in ,

Are you a tax payer? Here are 10 essential tax moves around 31st March, 2024

Ziraat Times Team Report

Srinagar: Are you a tax payer and are still not clear what are the most essential moves you should consider around the year-end closing on 31st  March?

Ziraat Times here summarises the 10 essential tax moves to consider for a smooth transition to the new financial year:

  1. Make Tax-Saving Investments: Utilize tax-saving investment options under sections like 80C (PPF, ELSS Mutual Funds etc.), 80CCD (NPS), and others to maximize deductions and lower your taxable income.

  2. Review and Pay Advance Tax: If your tax liability is likely to be high, consider paying advance tax throughout the year to avoid interest penalties.

  3. Submit Investment Proofs to Employer: Furnish documents related to your tax-saving investments to your employer to ensure they deduct the correct TDS (Tax Deducted at Source).

  4. Donations for Tax Benefit: Consider charitable donations to eligible organizations under Section 80G for tax deductions.

  5. Leave Travel Concession (LTC): If you haven’t availed LTC benefit yet, plan a trip before the year ends to claim the exemption.

  6. Loss Harvesting: If you have capital gains, consider selling some loss-making assets to offset the gains and reduce your tax burden.

  7. Form 15G/15H Submission: Submit Form 15G (if not a senior citizen) or 15H (if senior citizen) to avoid TDS on interest income from certain sources.

  8. Postpone Capital Asset Sale (if applicable): If you plan to sell a long-term capital asset, consider holding onto it until the new financial year to avoid short-term capital gains tax.

  9. Review and File Income Tax Returns: Ensure you have all the necessary documents for filing your income tax return accurately.

  10. Update KYC Information: Keep your KYC (Know Your Customer) information updated with your bank and investment institutions for a smooth tax filing process.

Remember, these are general points. It’s advisable to consult a tax advisor for personalized advice based on your specific income, investments, and tax situation.

Leave a Reply

Your email address will not be published. Required fields are marked *



Dr. Bilal M. Bhat (IAS) authors new book on Environment and Ecology for Civil Services Exam aspirants

India’s forex reserves touch historic high of $ 642.631 billion