Few More Tax Tasks To Be Completed By March 31st

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    While we have reminded you of a few important financial tasks that need to be done with by March 31, 2018 at previous instance, there are still some that cannot be ignored if you meet the specifications:

    Few More Tax Tasks To Be Completed By March 31st

    So, for your ready reference, here are listed some more tasks that need to be completed by the end of the FY 2017-18:

    1. TDS in case you are a tenant paying rent over Rs. 50000 a month: In accordance with the changes in the Finance Act, 2017, any individual paying rent of over Rs. 50000 a month is required to deduct tax amount from the rent. This tax collected at source has to be deducted and deposited with the department either at the end of the FY or end of tenancy which ever is earlier.

    So, as the FY is coming to a close, do ensure that you make the deduction from the current rent latest by March 31st.

    In case the landlord has given the PAN than such a deduction has to be made @ 5% of the annual rent or in the other case at a higher rate but should not exceed the rent amount payable for the last month of the previous FY or the rent paid for the last tenancy month.

    The tax thus collected at source has to be then deposited with the tax department by April 30.

    Also read Last minute tax saving guide for FY 2017-18

    2. In case you have hopped jobs in the FY: It can well be the case that you might have hopped jobs in the FY 2017-18, so to account for all previous deductions by your new employer and also the different income stream, you need to disclose all such relevant details to your current employer latest by March 31st. This can be done using form 12B. Note that any extra tax payments can surely be claimed as refunds from the tax dept but it shall be a time-consuming and tedious task. So, better provide in all the details in advance to your current employer to arrive at the correct TDS figures.

    3. Revised tax returns: In a case when you discover some discrepancy in your filed return at a later date or wish to disclose some income stream which you had not revealed at first, there is a provision to file revised return. But like with other return types, revised return is also allowed to be filed by some timeline which is at any time before the expiry of one year from the end of relevant assessment year or before the completion of the assessment, whichever is earlier.

    Say for instance for the FY 2015-16 for which the AY is 2016-17, the last date to file revised return is March 31, 2018.

    Also read 5 financial tasks to complete by March 31

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