Techno-Tip #8 - How to open New version Tally data in Old version of Tally

Taxpayers should follow following things, to not get stumped:

1)      To claim deduction under section 80C e.g. provident fund, insurance, etc., investment should be made before 31^st March.

2)      Salaried persons should provide the details of investments to employer, so that less TDS will be deducted in the month of March.

3)      If advance tax is not paid before 15^th March, then it should be paid before 31^st March, so that less interest will be levied.

4)      If Income Tax return of March 2014 is not filed, then it can be filed before 31^st March 2016.

5)      If there is a difference in 26AS and Income as per income tax return, enquiry may come.

6)      If turnover of business is more than 1 crore, then tax audit is required to be done.

7)      Taxpayers should maintain the details of interest received, paid and TDS thereon.

8)      Payment made to a person in a day should not be more than Rs.20,000/-

9)      Taxpayers to whom tax audit is applicable, TDS is to be deducted on specific businesses.

10)  Income tax related all information is available onwww.incometaxindia.gov.in website.

Many more works are there as per the category of the assesse. So please take care.