Your tax calendar for 2014

Tags: Insurance
Your tax calendar for 2014
Most of us will have our new year resolutions. One of the resolutions, this time, can be of becoming tax compliant. This may include filing timely income-tax returns, adhering to dates of paying advance tax instalments or simply submitting tax proofs with the employer on time. These non-compliance, at times, results in payment of additional tax and interest.

Aiming to become more organised, let’s have a tax calendar that summarises the major compliances for salaried people for 2014.

n Over January and February, most employers would be busy finalising tax liability of their employees for FY2013-14. They would compute the taxable salary after allowing tax benefits available to the employee. As an employee, your endeavour should be to submit the documents in a timely manner. The documents could include rent receipt, medical receipts, leave travel receipts, etc, along with proof of other tax deductions available to you. Some popular components of tax deductions applicable to you may include home loan repayment, insurance/medical premium, education loan repayment, tuition fee for children, contribution to PPF and the new pension scheme.

n March marks the end of the FY2013-14. In case you have additional sources of income like interest earnings, rentals, commission, professional receipts or capital gains on which no tax has been deducted or tax has been deducted at lower rates, you must compute the balance tax liability and deposit the last instalment of advance tax by March 15, 2014.

n Planning will essentially start from April, which marks the beginning of FY2014-15. During this month, most employers allow their employees to structure their salaries and declare tax savings and investments that they intend to make over the year. Employers use this declaration as the basis to deduct taxes over the entire year.

n Consider May-June as the period to collate all TDS certificates and documents relating to FY2013-14. You must ensure to collect TDS certificates from all sources that can be in Form 16 and Form 16A.

n July is when the due date to file income-tax returns arrives. It is very important that we file our tax returns for 2013-14 by July 31. Returns filed after the due date would have certain disadvantages and won’t have the option of future revision.

n With all compliances achieved for FY2013-14, it’s now time to be compliant for FY2014-15 and in case you have additional sources of income that require payment of additional tax, September 15 and December 15 are the dates for the payment of first and second instalments of advance tax.

If you are a salaried employee, you should ensure that your taxes are deducted regularly and deposited by the employer. Achieving these basic and important compliances will make you compliant with the tax laws and avoid any unnecessary hassles later.

(The author is a Director at KPMG. The views expressed are personal.)

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