You must be conscious that the financial year is coming to an end and you need to consolidate on your income for the financial year. Indian financial year starts from 1 April and ends by 31 March. Accordingly, the Income-Tax return is to be prepared and filed for the relevant financial year.

Though the income tax department is not collecting the supporting documents along with the return of income any more, it is wise to maintain all the documents for your records because these might be required if your tax-return is assessed.

The following are the few important steps that one should bear in mind while computing tax. It would be wise to act well before hand so as to avoid the last minute rush in collecting the details and ensuring that all the available exemptions/deductions are claimed.

• Have you submitted the proof of investments/expenses to claim deduction u/s 80C? Your employer requires all the details and the proof of documents to entail you for the benefits of deductions. The investments or expenses include Insurance premium paid, deposits made in your PPF, investments made in equity-linked savings Schemes, NSCs, and Children’s tuition fees paid.

• Are you claiming deduction for house rent allowance? Then check if you have submitted necessary details and proofs like rent receipt to your employer.

• To compute your interest income on bank deposits and tax payable on them if any, collect all your bank statements and Tax Deducted at Source (TDS) certificates, if any from your bank.

• If you have taken a home loan, and claiming deduction you have to provide your employer all the details of your income on house property together with the proof of interest and principal repayment.

• Check if you have collected Form 16 if you have changed your job during the financial year.

• Recollect if you have made any donation to any charitable trust during the financial year as that can be claimed for deduction u/s 80G.

• Have you got health insurance? Then, get the receipt of premium paid for claiming deduction u/s 80D.

• You can claim deduction for interest paid on educational loan. So make sure that you possess the necessary documents to validate the same.

• Check your capital gains if you have sold or transferred any asset like shares, mutual funds, house property etc. Make a distinction between long term and short term capital gains and ensure the exemptions available.

• Calculate your tax for the year and evaluate if you need to pay any balance tax.