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5 Tax tasks you should complete before March 31

March, 23rd 2018
With less than two weeks left for the current financial year to come a close, you have little time left to complete the necessary tax-related tasks. Here are 5 tasks you should complete before March 31: 1/6ThinkStock Photos TDS on rent payments TDS on rent payments If you are paying monthly rent of Rs 50,000 or more, then you must deduct tax on the total rent paid in a year (April to March) at a rate of 5 per cent. The deducted tax should also be deposited with the government before March 31, 2018. 2/6ThinkStock Photos Tax-saving Tax-saving The income tax Act offers certain tax benefits that an individual can make use of to reduce his tax outgo. Section 80C offers a maximum tax-saving of Rs 1.5 lakh which can help you save tax up to Rs 45,000 depending on the slab your income falls in. 3/6ThinkStock Photos Reach premium audience in India. Advertise here!Ad: COLOMBIA Get Form 12B Get Form 12B If you have switched your job during the financial year 2017-18, then you must provide the details of income, tax deducted to your current employer using Form 12B. Your current employer will be able to deduct the correct amount of TDS only once you submit the details of TDS cut from your previous salary. Therefore, this submission should also be done well before March 31. 4/6ThinkStock Photos File belated ITR File belated ITR For those who have not filed their income tax returns (ITR) for the financial years 2015-2016 and 2016-17, the last date to file the same is March 31, 2018. Post this deadline, you won't be allowed to file the ITR unless the department has sent you a notice. 5/6ThinkStock Photos Revision of ITRhttps://static.clmbtech.com/ctn/44976/images/73/55e8e4d6e1ae003605a1caa426902e10_1517979116533_0.jpgGrow your hair back without any hassles! Sponsored by RATHIRA AYURVEDA Revision of ITR An individual has an option to revise the ITR filed to rectify any mistakes made. However, there is a time period by when the revision has to be made. As per section 139(5) of the Act, a person can file his revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.