10 things to do before march 31.....!!!

8/9/2019 10 Things to Do Before March 31.....!!!

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1. Submit your investments proofsTo get tax relief for your investments, you have to submit the proof ofinvestments to your employer. There are a variety of investments that offerstax relief under section 80Csuch as;

y Receipt of insurance premiumy Deposits made in your public provident fund (PPF) accounty Investment made in equity-linked savings schemes (ELSS)y Purchase of National savings certificates (NSC)y Childrens tuition fees paid, etc.

Your employer would need the details and the documentary proof of yourinvestments to provide the deduction under Section 80C of Income Tax Act.This will help you to save tax upto Rs. 100000

2. Submit proof for HRA (House Rent Allowance) & travel receiptsYou can claim income tax deduction under HRA & travel receipts, if you intent to

claim deduction for house rent allowance or travel receipts, please make surethat your rent and travel receipts have been submitted to your employer.Following are the necessary proofs for this deduction;

y Rent receipty Travel receiptsy Lease deed, etc,3. Collect TDS certificates

To ensure the right amount of Tax deduction, you need to collect all your TDS(Tax Deducted at Source) certificates from banks (Account statements) andyour previous employer.

TDS certificates and Bank statements will help you to figure out the interestincome on bank deposits and pay balance taxes, if any.

If you have changed the job during the course of the financial year, then youneed to collect your TDS certificate (Form 16) from your former employer, and

this should be submitted to your new employer so that you can ensure that theright amount of tax deductions are being accounted for in your salary. Followingare the sources from where you have to collect TDS certificate;

y TDS certificate from Banksy TDS certificate from former employer4. Collect Principal and interest repayment certificates of home loan

Repayment of home loan interest/principal will also help you to reducethe tax burden. If you have a running home loan, you must ensure that

you collect the appropriate principal and interest repayment certificatefrom the lender for the amount paid during the financial year.


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You are also required to provide a computation to your employerspecifying the income/loss under the head House Property along with theproof of interest and principal repayment, to claim the deduction.

5.Obtain valid receipts for donationsYou can avail tax deduction under donations made also, but make surethat the donee trust/institution is registered under section 80G, to claim

tax deduction they should be registered under Sec 80G. Your employercan provide the deduction of this donation in computing your taxes if youhave made the donations to any of the specified charitable institutions.Always ensure that you get a receipt for the donation amount.

6. Collect receipt for health insurance premiumYou can claim tax deduction for the premium paid on health insurance.You have to make sure that you have obtained receipt for the premium

paid. You can avail deduction for the premium for self and family.

Deductions under section 80Dy Rs. 15,000 on premium paid for insurance on the health of the assessee

and his family.

y Rs. 15,000 is admissible if the medical insurance is taken for parents ofthe assessee.

y If the insured is a senior citizen, the above mentioned limit will becomeRs. 20,000.

7.Keep necessary records for interest on educational loanYou can claim deduction for interest paid on educational loan, but make surethat you have the necessary records to authenticate the same.

8. Telephone, medical and other bills:If your employer is offering you any reimbursements towards telephonecharges, medical expenses, etc., then you must submit the relevant receipts toyour employer. This will reduce your cash in hand.

9. Compute the capital gainsIf you have sold or transferred any capital asset like house property, shares,mutual funds etc. during the financial year, you need to compute capitalgains/losses on these transactions. The tax rates are different for long-term and

short-term capital gains. Your taxability will be determined depending upon the

classification and the type of asset.

10. Compute your taxOnce if you finish the above mentioned steps start computing your tax for theyear and assess whether you are required to pay any tax. The same can be paidas self assessment tax after March 31. To avoid the last minute rush ofcollecting the necessary documents all should be ready with all the above

mentioned documents.


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