Tax? 10 things to do before 31st March

[K.Karthik Raja]

Tax? 10 things to do before 31st March
February 06, 2008

The Income Tax department does not want too many papers as proof of
investments made or expenses incurred. But it is always better to file
them now.

So please rush! Here are ten things to do before March 31, 2008 or
before the financial ends:

1. If you are claiming deduction for house rent allowance on account
of actual rent paid, collect the rent receipts from the owner and keep
them in your possession.

2. If you received any gifts during the year, please collect the gift
deeds. The deeds should clearly state that you received the gift
without any consideration.

3. In case you have changed employment during the financial year, you
have to go back to your previous employer and collect the Form 16.

4. If you have donated to charitable trusts, obtain a receipt and also
a certificate saying the trust is an approved one under Section 80G of
the Income Tax Act, 1961.

5.Collect all your bank statements and TDS certificates, if any. This
will help you calculate your earning from bank interest and deposit
advance tax if required.

6. If you have a running home loan, you must collect the certificate
of repayment of principal amount and the interest paid during the
financial year from the bank.

7. If you are claiming an interest-paid deduction on an educational
loan, get a certificate of repayment made in the financial year where
the interest is stated separately.

8. Keep all receipts for contributions made to schemes listed under
Section 80C, such as insurance payment, PPF, ELSS, and children's
tuition fees.

9. In case you are claiming a deduction for any medical disability
under Section 80U, do not forget to collect a certificate of
disability from an authorised doctor.

10. If you are claiming deduction for payment of health insurance
premium, you need to keep the premium receipt indicating that the
premium was paid in cheque



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