Investment can be made by March 31 for income tax saving in the financial year 2020-21.
In the last three days before the end of the financial year 2020-21 (FY21), your tax liabilities can be reduced by investing in Tax Saving Plans through the online process. Let us know that apart from investment, through which measures can Income Tax Deductions be availed?
Taxpayers should first check whether they have filed income tax returns for the financial year 2019-20 or the assessment year 2020-21. If you have not done so yet, file ITR of assessment year 2020-21 before 31 March 2021. However, now you have to pay 10 thousand rupees as a penalty fee or fine. Apart from this, if you have changed jobs during the current financial year, then see if you have submitted Form-12B in the new company. This form contains complete details of income and tax deduction from the old company. The new company issues Form-16 on the basis of this statement. If you do not do this, then your tax liability will increase.
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Deposit fixed amount in PPF-NPS before the financial year endsIt is necessary to invest the fixed amount in public provident fund and national pension system every financial year. If this is not done then the PPF and NPS accounts freeze. After this, it takes a lot of time to revive them. Sometimes you may have to pay a fine for this. To avoid this, invest the minimum amount within the remaining three days. TDS is deducted for interest income on bank fixed deposits of 40 thousand rupees or for senior citizens more than 50 thousand rupees. To avoid this deduction, Form-15G / Form-15H is deposited with the bank. Therefore, before 31 March, submit these forms to the banker.
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If the company is not submitting the investment document, then apply it while filling the ITR
If the taxpayer has invested all tax savings, then submit his document with his employer. However, most companies submit all such documents to their employees only in January or February. If your company has also submitted investment documents and is now refusing to submit, then there is no need to worry. You can reduce your tax liability through these documents while filing ITR in the next financial year (Tax Refund Claim).