There is a clear distinction between tax evasion and tax saving. And no, the world won’t stop if you don’t file your returns by 31st March. The panic around tax is legitimate and all you need is a handy guide for the same.
This tax season, learn to invest in the right places and take a deep breath and calm down.
- While 31st July is your last day to file tax returns, it’s very important to remember that 31st march is the deadline to make investments under section 80C.
- Your employer needs to give you a Form 16 that summarizes your salary and TDS. You need to submit that while filing your returns, along with you’re a/c statements, property details for any purchased, contract notes if you have capital gains and tax challans in case you have paid advance tax.
- Your mutual funds, life insurance and health insurance premiums are deductible under Section 80C.
- The salaried category of people will receive a flat deduction of Rs. 40,000 from their taxable incomes. This comes under transport and medical reimbursement
- If you have been paying rent, you can claim deduction as HRA. You need to have rent agreement and rent receipts handy for that.
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