End these necessary duties of finance and tax within the month of March, in any other case it should worry

Within the month of March, taxpayers need to do many necessary duties associated to tax. With the completion of the month of March, the monetary yr ends. We’re telling you what duties you need to full by 31 March.

Billeted and revised returns

  • Late and revised earnings tax returns for the evaluation yr 2020-21 (FY 2019-20) will be filed by 31 March 2021.
  • Bilated returns will be filed even after the unique deadline for submitting ITR for a monetary yr is over. Nevertheless, penalty additionally needs to be paid.
  • Revised ITR is filed when there may be an error whereas submitting the unique tax return from the taxpayer.

‚ÄčFourth installment of advance tax

  • The fourth installment of advance tax is to be submitted by March 15 for the evaluation yr 2021-22.
  • Underneath the Revenue Tax Act, the tax legal responsibility of an individual (excluding senior residents who don’t have an expert earnings) is greater than Rs 10,000 in a yr, then he has to pay advance tax in 4 installments.
  • Advance tax needs to be paid earlier than 5 July, 15 September, 15 December and 15 March.
  • Penalty is incurred in case of non-payment of advance tax.

Linking Aadhaar with PAN
The final date for linking Aadhaar with PAN is 31 March 2021. By this date, if the Aadhaar just isn’t linked with the PAN, then the PAN will develop into inactive.

Battle-of-faith scheme
The Revenue Tax Division had elevated the deadline for giving particulars underneath Direct Tax (Direct Tax) Dispute Decision Scheme ‘Dispute to Confidence’ to 31 March and for cost to 30 April. The aim of this scheme is to resolve pending disputes.

GST Return Submitting
The deadline for submitting the annual GST Return for the monetary yr 2019-20 has been prolonged to 31 March 2021. Earlier, the deadline for submitting returns was prolonged until 28 February 2021.

Additionally learn:

Tax Saving Suggestions: These 5 bills save your tax, find out about them


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