The government mandates that an individual who earns a specific amount of annual income must file a tax return before the due date. The individual should pay the tax as calculated by the government and if they fail to do so then, a penalty would be charged by the Income Tax Department. If you are a regular taxpayer, then you are a responsible citizen.
Planning to invest in upcoming residential projects in Mumbai?
Being a regular taxpayer and responsible citizen, you can increase the amount of return before financial year-end. Here’s how:
1. Be Updated about all the real estate news and trends
Before investing in any type of a property, you must be aware of all the real estate news and trends. Being up to date helps you invest better. Currently, the major changes that took place in the real estate market are the reduction in tax rate for income slabs, tax rebate enjoyed by the taxpayers under Section 87A has been reduced and the penalty for the taxpayers who delay in the payment of income tax returns after the due date has been increased. You should also be aware of the cost of real estate properties as the costing of under construction residential projects in Mumbai keep changing with time and development.
2. Pay up Superannuation
Superannuation or super contribution/fund is an initiative by the government to help eligible individuals boost their super savings for the future. By contributing to the super fund before the due date, you can minimize the tax. Superannuation is the fund benefit that is offered by an employer to its employees and this does not involve any contribution of an employee. As no contribution from employees is required, superannuation is ignored by them. But, to enjoy fruitful benefits after retirement, an employee should make sure that the employer is looking after the superannuation process smoothly.
3. Plan the finance in advance
Planning the finance for your real estate investments is always great because the real estate projects in Mumbai keep changing their offers and prices. So, in the case where a sudden change in price takes place, you have a sufficient amount of money that you can depend on. Along with finance, you should also be ready with all essential documents required for the property deal beforehand.
4. Take Expert Advice
If you are not able to tackle tax task on your own, you can always look for help. You can reach out to people who have the required experience in the field of tax returns and get advice from them. You can also hire a chartered accountant, who can look after and deal with all your tax-related duties. Having a chartered accountant will also help you understand how to manage your finances in a better manner.
Before investing in any property such as upcoming commercial projects in Mumbai , pre-plan and put all these tips to use, in order to increase your tax returns before financial year-end.
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