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Monday, October 25, 2021

Do these 5 important tasks before the end of the financial year, otherwise your tax liability will increase

There are now only a few days left for the current financial year 2020-21 to end. Those who have not yet done tax saving investments in March, the last month of the financial year, do it. In such a situation, you too must have planned for it and invested in the proper way. However, there are also some important things related to investment and tax that should be considered before the end of March 2021, such as ITR filing of last financial year and Form 12B. A list of similar essential items is being given, which should be completed by 31 March 2021.

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Check these things once again

  • FY20 ITR filing: If you have not filed ITR for the last financial year 2019-20 or assessment year 2020-21, then file it by 31 March 2021. However, due to being late, you will also have to pay a penalty of 10 thousand rupees.
  • Form 12B: If you have changed your job during the current financial year, then make sure that you have submitted Form 12B in the new company. This form contains information about the income and tax deduction given by the old company. Based on this information, the new company provides you with Form 16. If you do not do this, then your tax liability will increase. Explain that companies do tax deductions according to the tax declaration investment declaration of workers.
  • Minimum investment: In investment options like PPF and NPS, a certain amount of investment is necessary in every financial year. In the event of not doing so, these accounts get frozen and it takes a lot of time to activate them again and sometimes penalty may have to be paid. If this does not happen, make sure that the minimum amount is invested before the end of the financial year.
  • Form 15G / Form 15H: TDS is deducted in case of interest of more than 40 thousand rupees (50 thousand rupees in case of senior citizens) on bank FD. However, TDS is not deducted on submission of Form 15G / Form 15H with the banker. In such a situation, make sure that you have submitted these forms to the banker before 31 March. If you have submitted it at the beginning of the financial year, then submit it in the first month of the next financial year i.e. April 2021. Form 15H is 60 years of age and above and Form 15G is for those below 60 years whose total income is not covered by tax.
  • Investment Proof: If you have made all tax savings investments, then submit your proof documents with your employer. More employees inform their employees for this only in January or February. If your company is not taking these documents now, then use it in the next financial year while filing the ITR while claiming the refund. Now there are only a few days left for the current financial year to end, so cross-check the draft tax worksheet if the company has shared it with you.

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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