March 31st ? Know it’s importance!
(Last Updated On: March 27, 2017)
1. Save Money on Taxes
The list of Income tax Deductions for tax saving under the ACT are:
a) Section 80C- An Investment Tool to Save Taxes
- Life Insurance Premium: you probably know that premium paid for life insurance of own, spouse or children is eligible for deduction.
- Public Provident Fund (PPF): We all make Contribution towards PPF account and is eligible for deduction. Minimum Contribution Rs. 500 and maximum contribution Rs. 1,50,000.
- Unit Linked Insurance Plan (ULIP): same as Life Insurance Premium.
- Equity Linked Saving Scheme (ELSS): You could save your money on taxes by making an Investment in ELSS-Equity Linked Saving Scheme of mutual funds. As well as this will provide you benefit of capital appreciation.
- National Savings Certificate (NSC): You can purchase NSC from post office but remember that it comes with a lock-in period of 5 years.
- Sukanya Samridhi Account: You know you can secure future of your girl child and also save taxes on the investments made for such a goal? The minimum investment in this scheme is Rs. 1000 and maximum investment is Rs. 1,50,000.
- Fixed Deposit: These serves as the easiest way to park your savings and additionally you get the benefit of tax deduction only if the tenure is of 5 years. BEWARE interest earned from FDs is taxable.
- Home Loan Principal Repayment: You can claim deduction only for principal repayment of home loan. the reason behind, interest paid on home loan does not qualify for deduction u/s 80C. I bet you were not aware of this!
b) 80CCG- Rajiv Gandhi Equity Saving Scheme (RGESS)
c) 80D- Medical Insurance Premium
d) 80G- Donations
2. Last Golden chance to File Income Tax Return for AY 2015-16 (FY 2014-15)
Click here to File Now with the help of our CAs.
3. File your Belated Return for AY 2016-17 (FY 2015-16)
4. Pay your Advance tax liability before March 31st
5. Get your proofs handy!
- Donation Receipts
- Rent receipts to claim the HRA benefit
- Report your income from previous employer under form 12B to the current employer so that your taxes are deducted properly.
- Bank statements for claiming appropriately deduction of interest u/s 80TTA.