Income Tax Deadline: The ongoing financial year is on its way to end this week and this should remind salaried taxpayers to finish a slew of tax-related tasks before March 31, which is a crucial deadline for them. From filing belated income tax return to planning your taxes, March 31 is the last date to do it all to avoid penalties and any other fines. To make sure you do not miss out on any of these works, read on the different income tax-related tasks you have to complete within the last day of March, as well as FY2021-22.
1. Filing Belated Income Tax Return: March 31 is the last chance for salaried taxpayers who missed out on the earlier deadline to file income tax return for the Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. However, you must also note that youu may face a penalty of Rs 1,000 or Rs 5000 depending on your income and also pay additional interest on taxes. The fine is to be paid under Section 234F of the Income Tax (I-T) Act, the government has said on filing belated IT Returns.
2. Tax Planning Deadline: March 31 is the end of FY21-22 and this means it is also the last month to plan your taxes well to avoid paying higher revenues. This is also the last chance to maximise your tax benefits. It has been seen that most investors, despite being well-aware of the deadline, postpone their income tax planning to the last minute and hence make mistakes. Thus, March 31 will be your last chance to plan your tax-saving investments for the current financial year and avoid common mistakes.
3. E-Verification of ITR: If you have not verified your income tax return for the previous assessment year, the end of this month is your deadline. According to government guidelines, e-verifications of income tax return for FY 19-20 can be done till March 31, 2022. The Central Board of Direct Taxes or CBDT has given a one-time relaxation to taxpayers to e-verify ITR within the specified date. This task cannot be completed once the deadline exceeds.
4. PAN-Aadhaar Link: This is a crucial task for every taxpayer. Linking PAN-Aadhaar, as per the CBDT, is one of the most important tasks you have to do by March 31 to avoid any kind of penalties. If not complied, your PAN will become inoperative and that may attract fines up to Rs 10,000. Linking PAN-Aadhaar after Mrch 31 will also attract a fine up to Rs 1,000, the government has said. An inoperative PAN would also mean that you will not be able to invest in mutual funds, stocks or open a bank account among other things.
5. Advance Tax Paying: The deadline to pay advance tax is also on March 31. Any taxpayer who has to pay an amount of Rs 10,000 or more for the year is required to pay advance tax. The fourth installment had to be paid by March 15, 2022 but taxpayers can pay the advance tax for FY 21-22 on or before March 31 2022.
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