It is that time of the year when you have to file taxes. Also, in 2017, this is the time of the year when GST tax rates for commodities are being decided. Taking a look at the two events together, you can how big this year already has become. This is a bigger deal when you consider the fact that it is only June of 2017. So, what are the two financial duties that require your immediate notice? Keep reading as we tell you about your two big financial duties and why they are important.
Financial Duties You Need To Take Care Of Right Now
#1: Link PAN Card and Aadhar Card
Since the ITR filing date has come out, it will be prudent if you link your PAN card with your Aadhar card. This will ensure that when you wish to file taxes, the filing process becomes easier. Not just that, you will not find yourself as a suspected tax evader in government’s eyes. Lastly, if due to some error, you have multiple PAN cards, this way you can get rid of all expect one PAN card.
#2: Buy life insurance, health insurance, etc
With ITR filing deadline nearby, it will be a nice time to opt for any health insurance or life insurance plans that you have been wanting to buy. These plans will help you secure tax deductions, helping you save some money that otherwise will go towards tax payment. Also, with increased risk of diseases and road accidents, why delay this decision any further?
#3: Compile investment proofs
Have you invested your money in a ULIP plan? Do you have an FD account? Do you hold National Savings Certificate? It is things like these whose proof you will have to show when filing ITR to claim deductions. Among the expenses for which you claim deductions are house rent, insurance policy, etc. However, do keep the proofs handy when filing taxes.
#4: File Taxes
Yes, time to file taxes is right now. With July 31 being the last date, expect a big number of people to be filing taxes alongside you. If you file taxes online, the chances of the website outage due to traffic volume increase with every passing day. Do you wish to take such a chance? If no, then file your taxes now. Also, you can file returns for the previous assessment year too. Do take note of that too.