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Last day of financial year! Make sure you complete these tax-related tasks

Last day of financial year: If you do not link your PAN with your Aadhaar, it will become invalid. The government had extended the deadline to link PAN and Aadhaar to March 31, 2021

twitter-logoBusinessToday.In | March 31, 2021 | Updated 14:17 IST
Last day of financial year! Make sure you complete these tax-related tasks

The financial year is coming to an end today. There is a list of important financial tasks that need to be completed before the clock strikes 12. These financial tasks need to be completed to avoid penalty or other serious consequences. One of the most important deadlines is linking of PAN-Aadhaar cards. The government had also allowed time till March 31 to file the revised or delayed income tax return.

Here is the list of financial tasks that you need to complete on March 31:

PAN-Aadhaar linking: If you do not link your PAN with your Aadhaar, it will become invalid. The government had extended the deadline to link PAN and Aadhaar to March 31, 2021.  In the Finance Bill 2021 passed by the Lok Sabha on Tuesday, the government introduced an amendment of imposing a penalty of Rs 1,000 in case of non-linking of PAN and Aadhaar. A new Section 234H to levy a fee was inserted in the Finance Bill that states that if a person is required to intimate his Aadhaar under Section 139AA(2) and if the person fails to do so, then they will be liable to pay a fee as prescribed, not exceeding Rs 1,000.

Filing revised ITR: The government had allowed time till March 31 to file revised or delayed income tax return for FY2019-20.  If you missed the earlier deadline then this is your only chance. Filing later means you would need to cough up upto Rs 10,000. If your income is up to Rs 5 lakh, then you will have to pay a late fee of Rs 1,000.

Tax-saving investments: If you are planning to invest for tax purposes then March 31 is the deadline for you. For instance, Section 80C provides tax exemption up to Rs 1.50 lakh if the individual invests or spends in specified products. Taxpayers would need to make the investments before March 31 to receive the benefits.

Vivad Se Vishwas: The deadline to declare under Vivad Se Vishwas scheme has been extended to March 31. The date for payment of tax without additional interest under the scheme remains April 30.

LTC Cash Voucher Scheme: Central government employees would need to submit their Leave Travel Concession Cash Voucher Scheme (LTC) by March 31.

Also read: Don't worry! Your salary structure is NOT changing from April 1

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