The new financial year will start from April 1 and with this all the deadlines related to income tax will also end. Within the deadline of March 31, you have to deal with many such tasks, leaving you may face difficulties in future. We are telling you four such works related to income tax, which should be completed before 31 March.
Advance Income Tax
If any taxpayer has a tax liability of more than 10 thousand rupees, then he has to pay it in the form of Advance Income Tax. It would be better to pay it before 31st March. Advance tax is deposited four times in a financial year. 15 June, 15 September, 15 December and 15 March but if you do not pay 90% of your advance tax by 31 March, then you will also have to pay additional interest.
If you want to revise the income tax return of the last financial year i.e. 2020-21, then you have the opportunity of this month. After March 31, you will not get the facility to file or revise ITR for the financial year 2020-21. You may also have to pay a penalty for not filing income tax return or showing less income.
Link PAN with Aadhaar
You should do this work first. If you have not yet linked PAN with Aadhaar, then this work should be done before 31 March. The limit for linking Aadhaar with PAN has already been increased several times. It is possible that this time the government will not make any changes in its deadline and if you do not link your PAN-Aadhaar, then the Income Tax Department can take action.
Investing for Tax-Saving
If you have not yet invested in tax exempt options for 2021-22, then its deadline is also 31 March. Under Section 80C of Income Tax, you can claim tax exemption on investments up to Rs 1.5 lakh per annum. You can take advantage of this by investing money in life insurance, PPF, tax saving schemes of mutual funds, but you have to complete this work before 31 March.