Keep in mind that this is the gross income before any deductions and tax breaks. If your annual income is `4.2 lakh and you invest `1.5 lakh under Sec 80C, your tax will come down to zero. But you are still liable to file your tax return. Similarly, even if all your taxes are paid, you still need to file the return.
For a lot of people, confusion stems from a rule introduced four years ago, where salaried individuals with an income of up to `5 lakh a year were exempted from filing returns. However, that rule has long been withdrawn. Although the regulation was applicable only to that particular financial year, many people tend to still follow it. Not filing returns is not a very serious offence if all your taxes are paid. You will only get a notice asking you to do the needful. The tax laws allow a tax payer to file delayed returns even after the due date has passed.But if you have unpaid taxes, be ready to pay interest as well as a penalty of up to `5,000.
Don't miss filing your return even if your tax is zero or all your taxes are paid. File online to avoid mistakes
Top 10 Tax Saver Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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