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AXE your TAX #1

keep in mind this tax planning calendar.

April - First, decide the tax regime for the financial year. If you choose the old one, begin your tax planning. Make sure you set aside an amount monthly that could go into the tax-saving instruments. Please don’t wait till the year-ending in March to do this. Also, if you’ve banked some money in fixed deposits, make sure you submit the Form15G/H to your bank. Otherwise, they’ll deduct some tax on the interest you earn.

May - This is when you typically get an email from your employer asking you to declare all the tax-saving investments you’re making during the year. Think carefully and don’t do it as just a tick in the box exercise.

June - Make sure you remind your employer of Form 16 - for the previous financial year. That’s the document that contains details of all the money you earned as salary along with the tax they’ve deducted and deposited with the government in your name (or rather, under your PAN). Oh, and if you have extra income (rent, share trading, freelancing), make sure you pay the first instalment of the Advance Tax by the 15th of June.

July - Typically, the 31st of July is the deadline to file your tax returns for the previous financial year. Sure, the government has been giving extensions almost every year, but why wait until the last moment? Put together all the statements and documents you need for this at least by the 1st week of July and file it off!

September - Time for the next instalment of your advance tax. Keep the 15th marked in your calendar.

November/December - Submit the proof of your investments to your employer. Also, it’s advance tax time again. Remember the Dec 15th!

February - Keep an eye out on the Union Budget. Maybe the government will give you some tax incentives for the next year!

March - Do a quick check if there’s any tax-saving alternative you missed before the financial year ends. Also, don’t forget that the final instalment of your advance tax is due on the 15th!


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