Again it is that time of the year when all your income for the current financial year is in and you need to file your income tax returns and tax planning in this period also gains a vital significance.  The due date to file your return of income for FY 2011-12 is 31^st July 2012. We have stressed on this point quite number of times on our site, the sole reason behind this is to create awareness. Please read further –

File your income tax returns of for Financial Year 2011-12 (Assessment Year 2012-13) – The due date of filing income tax return / Tax returns is 31^st July 2012. We suggest you to act now to avoid last minute rush and incorrect filing of returns.

Plan Your Taxes for Financial Year 2011-12 – It’s the time for assesses to plan their taxes for financial Year 2011-2012. The Individuals should take some time out from their busy schedule to do a critical check, regarding following points –

• The total tax incidence
• Amount of TDS deducted from income and it’s certificate thereon; and
• Check whether you are availing all the exemptions and deduction provided under the law or not.

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.
• If any investments not declared in Form 16 claim it while filing income tax return. But it is important to keep records of tax investments with assessee, in case if the employer does not deduct taxes or deducts extra taxes, and then these certificates can be use for claiming refunds.

Tax Returns for Financial Year 2011 – 12 has started.  Just mail us Form16/ Salary Certificate and details of other income, with PAN Card details at info@taxmantra.com . We would take it from there to file your return of income.

Taxmantra.com provides complete online taxation solutions for individuals (Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered.

Once you file your tax returns with us, you will agree to the fact that Taxmantra.com provides the most easiest and efficient way of filing tax returns in India.

Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns