For all tax purposes in India, we use the Financial Year, and Income Tax is imposed on the gross income received over the course of the year. Every financial year's deductions, exemptions, and rebates are also mentioned separately. This is the time when most people rush to invest. Before the 31st of March, there are a few things that must be completed. It's important that we have a list of the financials we need to finish by the end of the month to avoid any penalties. The current fiscal year is coming to a close, and the new fiscal year is about to begin.
A GST return is a format in which a taxpayer who is enrolled under the Goods and Services Tax (GST) law must file a separate return for each registration. To keep taxes in line with respective approval, the government announces GST return filing due dates from time to time. The deadline for filing annual GST returns for the fiscal year 2019-20 has been extended until March 31 by the Centre. The Department of Revenue stated that the decision was made in light of the difficulties that taxpayers have expressed in meeting the deadline. With the approval of the Election Commission of India, the government has agreed to extend the deadline for filing GSTR-9 and GSTR-9C for the financial year 2019-20 to 31.03.2021.
Link Aadhar with PAN
The Income Tax Department has made it simple for taxpayers to connect their PAN cards with Aadhaar. From April 1, 2019, it is also required to cite and link the Aadhaar number when filing income tax returns. A person cannot file an ITR without linking his or her Aadhaar and PAN. If you do not connect your PAN with your Aadhaar, your PAN will become inactive on April 1, 2021. The government has previously extended the deadline for linking Aadhaar to PAN on many occasions. The deadline has been extended to March 31, 2021. The Income Tax Act of 1961 makes it mandatory to attach your PAN to your Aadhar card. The Income Tax Department can fine you up to Rs10,000 if you fail to link your PAN and Aadhaar.
Filing Advance Tax
Advance tax is income tax charged in advance rather than in a lump sum at the end of the year. The income tax department requires advance tax payments to be made in installments by the defined due dates. The government's ability to manage expenditures is aided by the continuous collection of advanced revenue. Taxpayers must pay advance tax on dividend income only after the dividend has been declared or paid. Click to read how is Advance tax calculated?
For both individual and corporate taxpayers:
Due DateAdvance Tax Payable
On or before 15th June- 15% of advance tax
On or before 15th September- 45% of advance tax
On or before 15th December- 75% of advance tax
On or before 15th March- 100% of advance tax
Belated, Revised Tax Return
Belated tax returns, as the name implies, are filed after the extended return filing deadline outlined in Section 139(4) of the Income Tax Act. Individuals file revised income tax reports if they find a mistake after filing their initial tax returns, such as the lack of interest income or a bank account. You will have one year from the end of the relevant Assessment Year to file your belated IT Returns (AY). But now it has been reduced by three months. This year it is March 31, 2021, but after this, we will have to file revised tax by December 31, 2021.
If you have not filed returns for a specific year for more than two years, you will receive a notice from the IT department. If you receive one of these notices, make sure to begin reviewing and filing your tax returns as soon as possible.
Vivad se Vishwas
The deadline to submit a declaration under the Vivad Se Vishwas scheme has been extended until March 31, 2021. The Direct Tax 'Vivad se Vishwas' Act, 2020 signed into law on March 17, 2020, with the aim of reducing pending income tax litigation, generating timely revenue for the government, and benefiting taxpayers. So far, 1,25,144 cases have applied for the Vivad se Vishwas (VsV) scheme, accounting for 24.5 percent of the 5,10,491 cases currently pending in various courts.
The deadline for the One-Time Settlement (OTS) scheme for property tax arrears has been extended once again by the Hyderabad Municipal Administration and Urban Development (MAUD). The deadline for the scheme was extended by the department to March 31, 2021.
Tax Saving Investments
A person can claim a deduction of up to $150,000 under section 80C. Similarly, under section 80D, a taxpayer can claim a deduction for health insurance, and under section 80G, a taxpayer can claim a deduction for charitable contributions. You must send investment proofs to your employer for the Financial Year if you are a salaried employee.
Deposits in mutual funds, PPF, NSC, LIC premiums, SSY, NPS subscriptions, and health insurance contributions are among the savings that qualify for a tax deduction.
Submit Form 15G/15H
When your interest income exceeds Rs.40,000 in a year, banks are required to deduct TDS. However, if you apply Form 15G / Form 15H to your banker, no TDS will be deducted from your earnings. March 31 is the deadline for filing the quarterly statement of TDS/TCS deposited for Q1 and Q2 of FY 2020-21 has been extended.
Have you changed jobs? You must submit Form 12B.
If you changed jobs during the fiscal year, make sure you've sent Form 12B to your new employer.
Some investment accounts, such as the PPF and the NPS, require a minimum annual commitment. This is a one-time payment that you can make at any time in the year. If you have not yet made the necessary minimum contribution to these accounts for this fiscal year, now is the time to do so.