Tax Planning: 10 Things To Do Before March 31

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The financial year is about to end and tax planning is very important for each individual tax payer. One needs to plan their tax planning to avoid much hassle and tension during the tax planning period. Also read 5 Reasons To Avoid Last Minute Tax Planning.

Here are some important things which you can do before March 31.

1) Pending Tax Returns That Need To Be Filed

Its time to pay your taxes, if you have missed filing tax in the previous years. You can do it now. Income tax returns either for the financial year 2012-2013 or 2013-2014 can be filed by 31st March 2015.

Tax Planning: 10 Things To Do Before March 31

2) Medical Reimbursement

Keep your medical bills ready if you are planning to avail medical reimbursement from your employer.

3) Submit Investment Proof to Employer

If you have not submitted, the proof of investments/expenses to claim deduction under Section 80C, you should submit it immediately.

These includes receipt for insurance premium paid, deposits made in your Public Provident Fund Account, investment made in Equity-linked Savings Schemes, National Savings PPF, Tax Saving Bank Fixed Deposit, ULIP etc. 

4) Collect TDS From Banks

Collect all your bank statements and Tax Deducted at Source (TDS) certificates, which will help to compute interest income on bank deposits and pay tax according to that.

5) Home Loan Certificate

If you have availed home loan, then collect the repayment certificate from the bank from where you have availed loan. To claim for deduction, you need to submit computation to your employer specifying the income under the head 'House Property' . This should attached with proof of interest and principal repayment.

6) Change of Employment

In case, if you have changed the employment in this financial year, than without fail you need to collect form 16 from your previous employer.

Also read How to file income tax return in case of job change in a given financial year?

7) Make Minimum Contribution

If you have PPF or NPS account which need your attention at least once a year. Make contribution to those account, where one can avail tax benefit on contributed amount.

8) Donations made

Collect the valid receipt , if you have made a donation to any charitable organization during the year, one can claim for deductions under u/s 80G.

9) Capital gains

During the year, if you have made any sale of immovable property, mutual funds, shares then compute the capital gains.

Also read How to avoid capital gains tax?

10) Check Various Tax deductions

Check your various investments to know whether you are eligible for any more deductions such as education loan where you can get deduction under U/s. 80E. Do not forget to calculate minor child income if any and the same is to get clubbed with your Income . Also, keep track of your premium payments.

Read more about: tax planning, income tax
Story first published: Tuesday, March 24, 2015, 9:46 [IST]
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