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If Salaried Individuals has changed jobs in the current financial year, before 31 March, he should submit salary details of the old employer to his current employer. He has to submit this information under Form No. 12B. This will enable the current employer to calculate tax deduction based on your net salary income. If you do not do this, then suddenly the tax burden will increase at the time of return filing. Interest is also there if there is more than 10 thousand tax liability.
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There are some allowances for which you have to submit proof. In the absence of this, the employer has to put it in the taxable income category. Before 31 March, submit documents for Leave Travel Allowance (LTA) and HRA. If not, these allowances will become taxable. If you do not submit now, it will have to be claimed during the return filing, then the tax department will give the return.
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You will be depositing in SIP, EMI of home loan will be deposited or premium for insurance, electric bill will be deposited. All this work is done by debit card in ECS mode. Sometimes this deduction is not possible due to technical glitches. In such a situation, it is important that you check the account details about such expenses and keep it updated. Complete any such payment before 31 March for the current financial year.
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The last date for advance tax payment for the current financial year (2020-21) was till 15 March. People paying more than 10,000 rupees have to pay advance tax. Advance tax has to be paid in four installments in a financial year. Four installments of advance tax have to be paid by 15 July, 15 September, 15 December and 15 March. Those who do not pay advance tax may have to pay a penalty. According to income tax rules, taxpayers have to pay advance tax in four installments of 15 per cent, 45 per cent, 75 per cent and 100 per cent. If taxpayers fail to pay advance tax within the deadline, then interest will have to be paid under sections 234B and 234C. If you have not paid the fourth installment by March 15, then in any case, complete it before March 31. The payment till 31 March will also be considered as advance tax payment. Even if you are salaried individual, you will have to pay tax on income from other sources.
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If you have an account with PPF or NPS, then a minimum amount has to be deposited in a financial year to keep it active. PPF has to deposit at least 500 rupees in a financial year to keep the NPS account active. If you too have opened this account and have not deposited any amount this year, then complete this work before 31 March. Penalty will have to be filled after the account freezes.
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If you have not yet filed returns for the financial year 2019-20, then you have the last chance till March 31. After that, returns cannot be filed. However, you will have to pay a fine for this. Due to Corona, the government has extended the date of return file several times for the financial year 2019-20.
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Investors have a chance that they can avail tax free long term capital gains up to Rs 1 lakh by 31 March. Investments of more than 12 months have been placed in the category of long-term capital gains ie LTCG. Investments less than that have been placed in the category of STCG i.e. Short Term Capital Gain. In the case of LTCG, up to 1 lakh in a financial year, there is no tax on gain. In such a situation, if someone has invested in the stock market and has not taken advantage of it yet, then he can take advantage of tax free gain till 31 March. Income after 1 lakh will be taxed at 10 per cent.
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