5 things to do must before 31st March

Mar 26, 2014 / Pradip Chakrabarty | 37 Downloaded |  10536 Viewed | | | 3.5 |  15 votes | Rate this Article
Income Tax article in Advisorkhoj - 5 things to do must before 31st March

Do not forget as it is the last date for online filling of ITR for the FY 2011-12

The IT (Income Tax) Department provides an extended time for filing late ITR (Income Tax Return) till 2 years after the end of a particular Financial Year (FY). Therefore, you still have time to file your IT return for the financial year 2011-12.till 31st March 2014.

Remember, beyond 31st March 2014 you will never be able to file your ITR online for this FY. The only option you would have after two years is to file a manual ITR which itself is cumbersome and should be avoided at any cost.

Save yourself from this hassle and file your ITR for 2011-12 as you still have 5 days time!

But, have you calculated your income tax for FY 2011-12? If not calculate by using this link

Avoid penalty for the FY 2012-13 by filing the ITR by 31st March 2014

Do not worry! If you have not filed your ITR for FY 2012-13 by the 31st July 2013 deadline, you can still submit it by 31st March 2014 without paying any penalty. However, a penalty upto Rs. 5000 may be imposed u/s 271F if the ITR is not filed within the end of the relevant assessment year.

Please note that such penalty can be imposed only if you have taxable income for the FY 2012-13 but failed to file your ITR within 31st march 2014.

But, have you calculated your income tax for FY 2012-13? If not calculate by using this link

Payment of Advance Tax

Last date for the payment of advance tax for is 31st March, beyond this date various interests will be levied on the outstanding tax liability / and also for delay in depositing the tax.

Salaried employees should be careful as they should check their other income (if any), For example – House rent income (if you have leased out your own flat/house/commercial property, etc.), Interest from Fixed deposits and Savings bank account or any other receipt/ withdrawals, capital gain taxes, etc. which is taxable in the eyes of the IT department. Normally, your employer will deduct tax at source (TDS) on your salary only. Therefore, the tax on the excess income (Salary + other Income – TDS by your employer) should be paid in the form of advance tax.

So, you still have 5 days!

Calculate Income Tax for current FY 2013-14

As 5 days are still left, you have time to know what your tax liability is for FY 2013-14. Accordingly, you can do your tax planning in these 5 days! But, first know your tax liability for FY 2013-14 through this table -

Tax planning and investments for the FY – 2013-14

Now that you know how much tax you have to pay for FY 2013-14, and I am sure you also know how much you have already saved/invested under various sections, you still have 5 days left for the remaining investments which minimises your taxes for the current FY. Please invest by 31st March 2014 and obtain the acknowledgments.

To know the best tax saving ideas and plans, we suggest reading the following –

The best ELSS fund in the last 5 years

Do ELSS funds give lower return than diversified equity funds

Non Investment considerations in Tax Planning

Best Tax Saving Investment options

Best market linked Tax Saving Investments

Make the most from your PPF Investments

Tax Savings and Wealth Creation makes it win - win for investors

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