There are several financial deadlines that will expire on March 31, 2021. To avoid paying penalty, they need to finish these tasks before the due deadline that is March 31. For general information, the financial year is counted between April 1 and March 31, a period during which tax is calculated on the income earned by people. However, there are several financial deadlines that will expire on March 31, 2021. Here is a list of all financial tasks which need to be performed by taxpayers before March 31.
PAN-Aadhaar linking deadline: Because of the coronavirus pandemic, the Central government has extended the deadline to link PAN with Aadhaar to March 31, 2021, from the previous deadline of June 30, 2020. However, if the PAN is not linked with Aadhaar number by March 31, 2021, then the PAN will become inoperative from April 1, 2021. After that you will not be able to conduct any financial transaction once his/her PAN becomes inoperative.
Revised ITR filing: In case you have not filed the revised or delayed income tax return for FY 2019-20, then the deadline for filing it will expire on March 31, 2021. Hence, you must file the revised ITR before March 31. If you file after this, then you may have to pay a late fee of up to Rs 10,000. However, if your income is up to Rs 5 lakh, then you will have to pay a fee of Rs 1,000 only.
LTC Cash Voucher Scheme: As per updates from the Central government, it is mandatory to submit the bill by 31 March 2021 in the correct format to avail tax under LTC Cash Voucher Scheme. It is also necessary to have the GST amount and number. The scheme was announced by the Central Government in October 2020.
Emergency Credit Line Guarantee Scheme: Earlier, the Centre had announced the Emergency Credit Line Guarantee Scheme while announcing the self-reliant India package. Under this scheme, the Centre has provided loans without guarantee to traders and especially small traders in the difficult times of Kovid-19. The deadline for disregarding this scheme is 31 March 2021.
Filing advance tax: As per updates from the income tax laws, if a taxpayer has a tax liability of more than Rs 10,000 a year, then they are liable to pay advance tax in four instalments. March 15 is the deadline for paying the fourth instalment of advance tax for the financial year 2020-2021.
Vivad Se Vishwas: Under the Vivad Se Vishwas scheme of the Central government, you need to file declaration by March 31 as per the notification issued by the Central Board of Direct Taxes (CBDT). The objective of the scheme is to reduce pending income tax litigation and generate timely revenue for the government as well as benefit taxpayers.
