8 things you must do to put your taxes in order

Plan your Taxes

Half of the financial year is already out the door and with the festivities in the air, the coming months are sure to fly by us. ClearTax brings you 8 things you can act upon now to bring the house in order!

  • In case you receive HRA from your employer, remember to organize rent receipts & enter into a rent agreement with your landlord. You may be required by your employer to submit these documents.
  • Plan your investments and tax savings – while the festive season is bound to throw your expenses out of gear, remember to think and act now for your section 80C investments. The limit has been enhanced to Rs 1,50,000 and you can choose to put the entire amount in PPF. There is a host of other investment/tax save options to choose from.
  • In case you are the owner of a House Property you use for your own residence and have a loan to pay towards acquiring this property – make sure your employer has details of your expected interest and principal payouts for the year. The deduction limit on Interest on home loan has been  increased to Rs 2,00,000.
  • If you have let out your House Property and earn Rental Income – disclose this income to your employer, so that TDS can be deducted from your salary and you don’t have to deposit any tax directly to the government. This will also be captured in your Form 16.
  • Take time out during the festive season to put together Medical Bills you plan to claim from your office.
  • Tracking your various Interest Income – both in the Savings Account and from Fixed Deposits on an ongoing basis saves you the last minute rush.
  • There are a host of other deductions available that can help you save tax – do find time during the festive break to go through our blog here https://blog.cleartax.in/ . Do check for deductions that may apply to you.
  • Complete your IT Return for the last financial year – Do not forget to send your ITR-V to the CPC, Bangalore –your return will be considered invalid without this! You need to do this within 120 days of filing your tax return.

In case you have any tax queries that you need answers to, do write to us support@cleartax.in

We all wish you a happy festive season ahead!

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