Tax To-Do list: Self assessment – a must do

Just like in real life, we observe and self assess ourselves to be the people we want to be, based on our previous actions and behavior, self assessment of tax is the same. Self assessment tax is the amount that taxpayers still owe to the government after paying TDS and advance tax. The Income Tax Department has been very strict about the submission of self assessment tax. Today if a tax payer does not pay self assessment tax before filing his/her Income tax return, his/her ITR is considered to be defective.
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
• All sources are good sources- report money from everywhere
• Deadlines matter: honor the due date to file your return
• If it’s exempt, why hide it?
• Non declaration of income earned from previous employer