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14th January 2011 – Individuals have this perception that their tax planning will be well taken care of by their employers or HR department. Planning your finances at the appropriate time and by taking right step in investing tax saving tools can mitigate or reduce your taxes outgo significantly. The income for the tax year (Period April 1 to March 31) is considered and you have to pay tax on this income and file your return of income by 31st July each year. Tax year March 2011 is coming to an end and with this the deadline for efficient tax planning to save taxes and submitting various tax proofs to your employer has started bothering you. We think that this is the right time to look back and introspect about your taxes. We at Taxmantra.com suggest you to take these steps and just relax:
- The first and the foremost is to analyze your current tax year income and compute your tax liability taking into consideration the current tax slab. This exercise would  compel you to ponder on the fact that â€
“Are you availing all the exemptions to their full extent? Do you even know how much deduction you are eligible for? Find out how you can reduce your taxes by Tax saving through full claim of exemptions and rebates. How perquisites and allowances can dramatically lower tax on your salary? How to plan your investment portfolio to minimise taxes? How to save tax on income from house property? How to save tax through gifts? How to structure an HUF to save taxes?â€
- The second thing is to complete all documentation procedure with your employer so that you don’t forget to submit tax proof. Submitting necessary proofs to your employer would enable him to consider and compute the balance taxes to be deducted from your salary.
Alternatively, if you are having income like interest income, business income or you are   self-employed, you may need to estimate the amount of income till March 31, so that necessary advance taxes can be deposited into the government treasury. You should always maintain proper documentation of investment proofs and expenses incurred for the tax year and keep them future reference. These would also be required, in case your return is picked up for assessment. Timely and efficient tax planning go long way in lowering your total taxes by employing and taking advantages of in-built provisions of tax exemptions, deductions, concessions, rebates, relief’s, allowances and other benefits granted by the tax laws so that the incidence of tax is reduced. We at Taxmantra.com have the expertise to guide you in lowering your tax outgo and thus enhancing your total take away. We at Taxmantra.com provide full year support solving all your tax issues, in addition to filing of your return of income with excellent tax planning. Join us in pursuit of simplifying individual taxation! Alok Patnia Founder and director at Taxmantra.com
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