As we all know that the current financial year 2020-2021 is approaching its end. And along with It, several financial deadlines are also approaching to their end. Which needs to be completed on or before 31st March of 2021. This year the central government has extended many deadlines already considering the situation of the Covid-19 Pandemic.
Below is the list of things that needs to be completed before 31st March 2021 to avoid Heavy fines and Penalties.
Filing for ITR Return:
If you have not filed the ITR returns for the FY 2019-20 you need to do it before 31st March 2021. This window will be closed after that and you will not be able to file for Income Tax Return for the previous financial year.
Taxpayers who want to make changes in their already filed taxes, then they will be able to do it only before the deadline of 31st March 2021.
As per the Income Tax Law of India A person with a tax liability of above INR 10,000 Rupees. (Except senior citizens who doesn’t have any professional income) is liable to pay Advance Tax. In 4 installments in a financial year. Those are the 15th of March, 15th of July, 15th of September, and 15th of December.
However, if the taxpayer has not paid advance tax on or before the due date, he/she will be charged an interest of 1% per month for deferment in installment and 1% interest per month if only 90% of the total taxable amount is paid before the end of the Financial Year.
PAN and Aadhar Linking:
Many times, previously the government has extended the deadline for linking Aadhar cards with Permanent Account Number (PAN). The last extension was from June 30th, 2020 to March 31st, 2021. If you do not link your PAN card with your Aadhar card on or before March 31st, 2021. Then your PAN number will be deactivated and transactions using such PAN will not be possible. We advise you to get it done before March 31st.
Filing the declaration under Vivad Se Vishwas scheme:
This scheme was announced in the previous year's budget 2020. As a No dispute but Trust Scheme (Vivad se Vishwas) to settle the pending disputes under Direct Tax. The main purpose of this scheme was to reduce pending litigations, generate revenue for the government and to get relief from pending disputes by paying disputed taxes, get a waiver from payment of interest plus penalty, and also get immunity from prosecution.
31st March is the deadline for filing the declaration under Vivad se Vishwas scheme.
The credit of bills under the LTC Cash Voucher Scheme:
To avail tax benefits under the LTC cash voucher scheme, which was recently introduced by the government of India In October 2020. It is mandatory to submit the bills by March 31st, 2021 in the correct format to avail the tax benefits. It is necessary to have the GST bill which has the GST amount and GST number on it. This scheme was introduced because the employees were not able to avail the benefits of LTA scheme (Leave Travel Allowance) due to ban on traveling in the covid situation. To know more about the LTC cash voucher scheme click here.
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