With the financial year-end today, you would need to finish certain financial tasks and obligations before the deadline of 31 March.
Linking PAN-Aadhaar deadline: Because of the COVID-19 pandemic situation, the government had extended the deadline to link your Permanent Account Number (PAN) with Aadhaar to March 31, 2021. In case you don’t do the linking, your PAN will become invalid.
In the Finance Bill, 2021, passed by the Lok Sabha on Tuesday, the government has introduced an amendment under which a person will be liable to pay a late fee of up to Rs 1,000 in case of non-linking of PAN with Aadhaar.
Filing revised ITR: The Central government has given time until March 31, 2021 for filing the revised or delayed income tax return for FY 2019-20. If you missed the earlier deadline, you must file the revised ITR before March 31. Filing later may lead to a late fee of up to Rs 10,000.
Invest in tax-saving instruments: Section 80C provides tax exemption up to Rs 1.50 lakh if the individual or the HUF taxpayer invests or spends in the specified products before the end of the year. For FY 2020-21, such investments are to be done before March 31, 2021. If one misses this date, he loses the benefit.
LTC Cash Voucher Scheme: Central government employees need to submit their Leave Travel Concession Cash Voucher Scheme (LTC) by March 31, 2021. They need to fill in the correct format to avail tax benefits under the LTC scheme.
Vivad Se Vishwas: The deadline for filing declaration under Vivad Se Vishwas scheme was extended to 31 March, 2021. As per a Central Board of Direct Taxes’s notification, the date for payment of tax without additional interest under the scheme remains unchanged at 30 April, 2021.
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