7 Tax Habits That Will Save Your Life

People hate taxes to their guts, and they are right to some extent. They are complicated and sometimes too much. No one would like to pay the hard earned money. We came up with ideas that will not only help you get wealthier but also improve the overall tax profile without spending too much of taxes. Without further ado here are the seven tax habits that can save your life!

Take Holistic View

Yes, the word sounds like some financial nerd giving lectures on something we never heard. To make it simple, the holistic perspective stands for making sure the tax planning is included in the overall financial planning.

Make your documents always ready

Papers and strict procedures are the evils which can ruin the fiscal paying experience; they are the one who makes the process so complicated for the layman. There are some forms and some annexures you need to keep ready for next tax season.

Make sure you have PAN Card!

The whole Indian taxation system runs on the single card, PAN. PAN stands for Personal Account Number, and it can be obtained by filling up the Form 49A. It doesn’t matter if you are a person or business, a tax paying entity must have a PAN card. In case you don’t have PAN card at this moment then you can fill the Form 60/61.

Utilize Pension Fund

Pension funds are the deductions sometimes available to taxpayers. Make sure you have filled with the EPF Forms 19 correctly and attached all the documents mentioned in the pension funds.

Tax Deducted at Source

It is popularly known as TDS; various forms helps you go through the long and tedious processes. Make sure that you fill up the Forms like Form 26AS, which helps income tax department determine the total advance tax payments and other details.

We hope that you liked our article on tax habits, make sure to know about all the Forms you visit the DownloadForm.net and comment your questions and queries.