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Querist : Anonymous

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Querist : Anonymous (Querist)
18 December 2010 a person of 35 years having annual income Rs. 12 lakhs and his source of
income is salary, rental, interest, commission income, then what are the 10
important tax obligation or compliances he has to do in a full year?
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CA Vinay Gandhi

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CA Vinay Gandhi (Expert)
18 December 2010 1.He can get deductions if he save some part of income. For example, If he pays LIC premium or housing loan interest,Medical insurance premium,Children tution fees,Units of UTI or mutual fund,etc.He will get deduction subject to certain limits.
2.He has to pay advance tax if tax payable excluding TDS on salary is more than Rs.10,000/-
3.He has to file his return of income before due date. Otherwise, he is liable to pay interest for delay.
4.Failure to pay advance tax also attracts interest.
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