After the fiscal year 2021 began two months ago, the majority of us have begun working on activities and time limits for the month of March. You will be able to avoid a major hassle in the future if you develop a good summary of financial dates that will expire in March 2021. Here's a rundown on all the financial dates you shouldn't miss. The following are nine financial deadlines that will expire in March 2021.
To prevent double taxation, you must file a declaration
Foreign nationals and non-resident individuals suffering double taxation on income earned in FY 2020-21 due to compulsory stay in India due to the coronavirus pandemic have been required to file details by March 31, 2021, according to the Central Board of Direct Taxes (CBDT). The department has requested individuals to submit details in Form-NR if they are experiencing double taxation even after taking into account the relief offered by the Double Tax Avoidance Agreement (DTAA), according to a circular released on March 3, 2021.
Link Aadhaar with PAN
The government has extended the deadline to link PAN with Aadhaar from June 30, 2020 to March 31, 2021 owing to the COVID pandemic. The government has extended the deadline to link PAN with Aadhaar from June 30, 2020 to March 31, 2021 owing to the novel coronavirus pandemic. If the PAN is not linked to an Aadhaar by March 31, 2021, the PAN will be inactive beginning from April 1, 2021. Whenever a person's PAN is no longer active, he or she will be unable to perform financial activities. If you link your PAN to Aadhaar after it has been inactive, it will become active again from the date of effective link.
Bills must be submitted under the LTC Cash Voucher Scheme
To take advantage of the tax benefit offered by the LTC Cash Voucher Scheme, make sure that all relevant bills are in a specified way, including the GST amount and the vendor's GST number, are submitted to the employer (if the employer provides the scheme) by March 31, 2021. According to the scheme, an employee can pay three times the amount considered as LTA fare on goods and services subject to a 12 percent or higher GST rate.
File revised ITR for the financial year 19-20
Individuals whose accounts are not required to be audited have until March 31, 2021 to file an updated or belated income tax return (ITR) for FY 2019-20. An individual who files a late ITR now will be charged a late filing fee of Rs 10,000. The late filing fee for small taxpayers with income up to Rs 5 lakh will be Rs 1,000. Likewise, if you find a mistake in your initial ITR for FY 2019-20, you have until March 31, 2021 to file an updated ITR.
Complete tax-saving investments to reduce your tax outgo
If you chose the old tax system, make sure you finish all of your tax-saving investments before March 31, 2021. If you miss this deadline, you would miss out on the chance to lessen your tax liability for the fiscal year 2020-21.
A declaration must be filed under the Vivad se Vishwas scheme
The government has extended the deadline for filing declarations under the 'Vivad Se Vishwas Scheme' to March 31, 2021, from the previous deadline of February 28, 2021, through a letter issued February 26, 2021. Once an individual has lodged a declaration, the payment can be rendered on or before April 30, 2021, without incurring any additional fees.
Special Festival Advance Scheme
On or before March 31, 2021, government employees can apply for an interest-free special advance of Rs 10,000. The government declared the special festive advance in October 2020, including the LTC Cash Voucher Scheme. The government will reimburse the advance taken by a government employee in up to ten installments respectively.
The deadline to qualify for a credit subsidy under the PMAY scheme
The deadline to file for credit subsidy under the Pradhan Mantri Awas Yojana is March 31, 2021. The credit-linked subsidy will be applicable only for loans up to Rs. 6 lakhs, with any additional loans above that amount being charged at a non-subsidized rate. Credit-linked subsidies will be eligible for housing loans used for residential construction and incremental housing, such as the creation of rooms, kitchens, and toilets for existing residences. To qualify for this credit-linked subsidy, the carpet area of houses being built under this part of the mission must be up to 30 square metres for EWS and 60 square metres for LIG, respectively.
Last date of availing the benefits under the Emergency Credit Line Guarantee Scheme
On May 13, 2020, the government declared the Emergency Credit Line Guarantee Scheme as part of the Atma Nirbhar Bharat Project. The scheme offered completely assured, collateral-free loans to a variety of entities, including individuals seeking business loans. The advantage under the framework is only available until March 31, 2021.
Please remember that, as of April 1, 2020, a dividend earned from a person will be taxed in his or her hands as per the tax slab rate. If you earned a substantial portion of dividend income in FY 2020-21, you must verify to see if you are still eligible to pay advance tax. Dividend income that crosses Rs 5,000 in a fiscal year is subject to TDS.