As the current financial year will end on March 31, there are several financial tasks one should complete in order to avoid penalty and avail benefits. Right from PAN-Aadhaar linking, revised ITR filing to LTC bill submission, there are tasks that need to be completed before we step in new financial year.
As the current financial year will end on March 31, there are several financial tasks one should complete in order to avoid penalty and avail benefits. Right from PAN-Aadhaar linking, revised ITR filing to LTC bill submission, there are tasks that need to be completed before we step in new financial year.
PAN-Aadhaar linking deadline: The Central government has extended the deadline to link PAN with Aadhaar to March 31, 2021, from the previous deadline of June 30, 2020. However, if the PAN is not linked with Aadhaar number by March 31, 2021, then the PAN will become inoperative from April 1, 2021. After that you will not be able to conduct any financial transaction once his/her PAN becomes inoperative.
Revised ITR filing: In case you have not filed the revised or delayed income tax return for FY 2019-20, then the deadline for filing it will expire on March 31, 2021. Hence, you must file the revised ITR before March 31. If you file after this, then you may have to pay a late fee of up to Rs 10,000. However, if your income is up to Rs 5 lakh, then you will have to pay a fee of Rs 1,000 only.
LTC Cash Voucher Scheme: As per updates from the Central government, it is mandatory to submit the bill by 31 March 2021 in the correct format to avail tax under LTC Cash Voucher Scheme. It is also necessary to have the GST amount and number. The scheme was announced by the Central Government in October 2020.
Emergency Credit Line Guarantee Scheme: The Centre had announced the Emergency Credit Line Guarantee Scheme while announcing the self-reliant India package. Under this scheme, the Centre has provided loans without guarantee to traders and especially small traders in the difficult times of Kovid-19. The deadline for disregarding this scheme is 31 March 2021.
Filing advance tax: As per updates from the income tax laws, if a taxpayer has a tax liability of more than Rs 10,000 a year, then they are liable to pay advance tax in four instalments. March 15 is the deadline for paying the fourth instalment of advance tax for the financial year 2020-2021.
Contribution to PPF and NPS accounts: A subscriber of PPF or NPS accounts needs to make sure that he/she deposits a minimum contribution of ₹500 per year in order to avoid the account becoming dormant.
