Tax To-Do list: If it’s exempt, why hide it?

Not reporting your exempt income i.e LTCG, PF amount, Dividend etc. is also a common practice among taxpayers. The income from such sources is considered as exempt under the Income Tax laws and no tax is levied on income from such sources. This is one reason that most taxpayers do not think it necessary to report income from these sources.
It is important that taxpayers understand that since there is no tax that is levied on income such at LTCG, PF, Dividends, it is always good to report the receiving of such income. It makes your ITR more truthful and financially sound as there are no loopholes that can lead to confusions or mistakes. A healthy and true ITR is like a character certificate.
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
• Deadlines matter: honor the due date to file your return
• Non declaration of income earned from previous employer