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Tax Tip - Checklist before the tax deadline for March 31

1. You must ensure that you have submitted to your employers all the proofs related to your 80C tax deduction related investment.
   Click here to Check out the eligible instruments for 80C Deduction
2. If you intend to claim HRA (House Rent Allowance) and LTA(Leave Travel Allowance) deductions then you must ensure that relevant rent and travel receipts have been submitted to your employer.
   Click here for Tax Tip - "What do I need to know about HRA and taxes?"
3. If your company is offering any reimbursements for conveyance, traveling, telephone, medical bills etc., then you need to ensure that all the bills have been submitted to your employer in a timely manner. Otherwise, your employer will have no option but to tax them as some special allowance to you.
   Click here for Tax Tip - "Do I get any tax benefits from Leave Travel Allowance?"

   Further, it must also be ensured that all the reimbursements are backed by adequate cash withdrawals from your salary account. Otherwise, you might not be able to justify the expenditure before tax authorities.

4. If you have any home loan outstanding, then you must ensure that you collect the relevant principal and interest repayment certificate from the bank and submit with the employer so that the appropriate tax treatment can be given.
   Click here for Tax Tip - "What are the tax benefits of taking a home loan and owning property?"
5. If you have changed employment during the financial year then collect the TDS certificate (Form 16) from the previous employer and submit this to your current employer to ensure the correct tax deduction. This small exercise can save you huge interest on your taxes at the time of filing your returns later.
   Click here for Tax Tip - "What is my TDS status if I have worked for two employers?"
6. If you are receiving rental income or interest income from fixed deposits or bonds then you must also collect the TDS certificate (Form 16A) from the deductor, if any tax have been deducted during the year.
   Click here to know if its the right time to invest in fixed deposits?
7. If you have sold or transferred any capital asset like a house property, shares, mutual funds etc., then you need to compute capital gains/losses on these transactions. Please also review whether your holding period for this asset will classify these as long term or short term, and whether any exemptions are available.
   Click here for Tax Tip - "How can I set off my losses to reduce my taxes?"
8. If you have not fully exhausted your 80C limit of Rs 1 lakh deductions for tax saving investments, then ensure that you do so before March 31.
   Click here for Tax Tip - "How can I save taxes through health insurance"
9. If you intend to make a donation just check that the donee trust/ institution is registered under Section 80G so as to enable you to claim a tax deduction for the donation you make. If you have already made a donation just arrange for a donation receipt.
   Click here to check out eligible instruments for 80G Deduction
10. While assessing income from various sources, if there is any tax liability yet to be paid (of course after taking into account tax already deducted and deductions to be claimed) then the same should be paid as soon as possible. Due date for final installment of Advance tax is March 15.

• Tax Tip - Tell me "How can I set off my losses to reduce my taxes?"
• Watch the Video - Tax Tip - Tell me "How can I set off my losses to reduce my taxes?"
• How can I calculate my Salary Income?

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