New Delhi: With the fiscal year closing on March 31, various tax related matters have to be completed. Just three days are remaining for this fiscal year to close and if you still have not completed the important tax-related tasks, now is the time to do it.
Here's looking at 5 major things to do before the end of March 31.
Revised Income tax returns filing
The end of financial year 2017-2018 is March 31, but this time the particular date is crucial for those who have not filed their Income Tax Return (ITR) for the last two assessment years (AY). Income Tax Department has fixed March 31, 2018 as the last date to file tax returns for AY 2016-2017 and 2017-2018. The Income Tax Department too has been constantly reminding taxpayers to file their tax returns for the aforesaid on its portal.
Tax returns for fiscal 2015-2016 ((assessment year 2016-2017) and 2016-17 (assessment year 2017-18) were originally to be filed by 31 July last year. But in view of the reports that the e-filing website was facing glitches, the deadline was extended. Reports say that IT department will not further extend the date beyond March 31.
However, tax payers should not confuse this deadline with current financial year, ITR filing for which is on or before July 31.
Tax Saving Investments
Prepare all your tax saving investments made during the current financial year 2017-18 – ITR filing for which is on or before July 31. Incase you have not invested in any saving investments, you have just three more days to do so.
Redeem Equity Investment to Avoid LTCG
In his budget announcements, Finance Minister Arun Jaitley proposed tax on Long term capital gain (LTCG) exceeding Rs one lakh at a rate of 10 percent without allowing the benefit of indexation. All gains up to January 31, 2018 would be grandfathered. If you have made equity investments that can come under LTCG, you can earn tax-free returns by selling them before March 31.
Submit Form 12B
Form 12B is an income tax form that needs to be furnished by the salaried individual if he joins any new organisation in the middle of the year. If you have changed job during the financial year 2017-18, provide the details of income using Form 12B. Your new organisation will be able to deduct exact TDS based on the details provided in Form 12B before March 31.
TDS on rent payments
Individuals paying monthly rent of Rs 50,000 or more will have to get tax deduct on the total rent paid in a year (From April to March) at a rate of 5 percent. The tax deducted under this has to be deposited to the government before March 31.