Dealing with the ongoing Covid-19 pandemic and its consequences would most probably be the top priority for you. But as you take precautions, don’t forget to take stock of other important tasks that you can’t afford to postpone. With the financial year (2020-21) just around the corner, there are certain financial tasks that need to be completed before the deadline of March 31 to avoid paying a penalty.
Here’s a checklist of all financial tasks which need to be performed by taxpayers before March 31, 2021.
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. The previous deadline was June 30, 2020. Don’t forget to link these important documents by the March end deadline, else the PAN will become inoperative from April 1, 2021.
Filing revised ITR
The Central government has also 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. However, you have to pay a late fee of Rs 1,000 only if your income is up to Rs 5 lakh.
Filing advance tax
According to the income tax laws, if a taxpayer has a tax liability of more than Rs 10,000 in a financial year, then they are liable to pay advance tax in four instalments. March 15, 2021 was the deadline for paying the fourth instalment of advance tax for the FY 2020-21.
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.
Emergency Credit Line Guarantee Scheme
Among other subsidies and beneficial schemes, the Centre had earlier announced the Emergency Credit Line Guarantee Scheme to enhance its self-reliant India package. Under the scheme, the Centre provides loans without collaterals to small and medium traders during the pandemic.
Vivad Se Vishwas
Under the Centre government’s ‘Vivad Se Vishwas’ scheme, the last filing declaration was extended to March 31, 2021. The Direct Tax ‘Vivad se Vishwas’ Act, 2020, which came into being on March 17, 2020, was introduced to reduce pending income tax litigation and generate timely revenue for the government and benefit taxpayers.