31st March: Don’t miss last chance to e-file your tax return

Work or other commitments may have kept you away from filing your tax returns. If you haven’t filed your tax returns for financial year 2013-14, 31st March is the last date to do so.

Last Chance to e-file for FY 2013-14

If your total income exceeds Rs 2lakhs in this financial year it is mandatory to file your income tax return. Those who want to claim refund of excess TDS deducted, must also file a tax return. Filing a tax return is the only way to get a refund. Also, proof of e-filing is usually required at the time of applying for a loan or a visa. So remember to fulfil your tax filing duties in time.

Returns for financial year 2013-14(assessment year 2015-16) wo’t be accepted by the tax department after 31st March 2016. So this is your last chance!

File without penalty for FY 2014-15

If you haven’t filed your taxes for financial year 2014-15, file them before 31st March 2016. Otherwise the assessing officer may levy a penalty of Rs 5,000 for delayed filing.

Pay your tax dues

If you have any unpaid tax dues from past years or for financial year 2015-16, pay them as soon as possible. Unpaid taxes attract penal interest under section 234B and 234C, so you must pay your dues in time.

Last chance at tax saving for FY 2015-16

Make sure you have maximised your section 80C deduction. Most of section 80 deductions can be claimed at the time of e-filing your tax returns, but the investments must be made from 1st April 2015 to 31st March 2016. You only have time today and the next 2 days to make sure your transactions for investments go through for claiming deductions.

This article was also published on Yahoo Finance on 30 March 2016.

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