From PAN card linking to income tax return filing: 5 tasks you need to complete before March 31 deadline
March 31 is not just the last day of the financial year but also remains to be the deadline to complete a number of financial tasks. Sometimes it is necessary or mandatory to meet these deadlines, as it can help you not only save taxes but also avoid penalties from the Income Tax department. Here is a detail of all financial deadlines that a taxpayer must keep in mind before this financial year (2018-19) ends this week.
1. Income tax returns (ITR):
In case you forgot to file your ITR for the last financial year 2017-18, then here is your last chance to fill a belated ITR. After paying a fine between Rs 5,000-10,000 depending on your income, you can do so. From April, you will not be able to file ITR for FY 2017-18 and 31 March deadline is also applicable for all those who want to revise their ITR for FY 2017-18. (Pixabay)
2. PAN-Aadhaar linking:
After the constitutional validity of Aadhaar Card by the Supreme Court in 2018, it is now mandatory to link a PAN card with Aadhaar for income tax returns. The Income Tax department had extended the earlier deadline to 31 March. You can link your PAN with Aadhaar easily and can also check PAN and Aadhaar linking status on Income Tax official website. (PTI)
3. Shares:
People who own shares in a paper or physical form mandatorily, have to convert them into demat form by March 31 as they will not be able to do the transaction in physical shares after April 1. (Reuters)
4. Tax saving investments:
A person should plan all the tax savings as early as possible. Tax-saving investments under the Income Tax Act, 1961, goes well beyond Section 80C under which you can save taxes of up to Rs 1.5 lakh by making specified investments, expenses etc. (PTI)
5. Make a budget for next year:
Record all your income and expenses from next financial year onward, as it will help you plan your financial budget and tax planning next year. You can start recording all your transactions from April 1.