The deadline for filing your income tax returns for FY18 is July 31, and it is better if you do not put it off for the last minute if you want to avoid making mistakes
It is that time of the year. The deadline for filing your income tax returns for FY18 is July 31, and it is better if you do not put it off for the last minute if you want to avoid making mistakes.
If for some reason you do not file your returns by that date, you will end up paying a fine of Rs 5,000. Filing income tax returns has its own benefits, which is why it makes sense to go online and file your returns on time.
You can file your returns by yourself quite easily, contrary to popular belief. Read here why you should not hesitate to file your own income tax returns.
Even if you filed your own returns last year, you still need to get acquainted with the changes made to the format. Read here to know the different formats in which you can file your returns and the information that you are required to provide.
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In addition to these inputs, be prepared to provide detailed information about your assets, if you earn more than Rs 50 lakh a year. Once you are done with filing your returns, they have to be verified online.
Read here to know how you can verify your returns online.
If you are already done with filing of income tax returns, it is a good time to revisit your portfolio. The week gone by has been a good one for large-cap stocks.
You may want to start a systematic investment plan in an equity mutual fund if you want to create wealth for the long term. Read here to know about what Kotak Mutual Fund thinks about various sectors from an investment point of view.
While mutual funds investing in stocks can make money for you, ensure that you do not commit some common mistakes while investing in them.More importantly, do not invest in stocks with borrowed money.
Over the past year, the domestic price of gold has gone risen by around 8 percent, prompting many to reconsider investing in gold. Experts think gold prices will remain firm, given the uncertainties in markets across the globe. However, investors need to be careful with their asset allocation.