As March 31 approaches and financial year 2020-2021 comes to an end, taxpayers across the country need to complete their tax-related tasks without missing the deadline, failing of which they might be subjected to penalties.
We have curated for you a list of financial deadlines to be done with before March 31 arrives.
1. PAN-Aadhaar linking: The centre had extended the deadline of linking your PAN card to your Adhaar card from June 30, 2020, to March 31, 2021, in view of the Covid-19 pandemic situation in the country last year. If not linked to the Aadhaar card by the end of the month, the PAN card will start inoperative from April 1 and the individual would not be able to carry any financial transactions/ operations with it.
2. Revised ITR filing: March 31 is also the deadline of filing delayed or revised Income Tax Return for those who haven't submitted it for the FY 2019-2020. Missing out on this deadline can lead to a penalty of up to Rs. 10,000. However, if your annual income is up to Rs 5 Lakh, you are subjected to a late fee of Rs 1,000 only.
3. Emergency Credit Line Guarantee Scheme: Under the Atmanirbhr Bharat package announced by the centre in May last year, the centre had also provided the opportunity of fully guaranteed and collateral-free loans to those seeking loans for business purposes. The last date if applying for loans under the scheme is March 31, 2021.
4. LTC Cash Voucher Scheme: It is mandatory to submit required bills with the correct GST amount and GST number to your employer before March 31 to avail of tax benefit under this scheme. According to the scheme announced in October 2020, an employee is required to spend three times the amount deemed as LTA fare on products and services having a GST of 12% or above.
5. Vivad se Vishwas: After the deadline extension from February 26, 2021, by the Central Board of Direct Taxes (CBDT), one can file a declaration under the scheme by March 31, 2021. The scheme aims to reduce pending income tax litigation and generate timely revenue for the state.
6. Advance Tax: The last date of making a payment for your advance taxes for FY 2020-2021 was March 15, 2021. If a person has a tax liability of over Rs 10,00p a year, they are liable to pay advance tax in four instalments a year.
