hi james,
if you have no experience in tax planning. you just concern with any experience person or search online information.
Some tax related tips for you :
1. The last date for filing a tax return for 2009-10 would be 31st July 2010. You can still file a belated return by 31st March 2011. However after that, there would be a penalty of Rs. 5,000.
2. To get a deduction, the trust or association to which you donate should be certified under section 80G and you must receive the receipt and an 80G certificate.
3. Even if you have a PAN Card, it is not compulsory for you to file a tax return if your income is below taxable limits.
4. You can file your tax return even if you have not done that for the last 4 years by just declaring that the reason behind that was lack of taxable income.
5. The maximum amount which can be claimed for insurance premium under 80C is 20% of the actual capital sum assured provided under section 80C.
6. You can claim an 80C deduction for the amount paid for the insurance of your children.
7. Tuition fees for maximum two children can be claimed under 80C up to Rs.100, 000.
8. Insurance premium paid on life of spouse can be claimed under 80C.
9. Only the interest received from Post office saving a/c will be taxable in the current year provided the same has not already been taxed in previous years on an accrual basis.
10. The Tax implications are not affected by Residential Status. Also whether NRI is from US or
any other country is of no consequence.
if you want more information visit taxsavers.in
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