From ITR to PAN card, here are important financial deadlines in 2019 that you can't afford to miss
In order to evade penalties from the Income Tax department and save taxes, one should plan while keeping in mind all financial deadlines
In order to evade penalties from the Income Tax department and save taxes, one should plan while keeping in mind all financial deadlines.
Besides the usual income tax return (ITR) filing and tax saving deadlines, there are a few other vital cut-off dates which one must avoid missing.
Here, take a look at all such key dates that you must keep in mind while making a financial plan in 2019.
While the deadline to file income tax returns is shut now, the Income Tax department is still giving everyone a chance to file a belated ITR till March 31 by paying a fine.
From the financial year 2017-18, an assessee is required to file belated ITR before March 31, 2019.
Also, if you wish to revise your ITR for the last financial year, you can do it by March 31 as well.
And after you are done filling the above, you will have to start preparing to file ITR for FY 2018-19 as the deadline is July 31
If you want to save taxes and claim any reimbursements from your employer for FY 2018-19, you can do it by March 31, 2019. If you belong to the salaried class, you need to submit investment proofs for various investments, including PPF, NSC, tax saving fixed deposits, ULIP, life insurance policy, NPS, etc under Section 80C. You can also claim tax benefit on the medical insurance premium, house rent allowance (HRA), income from house property, etc.
And if you have not already planned these tax-saving investments, then we suggest you act quickly!
Also, even though you can claim these deductions later on while filing ITR, your TDS will be deducted by your employer if you fail to submit the relevant investment or expense proof on time. It would be nice if you check the deadline to submit documents with your office’s accounts department as the dates vary.
Also, do not forget to claim any reimbursements relating to travel, house rent, phone, internet and medical bills or other expenses that you may be entitled to as an employee.
You also need to keep a track of leave travel allowance (LTA) exemption. For tax benefit, you can claim it for two journeys in a block of four years, in between 2018 and 2021.
Also, remember to submit all the required documents such as rent receipts and other tax-savings related documents to your employer before the deadline set by your employer to avoid higher TDS deduction from your salary income
Apart from tax savings and ITR, one must also make sure to link their PAN cards to their Aadhaar number.
Following the Supreme Court order last year, it is now mandatory to link your PAN card with Aadhaar number. The order makes it mandatory for all those filing ITR to have an Aadhaar number and link it with their PAN card.
If you do not do it till March 31 this new year, then your PAN may be declared void by the Income Tax department.
This is not all. The Income Tax department has also made it mandatory for all the entities doing transactions worth at least Rs 2.5 lakh in a financial year to have a PAN card before May 31 of the next financial year
Do you wish to avail subsidy on home loans? It is now possible! To avail subsidy of up to Rs 2.67 lakh on home loans under the Credit Link Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (Urban), you have time only till March 2020. The deadline, which was March 31, 2019, earlier, has been postponed for a year