Income Tax: Check before 31st Mar’2017!

Savings for Income Tax

All tax-saving investments and expenses have to be made before March 31 2017.

  • 80(C) : Ensure  savings  of  Rs 1,50,000/- atleast  (EPF, PPF, NPS, Life Insurance premium, Home loan principal repayments etc)
  • 80(D): Health Insurance premium of Rs 25,000/- for self and family and Rs 30,000 for parents who are senior citizens. You can claim of Rs 5,000/- for health check up under section 80 (D).
  • Get reimbursements  from your employer  by submitting medical bills maximum of Rs 15,000/-
  • LTA: Keep the journey tickets as evidence for tax exemption. 
  • Calculate your tax liability by taking(a) Interest on housing loan(b) Exemption from HRA  factoring the house rent paid and (c) Conveyance allowance(Rs1,600pm)
  • Advise the salary section to stop Income Tax deduction for February and March 2017, if the tax deducted has exceeded your tax liability. Alternatively you have to apply for refund of excess tax paid by you.

File Income Tax Returns for 2014-15(Period ending with March 2015)

March 31, 2017 is the last date to file income-tax returns for the AY 2015-16 (Two year limit).

Avoid Penalty for late filing

File your tax returns for AY 2016-17 before March 31 2017.Otherwise get ready for a fine of Rs 5,000.

Contribution to PPF

The minimum annual contribution to your PPF account is Rs 500. The last date to make this contribution for 2016-17 is March 31, 2017, after which you will have to pay a penalty of Rs 50 for each year if you fail to make the minimum contribution.

Keep NPS active

NPS Tier I account holders have to make a minimum contribution of Rs 1,000 every fiscal. Not doing so for 2016-17 before March 31 can get your account frozen.

 

Last modified on Saturday, 11 March 2017 05:39

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial PlannerCM from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

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