Income Tax Deadline: The current financial year is going to end this week and it should be reminded salaried taxpayer To complete tax-related tasks before March 31, which is a crucial deadline for them. From filing delayed income tax returns to planning your taxes, March 31 is the last date to do it all to avoid penalties and any other fines. To make sure you don’t miss out on any of these, read through the various income tax-related tasks that you need to complete in FY2021-22 as well as on the last day of March.
1. Filing of delayed income tax return: March 31 is the last chance for salaried taxpayers who have missed the previous deadline to file income tax return For the Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. However, you should also note that you may face a penalty of Rs 1,000 or Rs 5000 depending on your income. Pay additional interest on taxes. Penalty under section 234F of the Income Tax (IT) Act is to be paid, the government has said for late filing of IT returns.
2. Tax planning deadline: March 31 is the end of FY 2011-22 and that means it is also the last month to plan your taxes well to avoid paying higher revenue. This is also the last chance to maximize your tax benefits, It has been observed that most of the investors, despite being well aware of the time frame, postpone their income tax plan till the last minute and hence commit mistakes. Thus, March 31 will be your last chance to plan your tax-saving investments for the current financial year and avoid common mistakes.
3. E-Verification of ITR: If you have not verified your income tax return for the previous assessment year, the end of this month is your deadline. As per government guidelines, e-verification of income tax returns for FY 19-20 can be done till March 31, 2022. The Central Board of Direct Taxes or CBDT has given a one-time exemption to taxpayers to e-verify ITR. specified date. Once the time limit is exceeded this task cannot be completed.
4. PAN-Aadhaar Link: This is an important task for every taxpayer. According to the CBDT, linking of PAN-Aadhaar is one of the most important tasks you have to do by March 31 to avoid any kind of penalty. If not complied with, your PAN will become inoperative and may attract a fine of up to Rs 10,000. Linking PAN-Aadhaar after March 31 will also attract a fine of up to Rs 1,000, the government has said. An inactive PAN will also mean that you will not be able to invest in mutual funds, stocks or open a bank account, among other things.
5. Advance Tax Payment: The deadline for paying advance tax is also March 31. Any taxpayer who has to pay an amount of Rs 10,000 or more for the year is required to pay advance tax. The fourth installment was to be paid by March 15, 2022 but taxpayers can pay advance tax for the financial year 21-22 on or before March 31, 2022.
read all breaking news , today’s fresh news And IPL 2022 Live Updates Here.