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Checklist of financial tasks which need to be completed before March 31

  • Right here’s a guidelines of all of the monetary duties which have to be carried out earlier than March 31, 2021

With the tip of the monetary 12 months simply across the nook, there are specific monetary duties that have to be accomplished earlier than the deadline of March 31. Failure to finish these duties might result in penalty. Right here’s a guidelines of all of the monetary duties which have to be carried out earlier than March 31, 2021:

Hyperlink PAN with Aadhaar

Owing to the coronavirus pandemic, the federal government prolonged the deadline to hyperlink Everlasting Account Quantity (PAN) with Aadhaar to March 31, 2021. The earlier deadline was June 30, 2020. Failure to take action might end in PAN turning into inoperative from April 1, 2021.

Revised ITR submitting

Submitting for revised or delayed revenue tax return (ITR) must be achieved by March 31, 2021 for the present monetary 12 months. Failure to take action might result in late charges of as much as 10,000.

LTC Money Voucher Scheme

Authorities staff are required to submit their Go away Journey Concession Money Voucher (LTC) by March 31, 2021 with the intention to avail the tax advantages which can be offered below the LTC scheme.

Wage particulars submission

In case an individual was employed with multiple employer within the present fiscal 12 months, particulars of wage with the earlier employer have to be given to the present employer. This can assist in guaranteeing that correct tax deductions are made by the present employer.

Contribution to PPF and NPS accounts

In case of a PPF account in your individual identify or within the identify of youngsters or partner, a minimal contribution of 500 per 12 months is to be made within the account with the intention to keep away from the account turning into dormant. The identical additionally applies to the NPS account as properly.

Lengthy-term capital good points on listed shares and fairness mutual funds schemes

Lengthy-term capital good points on fairness shares that are listed and fairness schemes are fully exempt as much as Rs. 1 lakh. The stability is then taxed at 10 per cent. The long run capital good points could be booked earlier than March 31, if not achieved already.

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