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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
January is an important month for TDS return filings, and you can leverage investments, expenses, and deductions until March 31st to lower your tax liability.
While the due date for filing returns falls later, the deadline for making investments eligible for tax deductions within a financial year (April 1st - March 31st) remains March 31st. Starting in January gives you an extended window to research and choose suitable tax saving options like ELSS funds, PPF, NPS, etc., ensuring you maximize your deductions and minimize your tax liability.
Tax saving is something most taxpayers want to do. But amidst the fear of investing in financial instruments and the lack of knowledge of tax savings provisions, people pay hefty taxes every year. With the year ending, investing wisely can be a good way to start another year.
With India’s tax system being the backbone of the economy, January plays a vital role in a taxpayer’s life.
Spending wisely, saving more, and investing in tax-saving financial instruments can be your New Year’s resolution. With just three months till the date of filing the Income Tax Returns (ITR), taxpayers are consolidating the bills and receipts and are finding better options to save on taxes.
January is also important for other tax-related activities that can help you save tax for FY 2023-24:
The third instalment of advance tax for FY 2023-24 is due on December 15th, 2023. If you have not paid the first two instalments, you can do so in January to avoid late payment penalties. Paying advance tax throughout the year helps reduce the burden of paying a large sum when filing your return.
If you have not used all your available tax deductions under sections like 80C (investments), 80D (medical insurance), or 80G (donations), you can still make investments or incur eligible expenses until March 31st, 2024, to claim them in your return and lower your tax liability.
January can be a good time to review your investments and expenses to ensure you utilize all available tax-saving options. You can consult a financial advisor to optimize your portfolio and identify further tax-saving opportunities.
Tax Deducted at Source (TDS) is a percentage of tax deducted directly from your income at the payment source. TDS is deducted on salary income (deducted by your employer), bank interest income (deducted by the bank), and rent income (deducted by the tenant). This amount is deposited by the deductor (payer) to the government at regular intervals.
The due date for filing Income Tax Returns (ITRs) for the financial year 2023-24 (AY 2024-25) has already passed. The deadline for most taxpayers was July 31st, 2023, with extensions granted for certain categories like farmers and senior citizens.
However, there are still some important deadlines related to Income Tax Deducted at Source (ITDS) for the financial year 2023-24 that taxpayers should be aware of:
Date |
Tax Filing |
January 7th |
Deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2023. Deposit quarterly TDS under Section 192 (Salaries), 194A (Interest), 194D (Insurance commission), and 194H (Commission and brokerage) for October-December 2023. |
January 14th |
Issue TDS certificates under Section 194-IA (Property purchases), 194-IB (High rent payments), and 194M (Contractual work). |
January 15th |
File quarterly TCS statements for December 31, 2023. Furnish Form 15G/Form 15H declarations received during October-December 2023. |
January 30th |
Issue TCS certificates for the quarter ending December 31, 2023. File challan statements for TDS deducted under Sections 194-IA, 194-IB, and 194M for December 2023. |
January 31st |
This is the final day to file the quarterly TDS statement for December 31, 2023. |
January can be your month for maximizing deductions and minimizing your tax burden. With more time, you can research investment options like ELSS, PPF, NPS, etc., and choose the ones that best suit your financial goals and risk appetite. The sooner you invest, the bigger your potential returns by the time the filing season arrives. Some strategic tips for planning January:
January serves as a critical juncture for taxpayers to set the tone for the upcoming financial year. By embracing the tax-saving schemes, individuals can save on taxes and pave the way for a financially secure and well-organized future. As the calendar turns, let January be where financial resolutions transform into tangible actions, laying the groundwork for a prosperous fiscal journey ahead.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
