Revised returns can be filed anytime on or before the end of the assessment year which is March 31, 2021 for FY19-20.
Financial year 2020 is coming to an end and there are a few tasks that a taxpayer needs to perform before the March 31 deadline.
Many taxpayers right now would be hurrying to make tax-saving investments. However, the most costly liability i.e, government dues should be paid before March 31.
Here are a list of tasks that you need to complete before the deadline of March 31.
1. Filing belated and revised return
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Revised returns can be filed anytime on or before the end of the assessment year which is March 31, 2021 for FY 19-20. Any Income Tax Return filing after the deadline is referred to as a belated return. It should be noted that the due date to file the belated return and revised return is the same
2. Advance Tax
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As per the Income Tax Law, a person having a liability of more than Rs 10,000 a year (except senior citizens not having professional income) has to pay Advance Tax in four instalments which is before July 15, September 15, December 15 and March 15. However, if the person fails to do so, the taxpayer is charged 1% interest per month for deferment in instalment and 1% interest per month if only 90 percent of the total amount is paid before the end of the Financial Year
3. Linking Aadhar and PAN
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The last date to link your Aadhar with PAN is March 31. If you fail to link your Aadhar with your PAN before the deadline, then the PAN will become obsolete.
4. Invest in tax saving instruments
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If an individual or HUF taxpayer invests or spends in specified products before the end of the year, then under sections 80C he/she will get a tax expedition upto Rs 1.50 lakh. The deadline for such investments for FY 20-21 is March 31, 2021. On missing the deadline, the taxpayer loses the benefits.
5. Vivad se Vishwas
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Under the ‘Vivad Se Vishwas’ scheme, the last was filing declaration has been extended to March 31, 2021. With an aim to reduce pending income tax litigation generate timely revenue for the government and to benefit taxpayers, the Direct Tax 'Vivad se Vishwas' Act, 2020 came into being on March 17, 2020.
