We’re sure that you are well aware of the date. Today is 28th March, which means 31st March is only 4 days away, including today. You know this, but we have to still talk about it because 31 March is an important deadline that you can’t afford to miss.
31 March 2016 is critical for the following reasons:
Last date to file ITR for AY2014-15
31 March 2016 is the final deadline to file your income tax returns for FY2013-14. The Income Tax Department may not accept your ITR if you don’t file them for this period in the next 4 days.
Avoid penalty for FY2014-15
Paying your tax dues for AY2015-16 is one thing, but you need to file your returns for the same as well. If you don’t file your ITR for AY2015-16 before 31 March 2016, you may have to pay a penalty of Rs 5,000.
Read more about tax filing for AY2015-16 here.
Tax-saving for FY2015-16
For AY2016-17, the tax filing will have to be done in June 2016. But to make sure you save taxes for this period, you will have to invest in tax-saving investments before 31 March 2016. Individual taxpayers and HUFs are allowed to save as much as Rs 1.5 lakh in taxes for every financial year under Section 80C. If you don’t meet this limit, you will have to pay taxes to the government. So hurry and make your 80C investments in the next 4 days.
Not sure where to make the last-minute tax-saving investments? This 5 minute guide will help.
Since time is precious right now, our fantastic support team is standing by to help you with whatever you need.