File your Tax Returns (IT returns) for FY 2010-11 (AY 2011-12) (March 2011)

All individuals having taxable income are required to file their return of income/ Tax returns before 31st July 2011 and thus the due date for filing of return for Financial Year 2010-11 (March 2011) is fast approaching. At present both online and manual option is available to individual tax payers for filing of return of income/ tax returns. The online filing of return of income/ online return filing is getting popular as the same is much easier for individual taxpayers.   The government is also advocating filing the return of income online aka online tax returns for quick processing of returns, resulting in faster processing of refunds. Thus, it is advisable to opt online medium for filing of return of income. In this regard, we have listed below a check list to help you to prepare to file your return of income/ tax returns: Collect Salary Certificate/ Form16 – We request to please collect your salary certificate or Form 16 from your employer. This statement shows the total taxes deducted on your behalf and deposited into the credit of government. Investment Proof – Gather all your investment documents to avail the full deduction u/s 80C, 80CCF, 80D and other tax investment made by you. Some common tax investments are, 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, health insurance premium other than cash for self and for your family, 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). Also 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, & 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 provides most hassle free tax return filing experience. Once you have collected, the above mentioned documents, we request you to please log in to www.taxmantra.com/ereturns or you can also directly mail at info@taxmantra.com to submit the details. Upon receiving the documents, we would contact you to file your return of income. 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.  

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