you must do before 31st March heres the tax calculator for your help

Reuters

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.

4. Investments

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.

Updated Date:

also read

Premier League clubs vote to block teams from signing sponsorship deals with links to owners
Sports

Premier League clubs vote to block teams from signing sponsorship deals with links to owners

The Guardian newspaper reported 18 clubs voted in favour of the ban at an emergency meeting on Monday, with Newcastle voting against and Manchester City abstaining. It is understood that both questioned the legality of the move.

Alliance Air, and three other Air India subsidiaries to be monetised soon, says DIPAM secretary
India

Alliance Air, and three other Air India subsidiaries to be monetised soon, says DIPAM secretary

Tuhin Kanta Pandey said that Department of Investment and Public Asset Management (DIPAM) will now make a plan to monetise four other subsidiaries of Air India which are with the special purpose vehicle Air India Assets Holding Limited

Thirty years of big-bang reforms: How the summer of 1991 changed India and its economy forever
India

Thirty years of big-bang reforms: How the summer of 1991 changed India and its economy forever

We have come a long way since those fateful months of 1991 when the country finally decided to jump on the free market bandwagon