10 things to do before March 31 to save tax

March 31, the tax year-end is almost here. To ensure that all your tax matters and paperwork are in order, we have prepared the following checklist for you. You still have 3 weeks to plan for things, so hopefully you can set your tax affairs. Read More

• Final date for submitting investment proofs: March is the last month of the financial year by which time you should have submitted your 80C investment proofs.
• Rent and travel receipts for allowances: If you intend to claim HRA and LTA benefits, then you need to ensure that your rent and travel receipts have been submitted to your employer.
• Telephone, medical and other bills: If your employer is offering you any reimbursements towards telephone charges, medical expenses, etc.
• Principal and interest repayment certificate from home loan lender: If you have any home loan outstanding then you must ensure that you collect the relevant principal and interest repayment certificate from your lender.
• TDS certificate from previous employer: If you have changed employment during the course of the financial year, then you need to collect your TDS certificate (Form 16) from your former employer, and submit this to your.
• TDS certificate from rental and interest income: If you earn rental income from property, or interest income from bonds or FDs, then you need to collect your TDS certificate.
• Capital gains and available exemptions: If you have you sold or transferred any capital asset like house property, shares, mutual funds etc. during the year, then you need to.
• Claim full amount of deductions: Every year, during the tax-filing season we come across 1,000s of taxpayers who despite sizeable income levels do not claim the.
• Receipt from donations: If you have made a donation or intend to make a donation, then check if the donee trust/institution is registered under.
• Pay off any outstanding tax dues before the deadline: While assessing your income from various sources, if you have any tax liability that you have not already paid.

(Article courtesy: Kartik Varma, Co-founder, iTRUST Financial Advisors )

Tax checklist: 10 things you must do before March 31