An important note for taxpayers. Five tasks to be done by March 31st. The list also includes the PAN Aadhaar link. If all these are not done on time you will definitely get into trouble.
If you are paying taxes here is a list of a few things you definitely ought to know.
Taxpayers are expected to complete certain tasks by the end of this month.
If these are not completed within the stipulated time, there will be difficulties for you as a taxpayer.
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Let’s get to know what these are.
- The deadline for filing revised returns is March 31. This applies to the 2020-21 assessment year. Returns filed for the 2019-20 financial year may be revised and re-filed.
- Those who have to pay a tax of more than Rs.10,000 per annum can pay tax in advance. This is called an advance tax.
- The advance tax will be levied in four installments by July 15, September 15, December 15, and March 15. Charges are payable if the advance tax is not paid.
- Can avail tax exemption benefits under Section 80C up to Rs 1.5 lakh tax deduction. No tax deduction can be obtained beyond this deadline. Must invest by March 31 for the 2020-21 fiscal year.
- The deadline for linking the Aadhaar card number with the PAN card number is March 31. PAN card may not be valid if the two are not linked.
- The deadline for filing a declaration under the Vivad Se Vishwas scheme for all the taxpayers is March 31.