5 Things To Know when Filing Your Tax Return Online.

The Tax-return filing deadline is five weeks away and it is time you sat down with the required documents, calculated your liabilities or sent a refund receipt. If you are a salaried employee, Form 16 is the first document to get hold of and most of you should have received it already. If not start hounding your HR department immediately. Going by current rules and limits, most will be in the online tax-filing category. If your income is more than Rs 5 lakh, e-filing is mandatory. Plus, if you want to claim a refund or your interest earning from savings bank account tops Rs 10,000, e-filing is mandatory. You can file using the tax department’s site while there are a few online platforms with better interfaces.

Whichever option you use, here are five things to take care of when filing your tax returns online.

      Reading your form 16:

While on the government site you have to file the numbers yourself, some websites such as ClearTax.com lets you upload your form 16 on the platform and directly picks up the incorrect figures from the form. However, you should cross-check the figures and ensure they are correct, especially if you had switched jobs and have more than one form 16 to refer to you would have to recalculate your tax liability accordingly.

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9 Tax Investment To Save Lakhs on Your Income Tax

Income tax is something all of us would like to reduce it to the maximum. And what better than tax saving investments under Section 80C to reduce our taxes to some extent. Choose one of the following tax saving investments before 31st March.

PPF (Public Provident Fund)

It is one of the traditional yet highly preferred retirement planning investments. It is also a great long-term tax saving investment. The maximum amount that is allowed as an investment in the scheme is Rs 1.5 lakh. Interest income on PPF and the amount received on maturity are both tax free.

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