To Do List for a Financial Year End

January - The Beginning New Year., You all have planned some new resolutions for these New Year. But are you completed your tax related task  for the end of FY 2019-20???? 
If ans is "Yes" , than much appreciated :-)  
If ans is No, than
You have just 3 months to face it and complete all your necessary tax-related tasks. So, here is a to-do list to  your financial year’s end.

1. Make Tax Saving Investments

Check your Form 12BB, the one that you had submitted to your employer at the beginning of the FY. If you made tall promises in the Form about making various tax saving investments but failed to make good of it, then this is your final chance to set things right. Invest in the tax-friendly investment schemes under section 80C to avail deductions of up to Rs 1.5 Lakh. You can also get an additional tax benefit of Rs 50,000 u/s 80CCD(1B) by investing in NPS.

2. Make Minimum Contributions

If you have an active PPF or NPS account, but you haven’t made any contribution to it this year, do it before the year ends. If you fail to do so by 31st March, your account will be deactivated and you will have to pay some money as reactivation fees.

 3. Do Charity

If you have plans to do some charity, there is no better time than now to do so. Make donations under section 80G/ 80GGA/ 80GGB/ 80GGC by 31st March 2020 to expand your tax gains.

4. Submit Proofs of Investments

One investment alone cannot help you save optimum tax. You may have made several investments and expenses during the FY which can reduce your tax outgo. By submitting the proofs of such investments and expenses, you can stop your employer from deducting TDS on your salary. Generally, employers collect proofs of investment during the months of December and January. However, you can still submit them if your employer allows it for TDS calculation.

5. Submit Form 12B

Did you switch job during the current FY? If yes, but without giving the details of your income from salary received from the previous employer to your new employer then you will get a tax shock at the time of filing ITR. It will happen because your current employer has been incorrectly deducting less TDS from your salary. Submit Form 12B to him to set things right. This will give him a complete knowledge of your current FY’s income which will help him in deducting right amount of TDS.

6. Book your Capital Gain or Loss

It will work if you have investments in equity shares and equity oriented mutual funds. In the Union Budget 2018, the government imposed Income Tax @ 10% on LTCG of more than Rs 1 Lakh on the aforementioned investments.

So, if you are planning to book such gains, better do some of it now. Do not book Capital Gain of more than Rs 1 Lakh in total and save tax on it. You can book the rest later.

You can also reduce your tax liability by booking capital losses on your investments in shares, mutual funds or other securities.

7. Pay Advance Tax

Unless you are operating under the presumptive income scheme, the due date to pay the fourth and final instalment of Advance Tax is, 15th March 2020 is  the due date to pay the last instalment of Advance Tax for FY 2019-20. If you missed it, you are accumulating interest every day under section 234B and section 234C on your due amount. You better pay it as soon as possible to avoid accumulating any more penal interest.

8. Pay TDS on Rental Payments

If the rent you pay to your landlord for your house is high, then you have an additional tax-related obligation. If the rental payment is Rs 50,000 or more, you must deduct TDS @ 5% on the total rent paid during the year. Much to your relief, this is a one-time activity which needs to be done before the end of the FY.

9. File Belated Return

31st March 2020 is the final chance for you to file the ITR for the FY 18-19. In case, you missed the first and second due dates, i.e. 31st July 2019 and 31st December 2019, then you must file it now.

Since your return will now be considered a belated return, you must file it along with an applicable late fee of Rs 10,000 or Rs.1000. However, filing by 31st March will still save you from a heavy non-filing penalty.

10. File Revised Return

With the end of the FY 2019-20, your window of opportunity to revise the tax returns filed for FY 18-19 will also close.

Section 139(5) earlier allowed the filing of revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. But, the said section was amended due to which the period allowed for revision was reduced by one year.

Hence, you can file original as well as revised return only during the assessment year.

So, finish the discussed tasks to end your FY with a solid end.