?? Important Tax Saving Tips to Consider Before March 31st, 2024 ??

If you haven't taken action yet, you could potentially save lakhs of rupees in taxes by following these crucial steps before the deadline!

[1] Deadline for Advance Tax: Ensure payment by 31st March to avoid interest penalties. Verify TDS deductions and pay advance tax if needed to avoid penalties under sections 234B & 234C.

[2] File Your Return for AY 2021-22: Utilize ITR-U to rectify errors or omissions within 2 years from the end of the relevant assessment year. Deadline: March 31, 2024.

[3] Calculate Capital Gains Tax Liability: Sold any capital assets? Calculate your capital gains tax liability and consider tax loss harvesting to minimize taxes.

[4] Tax-Loss Harvesting: Sell shares with losses to offset gains and reduce your overall tax liability. Smart tax planning can save you significant amounts.

[5] Accurate Investment Declarations: Ensure timely submission of investment proofs to your employer to avoid additional taxes. Declarations made in Form 12BB are crucial.

[6] Last-Minute Tax Saving Investments: Explore options under Section 80C like ELSS, PPF, NPS, FDs, and medical insurance premiums for deductions up to ?150,000.

[7] Choose Between Old and New Tax Regimes: Assess the pros and cons of both regimes before making a decision, especially if considering loans for home or education.

Taking these steps can make a substantial difference in your tax liability and financial well-being. Act now to secure your savings and avoid unnecessary penalties!

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