Attention taxpayers! 5 Tax Tasks To Do Before March 31st
New Delhi: There are some tasks that must be completed before March 31st. Many taxpayers would rush to make tax-saving investments if they hadn’t already done so.
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- Submit your delayed and revised return
In the case of AY 20-21, the revised declaration can be submitted at any time on or before March 31, 2021, the end of that assessment year. However, if IT closes the assessment (exam exam or best judgment) beforehand, that will be the last day that you will revise your return. You can also revise the late-submitted ITRs. This means that you can revise the return for fiscal year 19-20 even if it was submitted after January 10, 2021 (due date for filing the return) or after the applicable extended due date. Note that the late return filing due date is also the same as the revised return date – the end of the relevant assessment year or before the assessment is completed, whichever is earlier.
- Input tax
Under the Income Tax Act, a person who has a tax liability of more than Rs 10,000 per year (excluding senior citizens with no professional income) is required to pay the input tax in four installments, that is, before July 15, September 15, September 15 December and March 15th. If input tax is not paid, 1% interest per month at 234C for the deferral in installments and 1% interest per month at 234B for 904B if 90% of the tax is not due before the end of the financial year against late payment the input tax paid.
- Invest in tax saving instruments
Section 80C provides a tax exemption of up to Rs. 1.50 lakh if the individual or the HUF taxpayer invests in or spends the specified products before the end of the year. For the 2020-21 financial year, such investments must be made before March 31, 2021. If someone misses that date, they will lose performance. If this deadline is not met, you will not be able to file a revised or delayed ITR for fiscal year 2019-20. Late ITR will be filed on or before March 31, 2021 with a late filing fee of Rs 10,000.
- Connect Aadhar and PAN
March 31, 2021 is also the deadline for PAN to join Aadhaar. Failure to link PAN to Aadhaar will cause PAN to stop working.
- Vivad Se Vishwas
The deadline for submitting the declaration under the Vivad Se Vishwas system has been extended to March 31, 2021. According to a notice from the Central Committee on Direct Taxes, the deadline for paying taxes without additional interest under the system remains unchanged on April 30, 2021. The Direct Tax Law “Vivad se Vishwas” of 2020 was adopted on March 17, 2020 with the aim of enacted reducing pending income tax disputes, generating timely revenue for the government, and helping taxpayers.
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