Complete these 8 tax-related tasks before March 31 to avoid heavy fines and penalties; check list here
New Delhi | Jagran Business Desk: The financial year 2020-21 is approaching its end and several financial deadlines are also approaching their end. From filing your Income Tax Returns to making tax-saving investments, taxpayers are rushing to complete several things before the end of the month. This year, the Centre had also extended several deadlines in wake of the coronavirus pandemic till March 31, 2021. The tax-related tasks you need to complete include linking PAN card to Aadhaar card, investment deadlines for filing income tax returns and obtaining tax exemption.
So as the financial year 2020-21 is going to end here's a list of tax-related tasks you need to complete to avoid heavy fines and punishments.
Linking PAN with Aadhaar Card
The government has extended the deadline to link PAN card with the Aadhaar card many times. It was last extended from June 30, 2020, to March 31, 2021. If you do not link your PAN card to your Aadhaar Card by March 31 2021, then your PAN number will be deactivated. A large number of transactions will not be possible after the PAN number becomes inactive.
Modified or delayed filing of ITR for FY 2019-20
If you have not yet filed the revised or delayed income tax return for FY 2019-20, then the deadline for filing it will expire on March 31, 2021. On filing a delayed income tax return, 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.
Investment for FY 2020-21
If you have opted for the old tax system, by March 31, 2021, it is necessary to complete the investment or expenses in a tax saving instrument. If you do not invest according to your declaration till this period, then you will not be able to reduce your income tax liability for the said financial year.
The credit of bills under LTC Cash Voucher Scheme
Under LTC Cash Voucher Scheme, it is mandatory to submit the bill by March 31 2021, in the correct format to avail tax. It is necessary to have the GST amount and number. The scheme was announced by the Central Government in October 2020. Its goal was to stimulate growth in demand and to give employees the option to claim LTA amounts that employees had not yet been able to claim. Later, it was announced to extend the scope of this scheme to the central employees as well as PSU and private sector employees.
Special Festival Advance Scheme
Government employees can avail of special advance up to Rs 10,000 till March 31, 2021. The government announced the scheme in October 2020 along with the LTC Cash Voucher Scheme. If government employees take this advance, they can return it in a maximum of 10 instalments.
Benefits of Pradhan Mantri Awas Yojana for MIG-I and MIG-II
If you want to avail of the benefit of the Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana, then it is to be kept in mind that the deadline for applying to get subsidy for the MIG-I and MIG-II categories expires on March 31, 2021. At the same time, the deadline for LIG and EWS category has been extended to 31 March 2021.
Deadline to avail Emergency Credit Line Guarantee Scheme
The Central Government had announced the Emergency Credit Line Guarantee Scheme while announcing the self-reliant India package. Under this scheme, the government provided loans without guarantee to traders and especially small traders in the difficult times of Covid-19. The deadline for disregarding this scheme is March 31 2021.
Deadline for filing the declaration under Vivad Se Vishwas scheme
The Central Government, through a notification on February 26, 2021, extended the deadline for filing the declaration under the dispute resolution scheme 'Vivad Se Vishwas scheme' to March 31, 2021. Earlier, the deadline was February 28, 2021.
Posted By: Talibuddin Khan