The Financial Year End for the Indian Tax Payer is fast approaching. Here are 3 ways of reducing your tax burden and even saving some real money if you have not availed these opportunities already

1. Invest in National Pension Schemes. In Budget 2016 the FM announced an extra deduction of Rs.50,000 on NPS will increase the deduction allowed under Section 80C and 80CCD of Income Tax Act to Rs. Two lakhs from 1.5 lakhs last year.
2. Pay your due taxes before 31st March and avoid interest charges while paying the balance taxes at the time of finalising your return. Quite a few salaried employees, have taxable income arising out of Fixed Deposits, short term capital gains from shares, income from property or other investments. It is well worth computing the tax on this and paying it before 31st March to avoid interest later on. You are being compliant and saving the interest burden at the same time.
3. There is still a window open for filing belated returns for the financial year ended 31st March, 2015 and 31st March 2016 till March 31st this year. If you have missed your returns for any reason it is best you file them voluntarily now to avoid penalty and prosecution later. Another reason to file returns for earlier years is to obtain refund of TDS deducted on Fixed Deposits and other income. Please be aware that filing a return of income is the easiest way to get refund of such TDS directly in your bank account. In other words even if you do not have taxable income but TDS has been deducted on your income, you can still claim this refund by filing your returns for the financial years 2014-15 and 2015-16.

The above is indicative of the windows of opportunity available for those with taxable income in India to be compliant and reduce their tax/ interest burden.

For specific queries related to your individual situation, please refer to your financial advisor or tax consultant.