New rules 2021: DEADLINE to complete these tasks ends tomorrow—Fix it now
We are left with only two days before we step in a new Financial Year and as informed there are several tasks that need your immediate attention as the deadline for the same ends tomorrow, March 31.
We are left with only two days before we step in a new Financial Year and as informed there are several tasks that need your immediate attention as the deadline for the same ends tomorrow, March 31. It is time you pay attention and complete these tasks at the earliest to avoid any penalty or face difficulty going forward. From PAN-Aadhaar linking, revised ITR filing to LTC bill submission, there are 9 tasks that need your immediate attention. Let's look at them one by one.
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PAN-Aadhaar linking deadline: The deadline to link Pan card with Aadhaar card has been already changed. The government has extended the deadline to link PAN with Aadhaar to March 31, 2021, from the previous June 30, 2020. However, if the PAN is not linked with Aadhaar number by March 31, 2021, then the PAN will become inoperative from April 1, 2021. After that you will not be able to conduct any financial transaction once his/her PAN becomes inoperative.
Revised ITR filing: Income Tax Department has recently alerted taxpayers to file their ITR as soon as possible. In case you have not filed the revised or delayed income tax return for FY 2019-20, then the deadline for filing it will expire on March 31, 2021. If you file after this, then you may have to pay a late fee of up to Rs 10,000.
Filing advance tax: As per updates from the income tax laws, if a taxpayer has a tax liability of more than Rs 10,000 a year, then they are liable to pay advance tax in four instalments. March 15 is the deadline for paying the fourth instalment of advance tax for the financial year 2020-2021.
GST Return Filing
The deadline for filing the annual GST Return for the financial year 2019-20 is till 31 March 2021. The Finance Ministry had decided to extend the date of filing GSTR-9 and GSTR-9C in view of the problem of taxpayers.
LTC Cash Voucher Scheme: As per updates from the Central government, it is mandatory to submit the bill by 31 March 2021 in the correct format to avail tax under LTC Cash Voucher Scheme. It is also necessary to have the GST amount and number. The scheme was announced by the Central Government in October 2020.
Special Festival Advance Scheme
Government employees can get special advance up to Rs 10,000 till March 31, 2021, interest-free. The government announced this scheme in October 2020 with LTC Cash Voucher Scheme. If government employees take this advance, they can return it in maximum 10 installments.
Emergency Credit Line Guarantee Scheme: The Centre had announced the Emergency Credit Line Guarantee Scheme while announcing the self-reliant India package. Under this scheme, the Centre has provided loans without guarantee to traders and especially small traders in the difficult times of Kovid-19. The deadline for disregarding this scheme is 31 March 2021.
Contribution to PPF and NPS accounts: A subscriber of PPF or NPS accounts needs to make sure that he/she deposits a minimum contribution of ₹500 per year in order to avoid the account becoming dormant.
Book your long-term capital Gains before March 31: As per Section 112A, long-term capital gains on equity shares are fully exempt up to Rs 1 lakh and the balance is taxed @10%. In case you haven't booked it yet, you can book long-term capital gains up to one lakh of rupees before March 31.
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