Being Early Is The New Smart

A new fiscal year commences with a lot of financial planning, but many seem to procrastinate when it comes to tax planning. It is of paramount importance to start preparing for your tax return filing for 2020-21 well ahead of time to avoid any last-minute errors and omissions. Always remember, a penny saved is a penny earned. The deadline for individual taxpayers has been extended from 31 July to 30 September 2021 given the pandemic. However, in cases where the tax payable on the return i.e. self-assessment tax exceeds Rs 1 lakh, the deadline for tax payment remains should be paid by 31 July 2021 failing which interest will be triggered for late filing of the return. Here are a few tips on how to get things right the first time itself and to avoid any errors that may result in revisions: Register on Tax Portal: First time taxpayers need to register on the portal using their Permanent...