We are on the brink of ending the monetary 12 months 2020-21, and some tasks are but to be accomplished by the taxpayers before the March 31 deadline. Many folks go for tax-saving investments this time in case they haven’t accomplished it. However, there’s extra that wants to be completed like paying off any authorities legal responsibility on or before the deadline.
List of tasks that wants to be accomplished before the March 31 deadline:
Filing belated and revised return
March 31 additionally marks the final date to file the revised or belated return for the monetary 12 months 19-20. Any ITR submitting after the deadline is referred to as a belated return. Any modifications that wants to be completed, might be carried out inside the deadline which is March 31.
Advance Tax
Under the Income Tax Law of India, an individual — apart from senior residents with none skilled revenue — with a tax legal responsibility of over Rs 10,000 is liable to pay advance tax in 4 instalments — before July 15, September 15, December 15 and March 15. However, if the tax isn’t paid on or before the deadline, the taxpayer is charged 1 % curiosity monthly for deferment in instalment and 1 % curiosity monthly if solely 90 % of the whole quantity is paid before the finish of the FY.
Linking Aadhar and PAN
The deadline for linking your PAN card with Aadhaar is March 31 and the PAN card could turn into defunct if it is not linked with Aadhaar before the deadline.
Vivad Se Vishwas
Under the Centre’s Vivad se Vishwas scheme, the final date to make a declaration has been prolonged to March 31, 2021. The Direct Tax ‘Vivad se Vishwas’ Act, 2020, got here into pressure on March 17, 2020.
