9. Pay Your Tax

If your payment of tax is yet due to the tax department, pay it soon to avoid paying interest on tax due which is collected under Section 234B and 234C. However this provision does not apply on senior citizens who do not have any revenue from business or profession. They only have to figure out their tax liability amount at the time of filing their income tax return and pay the self assessment tax.

10. File Your Tax Returns

If your earnings surpass the exemption limit and you have not yet filed your tax return, its time you do it by March 31st, 2013.  Even if you do not have any tax accountability after subtraction of TDS and advance Tax etc, still it’s suggestible to file the income tax returns. This is suggested by most of the financial experts as there is a penalty of 5, 000 for failure to file the return of income by March 31.

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