3 Important Things you Take Care before 31st March 2018

As, 31st March is coming near day by day and things are getting weirder for those who have not filed their previous Income Tax returns, a tax payer must take care certain things to be done before the year comes to an end.

This article focuses all those things which may benefit the taxpayer and these are as follows:

Invest in Tax Saving Instruments

If you have not utilised your deduction limits till yet, this 31st March 2018 is the last chance which may help you in lowering your tax burden by making investments in tax saving instruments and making you eligible in getting the deductions under section 80C, 80D which includes some of these popular Instruments:

• Investment in Equity Linked Saving Scheme
• Public Provident Fund
• National Pension Scheme
• Life Insurance Premium
• Tax Saving Fixed Deposits
• NSC

File your Belated Returns of AY 2016-17 and AY 2017-18

This is for those, who have not filed their Income Tax Returns of FY 2015-16 and FY 2016-17, the last date to file the belated return related to these years is 31st march 2018 and beyond this no taxpayer is allowed to file any return.

This may help the taxpayer to claim the refunds if any due, in saving himself from non compliance of Income Tax and make eligible him to avail loans from bank in the near future for a good standard of living.

Last chance to file Revised Return Related to FY 15-16 and FY 17-18

If someone finds out any error or omission in the return or may find any Income which is missed while filing the original return, he/she may correct that error and file the revise return related to these two years by 31st March 2018.

Also, to facilitate the filing of Income Tax Returns and other associated work, all Income Tax Offices and Ayakar Seva Kendras throughout India open from 29 March to 31st march irrespective of the Public Holidays.

In case, you required any kind of help, do mail your query on Info@hubco.in.