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  • Category: Miscellaneous

    Important things to be completed before financial year-ending

    The financial year is going to end on 31st March. Before the financial year ending, following essential things must be completed:-

    (a) 31st March,2017 is the last date of filing or return in respect of Assessment Year 2015-16 (i.e., Accounting year 2014-15). So, if you have not filed the return for Assessment Year 2015-16 so far, do it now.

    (b) Before 31st March, 2017, complete the maximum deduction under Section 80C (i.e., Rs. 1,50,000/-). Take note of Section 80D and other tax-saving Sectons also.

    (c) The minimum contribution in PPF Rs. 500/- in a financial year. If you have not contributed anything in PPF so far, do it now to avoid a penalty of Rs.50/-.

    (d) To keep NPS Tier I active, you have to pay a minimum of Rs. 1000/-. If you have not done it so far, do it immediately. Otherwise, your NPS Account will be frozen.

    You may also like to know more about tax planning as we are coming to the end of another financial year.
    Details are available in this thread .
  • #593217
    This is the nice and required alert from the author giving the tasks to be completed before the financial year and finish the transactions as required by the IT authorities. Otherwise strict tax officials would bother anyway.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #593278
    First a big thank you for the autor of this alert to make an useful remainder for everybody. Those who do not have made it or forget to pay the tax, they will get surely pay it.

  • #593292

    Thanks Kansabanik, for the timely information.
    I want to add something from my side also which may be beneficial to some of the members.

    (a) In Reference to the point No. 1 in Kansabanik 's post, I want to inform that depending on the discretion of the IT officer a late payment fee of Rs 5000 can be levied on the belated return.

    (b) Those who have to pay advance taxes should deposit the same before 31st March to avoid penalty for late payment. Generally advance taxes are deducted by the employer in shape of TDS but for self employed people the responsibility lies with them only. Any way the penalty is not huge and you can deposit it before filing the IT return.
    For senior citizens this penalty is exempted and they can deposit the advance taxes, if due, any time before filing of IT return.

    (c) One important thing is if a bank has deducted TDS from your FD (it happens in many cases when a person forgets to fill form 15G/15H in time) then you have to file the IT return to get the refund if your tax liability is zero. You can check these things in Performa 26AS in Income Tax site.


    Knowledge is power.

  • #593299
    Mr. Partha,
    My sincere thanks to your timely reminder. It really helped me pay all my insurance premium dues for the financial year.

    No life without Sun ¤

  • #593332
    As the topic is mainly related to Income tax, let me suggest one or two more points.
    Without waiting for last day, get bank passbooks or statements updated . If possible get from bank the interest amount and TDS if any on FD s .

    Keep ready the insurance premium paid details etc.
    Make a computation of income and probable tax.
    Compare the total income and TDS with Form 26 As , reconcile the difference if any,and adjust the tax payable accordingly and remit the further needed tax.
    Make maximum possible investments(within allowed ceiling) for tax rebate under various sections, suitably as per need to get maximum tax rebate.

    ==================================
    Let us keep faith on ourselves and work sincerely, not leave everything to fate.

  • #593669
    Those who earn income and have a PAN card should be aware of all those. Why is there no exhortation here to get registered and get a pan card.
    Regards

  • #593670
    #593669 : It has been assumed that all employed persons do possess the PAN Card.
    Have a break, have a 'chit-chat'-Partha Kansabanik

  • #593823

  • #593824
    Ms. Arpita Rathi: I am deeply impressed by your excellent and erudite response. Please go on posting similar responses to other threads. Really great!
    Have a break, have a 'chit-chat'-Partha Kansabanik

  • #593843
    Registering for GST has to be done by the end of March 2017 by all concerned. GST will be applicable from July 1, 2017 most probably.
    When you talk, you are only repeating what you already know. But if you listen, you may learn something new!


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