Coping with the continuing Covid-19 pandemic and its penalties would most likely be the highest precedence for you. However as you’re taking precautions, don’t overlook to take inventory of different essential duties which you could’t afford to postpone. With the monetary yr (2020-21) simply across the nook, there are particular monetary duties that have to be accomplished earlier than the deadline of March 31 to keep away from paying a penalty.
Right here’s a guidelines of all monetary duties which have to be carried out by taxpayers earlier than March 31, 2021.
Linking PAN-Aadhaar deadline
Due to the COVID-19 pandemic scenario, the federal government had prolonged the deadline to hyperlink your Everlasting Account Quantity (PAN) with Aadhaar to March 31, 2021. The earlier deadline was June 30, 2020. Don’t overlook to hyperlink these essential paperwork by the March finish deadline, else the PAN will change into inoperative from April 1, 2021.
Submitting revised ITR
The Central authorities has additionally given time till March 31, 2021 for submitting the revised or delayed revenue tax return for FY 2019-20. In the event you missed the sooner deadline, you will need to file the revised ITR earlier than March 31. Submitting later could result in a late payment of as much as Rs 10,000. Nevertheless, you need to pay a late payment of Rs 1,000 provided that your revenue is as much as Rs 5 lakh.
Submitting advance tax
In keeping with the revenue tax legal guidelines, if a taxpayer has a tax legal responsibility of greater than Rs 10,000 in a monetary yr, then they’re liable to pay advance tax in 4 instalments. March 15, 2021 was the deadline for paying the fourth instalment of advance tax for the FY 2020-21.
LTC Money Voucher Scheme
Central authorities staff must submit their Go away Journey Concession Money Voucher Scheme (LTC) by March 31, 2021. They should fill within the appropriate format to avail tax advantages beneath the LTC scheme.
Emergency Credit score Line Assure Scheme
Amongst different subsidies and helpful schemes, the Centre had earlier introduced the Emergency Credit score Line Assure Scheme to reinforce its self-reliant India bundle. Beneath the scheme, the Centre gives loans with out collaterals to small and medium merchants throughout the pandemic.
Vivad Se Vishwas
Beneath the Centre authorities’s ‘Vivad Se Vishwas’ scheme, the final submitting declaration was prolonged to March 31, 2021. The Direct Tax ‘Vivad se Vishwas’ Act, 2020, which got here into being on March 17, 2020, was launched to scale back pending revenue tax litigation and generate well timed income for the federal government and profit taxpayers.