Taxpayers must do these tasks before April 2021
Hemlata Khandelwal / 2021-03-31 05:40:22
There are only one days left for the financial year 2020-21 to end. Due to this, the deadline of many must-do tasks is also coming closer. These include getting an Aadhar Pan Link with Aadhaar, making investments necessary to save income tax, etc.
Income Tax Deadline
The last day of the current financial year is 31 March tomorrow. If you have not done anything till this date, then you may have to pay a heavy penalty. To avoid such inconvenience, every tax payer must do these 5 tasks before the deadline is over.
Last day to file income tax return
Still you don’t filed your (ITR)Income Tax Return for FY 2019-20, then the deadline to fill it with Late Fine and Interest is 31 March 2021. If a taxpayer do not file Income-tax-return or ITR by 31 March, then you will not be able to file it further and you will have to pay a heavy penalty. Not only this, the Income Tax Department can also ask the answer by issuing anotice.
Last day to revise the return:
If you filed the ITR primarily, but have to revise it. Then you hurry up. With this, if you have made some mistake in Income tax return filing, then the last date to rectify it is March 31, 2021 only. After this time, a taxpayer will not be able to make any changes/penalties in ITR. While filing the delayed income tax return by 31 March, you may have to pay late fine of up to Rs 10,000. However, if your income is up to Rs 5 lakh, then you have to pay a fee of Rs 1,000 only.
To make a deduction claim of an income tax for the financial year 2020-21, you will have to make a fixed investment by 31 March. It’s includes LIC premium, investment in PPF account, payment of mediclaim premium and donation to charitable trusts etc. If you don’t make the premium payment by 31 March, then you may have to pay higher income tax on your total income.
Advance tax payment
As per the IT Act of India, taxpayers after which the income tax liability after adjustment is more than Rs 10,000 and they are not senior citizens, they have to pay advance tax. Mostly the tax (advance) has to be paid in four (4)installments during the prescribed financial year. The final date of the final installment of which was 15 March. If you have not deposited advance tax by March 15 or have deposited less than 90% of the total income tax liability, then you can deposit advance tax by March 31. If not, then from April 1, 2021, you will have to pay interest on the outstanding amount under section 234B of the Income Tax Act.
The ending/ last date for (Linking of PAN and Aadhar Number) is 31 March 2021. If any taxpayer don’t link their PAN card to Aadhaar Card till this date, then their PAN number will stop working and it will be deactivated. If your PAN going to be De-activate, then you will not be able to do any major financial transaction.