Tax To-Do list: Deadlines matter – honor the due date to file your return

We all suffer from the habit of waiting till the very last hour to do any work. Waiting for the last due date to pay our bills, waiting for the last moment to reserve our tickets and so on. The application of this habit while filing your tax return can be quite harmful. The most important drawback of filing the ITR post its due date is that your refund gets delayed. Also, any mistake in your ITR, that is filed post the due date, can lead to serious consequences. There is no provision of any revision for returns filed past due dates. This requires you to start afresh and file the return as an original all over again. So for quick refunds and to carry forward losses in future years, make sure you file your ITR before time.
Here is a checklist that ensures that you save a little extra with efficient tax planning as well as be a smart and informed taxpayer:

• Expand your investment portfolio
• Health is wealth – quite literally
• Claim what is rightfully yours
• Self assessment – a must do
• All sources are good sources- report money from everywhere
• If it’s exempt, why hide it?
• Non declaration of income earned from previous employer