The financial year 2020-21 is going to end, so the deadline for many important works is 31 March. The new income tax rules will come into effect from April 1. In such a situation, every taxpayer must do these 5 tasks before the deadline of 31 March to avoid heavy penalties, otherwise the taxpayers will have to pay heavy penalty. The last date for these 5 works is 31 March 2021.
If you have not yet filed the Income Tax Return (ITR) for FY 2019-20, then the deadline to fill it with Late Fine and Interest is 31 March 2021. If you do not file ITR by 31 March, then you will not be able to file it further and you will have to pay a heavy fine and also have to answer to the income tax department.
File the revised and delayed income tax return
If you have filed ITR and there is a mistake, then the last date for filling the revised ITR will expire on 31 March 2021. After this, you will not be able to make any changes in ITR. At the same time, on 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.
Avail deduction claim
The deadline for payment of life insurance premium, investment in PPF account, payment of mediclaim premium and donation to charitable trusts, etc. is 31 March for claiming income tax deduction for the year 2020-21. If you do not pay them by 31 March, then you will have to pay more income tax on your total income.
Submit advance tax
Taxpayers on whom the liability for income tax after adjustment is more than Rs 10,000 and they are not senior citizens, they have to pay advance tax. It usually has to be deposited in 4 installments in a year, the last date of the last installment 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.
Deadline to link PAN card to Aadhaar Card is 31 March 2021. If you do not link PAN card to Aadhaar Card till this date, then your PAN number will stop working and it will be deactivated.
Once the PAN is deactivated, you will not be able to do any major transactions. You can link the online PAN card to Aadhaar Card by visiting the website of Income Tax Department www.incometaxindiaefiling.gov.in.
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