The month of March is coming to an end, and with this the opportunity to file your return of income, plan your taxes and other important taxation issues. We have stressed on this point quite number of times on the site, the sole reason behind this is to create awareness. We have listed down things to do immediately/ before 31st March 2011.
File your return of income for Financial Year 2008-09 and Financial Year 2009-10
This is the last opportunity given by the income tax department. In case you have not filed your return of income for the financial year 2009-10, you can still file the same before 31st March 2011. This is very important as because if you file it after 31st March 2011, the IT department can levy penalty on the same.
Further, for the Financial Year 2008-09, we request you to file your return before 31st March 2011. As after 31st March 2011, you can not file your return of income, even if you are ready to pay penalty.
Plan Your Taxes for Financial Year 2010-11
Itâ€™s the last opportunity to plan your taxes for financial Year 2010-2011 as the investment made upto 31st March 2011 would only be accounted for the financial year 2010-11.
The Individual should take some time out to do a critical check, about, (i) the total tax incidence; (ii) amount of TDS deducted; and (iii) check whether they are availing all the exemptions and deduction provided under the law
Collecting all the details and documents
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.
Taxmantra.com offers most hassle free return filing service in India and 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. So online income tax filing with taxmantra.com is obviously a better experience.
Get in touch with us to file tax return online today!