Apart from the usual income tax return filing and tax saving deadlines, you need to address few other important financial issues that have a cut-off date to go about your financial plan for the new year wisely.
Here are summarized all such cut-off dates for your ready-reference:
1. ITR filing deadline: Although the due date for filing income tax return for the FY 2017-18 is over, the Income tax department still allows filing of belated return till March 31, 2019 with penalty up to Rs. 10,000. From the financial year 2017-18, taxpayer is required to file belated return before March 31, 2019.
Also, revised ITR for the last financial year can be filed only till March 31, 2019.
As and when the ongoing financial year 2018-19 ends, you need to prepare for filing ITR as the deadline is July 31 unless and until the government defers it by some time. For the last FY i.e. 2017-18, deadline to file ITR had been extended till August 31, 2018 except for Kerala assessees.
2. Tax saving deadlines: If you wish to save taxes and avoid TDS deduction by your employer and simultaneously claim some of the reimbursements you have time only up till March 31. Salaried class employees need to furnish investment proofs for investments such as insurance policy, NSC, PPF, NPS, ULIP, tax-saving fixed deposit etc. that are allowed deduction under section 80C. Also tax benefit can be claimed on house rent allowance, medical insurance, income from house property etc.
For submission of relevant investment and expense proofs to your employer, you can check the deadline with the accounts department of your employer as it generally falls between mid January to March end. So to avoid higher TDS deduction from your salary income by your employer, remember to submit all investment related documents together with the rent receipt if any before the set deadline.
Also remember to claim reimbursements that you may be eligible for as an employee such as travel, mobile bill, internet, medical bills, house rent etc.
3. Dematerialisation of share certificate: Shareholders who own shares in physical format need to mandatorily dematerialize them by March 31 as shares held as physical certificate will not be sold in the market.
4. PAN card: After the SC verdict on aadhaar last year you need to mandatorily link your PAN with Aadhaar latest by March 31, 2019, failing which the Income tax department will declare your PAN as void.
Also, as per the latest changes made by the Income tax department, all of the entities who carry out transactions amounting to at least Rs. 2.5 lakh in a financial year need to get a PAN card latest by May 31 of the next financial year. And so if you happen to fall in this bracket, you need to get a PAN card until this date.
5. Home loan subsidy: On home loans you can get a subsidy of upto Rs. 2.67 lakh under the Credit Link Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (Urban) till March 2020.