These 7 things will change for you, fix them before last date March 31 to avoid penalty

There is not even 10 days left in the Financial Year 2020-21. As we enter in a new Financial Year, it is imperative that we finish the tasks associated with ongoing FY. There are several tasks that need to be done and also rules that are changing beginning April 1. One should pay attention and complete these exercises at the earliest to avoid any penalty or face difficulty going forward. From PAN-Aadhaar linking, revised ITR filing to LTC bill submission, there are tasks that need our immediate attention. Let's look at them one by one.    

Revised ITR filing: Income Tax Department has recently alerted taxpayers to file their ITR as soon as possible. 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. If you file after this, then you may have to pay a late fee of up to Rs 10,000.  

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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.

PAN-Aadhaar linking deadline: The deadline to link Pan card with Aadhaar card has been already changed. The government has extended the deadline to link PAN with Aadhaar to March 31, 2021, from the previous 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.  

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: 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.  

Contribution to PPF and NPS accounts: A subscriber of PPF or NPS accounts needs to make sure that he/she deposits a minimum contribution of ₹500 per year in order to avoid the account becoming dormant.  

Book your long-term capital Gains before March 31: As per Section 112A, long-term capital gains on equity shares are fully exempt up to Rs 1 lakh and the balance is taxed @10%. In case you haven't booked it yet, you can book long-term capital gains up to one lakh of rupees before March 31.