New Delhi: The financial year 2020-21 is going to end soon. In such a situation, there are many works whose deadline has been fixed for 31 March. If you do not tackle these tasks before the given deadline, then you may have to pay a heavy penalty. March 31 is the last date to complete some tax-related work. If you miss by March 31, next year you will not get an opportunity to file revised or late income tax. It is worth noting that till 31 March, you can fill late or revised returns, but for this, you will have to pay 10 thousand rupees late fine.
Filing Belated
March 31 is the last day of the financial year 2020-21. Therefore, it will also be the last date of the revised or late income tax file for the financial year 19-20. A belated return is filed after the expiry of the original deadline for filing an Income Tax Return (ITR) for a financial year. For this, the taxpayer has to pay a penalty. The belated ITR is to be submitted before 31 March 2021 with a late filing fee of Rs 10,000.
Revised returns
An amended or revised ITR files a taxpayer if it makes a mistake while filing an original tax return. This includes mistakes such as forgetting the claim of deduction, non-reporting of income or bank account, etc. If you have filed your ITR, but want to make any changes to it, then you can file the revised return.
Filing advance tax
Under the Income Tax Act, if a person’s tax liability exceeds Rs 10,000 in a year, they have to pay advance tax in four installments i.e. before July 15, September 15, December 15, and March 15. The penalty is incurred in case of non-payment of advance tax. In this way, the fourth installment of advance tax is to be submitted by March 15 for the assessment year 2021-22.
Linking base and pan
If you have not linked your Aadhar Card to the PAN Card, then tell that it is mandatory to link the PAN with your Aadhar number under the existing rules. With this, it is necessary to give the Aadhaar number along with the PAN while filing the income tax return. The government has earlier extended the period for linking PAN to Aadhaar from 30 June 2020 to 31 March 2021. In such a situation, people who have not yet linked their PAN to Aadhaar. They will have to pay a fine and their PAN card will also become inactive from 1 April 2021.
Trust scheme by the dispute
Under the ‘Dispute to Confidence’ scheme, the deadline for filing Declaration was extended to 31 March. The Direct Taxes ‘Conflict to Confidence Act came into force on 17 March 2020. The purpose of this scheme is to resolve pending disputes. In all the courts, 4.83 lakh cases related to a direct tax of Rs 9.32 lakh crore are pending. Under this scheme, taxpayers will have to pay only the disputed tax amount. They will get a full rebate on interest and penalty.
