| The Income Tax filing season is here. There are 3 | | | | of tax payable by you or refundable to you, |
| things we need to do before 31st July, 2009: pay | | | | displayed onscreen. You can then generate you |
| off whatever income tax we still owe, file our | | | | return at one click and file it online itself.iii. Plan |
| returns and plan our taxes for the new financial | | | | your taxes: The last year was a year of |
| year. Let us take a brief look at each of these:i. | | | | recession for most countries. India too was |
| Pay off outstanding tax: One of the benefits of | | | | affected in a moderate way. The good news |
| preparing an income tax return is getting to know | | | | though, is that we are already coming out of it. |
| your final tax liability. Preparing tax returns online | | | | So as you earn your money, be conscious of |
| can give you an accurate figure that tells you if | | | | where it is going; this will help you avoid any |
| you still owe any income tax. If you do, pay it off | | | | mistakes you might have made during the rough |
| immediately, before you file your return. Like filing | | | | phase last year. Save money, but invest it |
| returns online, you can pay your taxes online too.ii. | | | | judiciously, especially in industries that are less |
| File your income tax return: Beginning 1st April, | | | | likely to see a drop in demand. Declare your |
| you have 122 days to file your tax return, with | | | | investment plan to your employer early so that |
| the last date (before interest is charged) being | | | | they begin deducting tax from your salary sooner |
| 31st July. Make sure that your employer gives | | | | in the financial year. This will spread your tax |
| you your Form 16 latest by the end of April. | | | | liability evenly through the year. That, in turn, will |
| Form 16 gives you most of the information you | | | | leave you with more cash towards the end of |
| will need to prepare and file your tax return. Once | | | | the year, which you can use as required. |
| you have all the required data, do not delay. | | | | Taking control of your finances early will help you |
| Prepare and file your return as soon as possible. | | | | make the most of tax benefits that are available |
| Choose to e-file: all you need is to organise your | | | | to you. The "3 Things to do" discussed above are |
| data for ready reference, and a few minutes to | | | | the way to do this. |
| type it into a website like You will get the amount | | | | |