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March year end is almost here and Individuals who have not yet filed their return of income/ income tax returns for financial year 2009-10 can file their return of income by March 2011. March is also crucial for taxpayers for tax planning purpose. The individuals should plan their investment and other tax related matters before March 2011 for financial year 2010-11. This would be helpful in filing their return of income/ income tax returns in time and also to minimise their tax. File your Return of Income for financial year 2008-09 and 2009-10 Individuals have to file their income tax return for the financial year 2009-10 latest by March 2011. You can also file your return for the financial year 2008-09 if you have still not filed it, by March 2011 with interest provision. Penalty may be imposable for late filing of return for the year 2008-09. However, imposition of penalty is dependent on the assessing officer. Plan your taxes  before March 2011 for financial year 2010-11 For filing the return of income for financial year 2010-11, adequate planning will helps you to file your return without any harassment and also to reduce your total tax liability. Before filing the return for the year 2011 the following is a checklist that can serve as a handy last minute reference: Avail deduction u/s 80C- Gather all your investment documents to avail the full deduction u/s 80C. You can claim deduction upto Rs. 1,00,000 by making investment in specified schemes like life insurance premium, deposits made in public provident fund (PPF) account, investment made in National savings certificates (NSC), Payment of Children’s tuition fees etc. Claim other deduction beyond section 80C – An investment in long term Infrastructure Bonds upto a maximum of Rs.20000 u/s 80CCF would be deductible over and above the existing limit of Rs.1 lakh under section 80C of the Act. If you have paid health insurance premium other than cash for self and for your family, you can claim deduction u/s 80D of the Act of Rs 15,000 (Rs 20,000 in case of senior citizens). Further deduction of Rs 15,000 is allowed for your parents (Rs 20,000 if either of your parent is a senior citizen).  You can also claim deduction u/s 80E for payment of interest on education loan for higher education for self or family. For claiming such deduction must ensure that you have the necessary records to substantiate the same. Collect your TDS Certificates- To claim the right amount of Tax Deducted at Source (TDS); you need to collect all your TDS certificates from banks, your employer & from other sources from which tax has been deducted from your income. Collect home loan certificate- Repayment of home loan interest/principal will also help you to reduce your tax liability. You must ensure that you have taken the full benefit of Interest payment u/s 24(b) and principal repayment u/s 80C of the act. Collect valid receipts for donation- If you have made donation to any charitable or religious institution then collect the valid receipts for donation so that you can claim deduction under section 80G of the Act to reduce your tax outgo. It is a necessary to take such action now to avoid any last minute rush in filing your return and ensuring that all the available exemptions/deductions are claimed. Taxmantra.com offers most comprehensive income return filing/ income tax returns service with the sole object of making your life easy. We just require your salary certificate/ other income details to file return of income. Taxmantra.com offers excellent tax support in addition to filing of return of income and comprehensive tax planning.  At Taxmantra.com we do not put you at pain by asking to fill in long tax forms. You just need to fill in a form with basic details after attaching your salary certificate/ other income details, after which we take care to online tax return filing in most hassle free manner.
File Your Return of Income/ Tax returns and plan your taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
March year end is almost here and Individuals who have not yet filed their return of income/ income tax returns for financial year 2009-10 can file their return of income by March 2011. March is also crucial for taxpayers for tax planning purpose. The individuals should plan their investment and other tax related matters before March 2011 for financial year 2010-11. This would be helpful in filing their return of income/ income tax returns in time and also to minimise their tax. File your Return of Income for financial year 2008-09 and 2009-10 Individuals have to file their income tax return for the financial year 2009-10 latest by March 2011. You can also file your return for the financial year 2008-09 if you have still not filed it, by March 2011 with interest provision. Penalty may be imposable for late filing of return for the year 2008-09. However, imposition of penalty is dependent on the assessing officer. Plan your taxes  before March 2011 for financial year 2010-11 For filing the return of income for financial year 2010-11, adequate planning will helps you to file your return without any harassment and also to reduce your total tax liability. Before filing the return for the year 2011 the following is a checklist that can serve as a handy last minute reference: Avail deduction u/s 80C- Gather all your investment documents to avail the full deduction u/s 80C. You can claim deduction upto Rs. 1,00,000 by making investment in specified schemes like life insurance premium, deposits made in public provident fund (PPF) account, investment made in National savings certificates (NSC), Payment of Children’s tuition fees etc. Claim other deduction beyond section 80C – An investment in long term Infrastructure Bonds upto a maximum of Rs.20000 u/s 80CCF would be deductible over and above the existing limit of Rs.1 lakh under section 80C of the Act. If you have paid health insurance premium other than cash for self and for your family, you can claim deduction u/s 80D of the Act of Rs 15,000 (Rs 20,000 in case of senior citizens). Further deduction of Rs 15,000 is allowed for your parents (Rs 20,000 if either of your parent is a senior citizen).  You can also claim deduction u/s 80E for payment of interest on education loan for higher education for self or family. For claiming such deduction must ensure that you have the necessary records to substantiate the same. Collect your TDS Certificates- To claim the right amount of Tax Deducted at Source (TDS); you need to collect all your TDS certificates from banks, your employer & from other sources from which tax has been deducted from your income. Collect home loan certificate- Repayment of home loan interest/principal will also help you to reduce your tax liability. You must ensure that you have taken the full benefit of Interest payment u/s 24(b) and principal repayment u/s 80C of the act. Collect valid receipts for donation- If you have made donation to any charitable or religious institution then collect the valid receipts for donation so that you can claim deduction under section 80G of the Act to reduce your tax outgo. It is a necessary to take such action now to avoid any last minute rush in filing your return and ensuring that all the available exemptions/deductions are claimed. Taxmantra.com offers most comprehensive income return filing/ income tax returns service with the sole object of making your life easy. We just require your salary certificate/ other income details to file return of income. Taxmantra.com offers excellent tax support in addition to filing of return of income and comprehensive tax planning.  At Taxmantra.com we do not put you at pain by asking to fill in long tax forms. You just need to fill in a form with basic details after attaching your salary certificate/ other income details, after which we take care to online tax return filing in most hassle free manner.