Introduction to things you must do before March 31
Tax Saving Strategies and Compliance: Investments, Proofs, and Deadlines
Make tax-saving investments
Tax-saving investments help individuals reduce their taxable income and, consequently, lower
their tax liabilities.
PPF, NPS, FDs, and unit link insurance plans are examples of these investments.
Along with saving on taxes, these investments encourage long-term savings and wealth
accumulation. It is necessary to choose the right tax-saving investment keeping in mind
important factors such as risk tolerance and financial goals
Last date: March 31, 2024
Investment and expense proof to the employer
Investment and expense proofs are documents or receipts that employees submit to their employers to claim tax benefits or reimbursements. These proofs serve as evidence of the investments made or expenses incurred by the employee during the financial year. One can provide any documents proving the amount and date, such as receipts, and statements to verify expense and investment. Examples include PF statements, PPF passbooks, ELSS statements, NSC certificates, LIC premium receipts, home loan interest certificates, and rent agreements. Submitting the proofs timely assures tax compliance and maximizes tax savings. Failure to do so will lead to a higher deduction of the amount from March’s salary.
Last date: March 31
Advance Tax
Annual income and annual tax liability determine whether one needs to pay advance tax. According to tax experts, it has been observed that employees whose TDS is being deducted properly are not required to pay advance tax. Advance tax needs to be paid quarterly in four installments
Last date: March 15, 2024
File your updated return
In case you have not filed any of your income in the last two years, it is a great opportunity. The government of India is giving you the chance to rectify any mistakes or omissions. So quickly file your updated return. Must do these things before March 31.
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