Here we are telling about 5 such important things, whose deadline is ending this month.
March 31 is the last day of the financial year 2020-21. Therefore, it will also be the last date of revised or late income tax file for the financial year 19-20. A bilated return is filed after the expiry of the original deadline for filing Income Tax Return (ITR) for a financial year. For this, the taxpayer has to pay a penalty. The bilated ITR is to be submitted before 31 March 2021 with a late filing fee of Rs 10,000.Revised returns
An amended or revised ITR files a taxpayer if it makes a mistake while filing an original tax return. This includes mistakes such as forgetting the claim of deduction, non-reporting of income or bank account etc. If you have filed your ITR, but want to make any changes in it, then you can file the revised return.
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Filing advance tax
Under the Income Tax Act, if the tax liability of a person exceeds Rs 10,000 in a year, they have to pay advance tax in four installments i.e. before July 15, September 15, December 15 and March 15. Penalty is incurred in case of non-payment of advance tax. In this way, the fourth installment of advance tax is to be submitted by March 15 for the assessment year 2021-22.
Linking base and pan
If you have not linked your Aadhar Card to the PAN Card, then tell that it is mandatory to link the PAN with your Aadhar number under the existing rules. With this, it is necessary to give the Aadhaar number along with the PAN while filing the income tax return. The government has earlier extended the period for linking PAN to Aadhaar from 30 June 2020 to 31 March 2021. In such a situation, people who have not yet linked their PAN to Aadhaar. They will have to pay a fine and their PAN card will also become inactive from 1 April 2021.
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Trust scheme by dispute
Under the ‘Dispute to Confidence’ scheme, the deadline for filing Declaration was extended to 31 March. The Direct Taxes ‘Conflict to Confidence’ Act came into force on 17 March 2020. The purpose of this scheme is to resolve pending disputes. In all the courts, 4.83 lakh cases related to direct tax of Rs 9.32 lakh crore are pending. Under this scheme, taxpayers will have to pay only the disputed tax amount. They will get full rebate on interest and penalty.