Tax-related duties you should carry out earlier than 31 March deadline

The finish of the monetary 12 months 2020-21 is approaching quickly. There are a number of duties that one must carry out earlier than the 31 March deadline. Many taxpayers could be speeding to make tax saving investments in the event that they haven’t carried out already. But it’s not the one activity that one wants to complete earlier than the final date. There are different tax-related duties too which one ought to to complete earlier than the deadline which can additionally lead to penalties. Also Read | How citizen information led India’s covid battle Here is an inventory of a few of the duties which you should carry out earlier than 31 March. Filing belated and revised return 31 March can be the top of the evaluation 12 months 2020-21. Therefore, it’s the final date for submitting revised or belated return for FY19-20. An earnings tax return (ITR) filed after the due date is known as late or belated return. In case you’ve got filed your ITR however need to make any adjustments in it, you’ll be able to file a revised return. The deadline for submitting revised in addition to belated return is the 31 March of the evaluation 12 months. “One ought to keep in mind that, if this deadline of 31 March is missed then you definately will be unable to file revised or belated ITR for monetary 12 months 2019-20. Belated ITR shall be submitted with a late submitting charge of Rs10,000 on or earlier than March 31, 2021,” said Kapil Rana, Founder & Chairman, HostBooks Limited. Filing advance tax Any person whose estimated tax liability for the year is more than ₹10,000 a year is liable to pay advance tax. 15 March is the deadline for paying the fourth installment of the advance tax for financial year 2020-21 including the advance tax by those individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA. “If taxpayer fails to do so will be end up paying delayed interest and, in some cases, penalties,” says Rana. Linking Aadhar and PAN March 31, 2021 can be the deadline for linking PAN with Aadhaar. If linking PAN with Aadhaar shouldn’t be carried out then it’ll result in PAN changing into inoperative. Vivad Se Vishwas The deadline for submitting declaration below Vivad Se Vishwas scheme was prolonged to 31 March, 2021. As per a Central Board of Direct Taxes’s notification, the date for cost of tax with out extra curiosity below the scheme stays unchanged at 30 April, 2021. The Direct Tax ‘Vivad se Vishwas’ Act, 2020 was enacted on March 17, 2020, with the target to scale back pending earnings tax litigation, generate well timed income for the federal government and to profit taxpayers. Subscribe to Mint Newsletters * Enter a legitimate e mail * Thank you for subscribing to our publication.