8 things you should do before the end of Financial Year

8 things you should do before the end of Financial Year

8 things you should do before the end of Financial Year

Before the financial year ends you should keep your checklist ready which will help you plan better and hence save more. Want the financial year to end on a good note? Here are 8 things you should do before the end of Financial Year.

Since only few days left for the Financial Year to come to an end. Thus before it ends you should keep your checklist ready which will help you plan better and hence save more.

A handy guide for you that you must keep in check while planning your taxes.

1. File pending returns before 31 March 2018:

Before the end of the financial year 2017-18, make sure you file any pending returns.

If you did not file your returns for 2016-17, which were due on 31st July 2017, make sure you file it before March 2018.

If you have also missed filing your returns for 2015-16, these must also be filed before 31st March 2018, after which you will not be able to file it all.

2. Pay your advance tax dues:

If you are liable to pay advance tax then make sure you pay it before 15 March 2018 as this is the last day for paying it.

Calculate your tax liability for the year 2017-18, and deposit any tax due, accordingly.

Any delay in depositing advance tax could result in you having to pay an added interest.

3. Submit your investment details to your employer:

Your employer has to deduct TDS from your salary. To ensure that the correct amount is deducted, you need to submit proof of your investments that shall be incorporated while calculating your tax liability.

For instance, you are eligible for deductions if you have taken a house loan in your name. In this case, you must provide the house loan certificate (which includes the repayment and interest details) to  your employer to help them arrive at your actual tax liability after deductions.

While you can always file for a TDS refund later, it is better to plan in advance so that your money doesn’t get blocked unnecessarily.

If you missed any of our previous posts, You can read it here:

1. What is GST?

2. Advantages and Disadvantages of GST?

3. E-Way bill?

4. Exemption List under GST?

5. Types of GST Taxes?

4. Make eligible investments for deduction of Rs. 150000 u/s 80C:

Various expenses and investments are eligible for deduction under 80C, which can reduce your tax liability by up to Rs. 1.5 lakh.

Expenses that you can claim as deduction under 80C include:

1. Payment of tuition fees for your child’s school or college courses

2. Repayment of principal amount paid on house loan

3. Payment of Life Insurance Premium

If you have not made any of these expenses you can invest in the following instruments to claim a deduction of Rs. 1.5 lakh.

1. Term deposit for at least 5 years with any scheduled bank

2. Investment in Public Provident Fund

3. Investment in National Savings Certificate

4. Investment in tax saving mutual funds

5. Invest in NPS account for additional Rs. 50,000 deduction:

Apart from the deduction available under section 80C, you can get an additional deduction of upto Rs. 50,000 if you invest in the National Pension Scheme of the Government.

Apart from the added advantage of tax deduction, it also helps in retirement planning.

6. Check for deduction u/s 80D, 80DD and 80DDB:

If you have any expenses towards securing the health of yourself or your family, then you can claim deduction under this section.

Whether this payment has been made towards health insurance premium or actual expenses paid for treatment of any of the specified diseases, this amount can be claimed.

A deduction of Rs. 5000 is also available if you or your family have undergone a health check-up.

7. Collect donation receipts eligible for exemption:

If you have made any donations during the year to any charitable institution, collect the receipts of the same as they are eligible for tax exemption.

Whether it is eligible for 100% or 50% exemption depends on the type of donation and the type of registration of the individual/ organization rece.

8. Pay the minimum balance to ensure continuity of various accounts:

If you have invested in Provident Fund, National Pension Scheme (NPS) or any other tax saving scheme then you need to check whether you have deposited the minimum amount required to keep it active.

The minimum amount to keep your PPF active is Rs. 500 and a yearly contribution of Rs. 1000 in NPS.

The minimum amount is only to keep your account active, although it is advised that you plan your investments beforehand, and invest according to your long-term investment goals.

9. Have you filed your Annual Return or GST Returns Yet?

Our experts can help you file all your GST returns and Annual Income Tax Returns. Get your Pending Returns filed now! Mail us at info@itslyf.com.

8 things you should do before the end of Financial Year

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