- Right here’s a listing of a few of the duties which must be carried out by taxpayers earlier than March 31
Taxpayers want to make sure that all of the tax-related duties are accomplished earlier than March 31, when the monetary 12 months 2020-21 will finish. Apart from tax-saving investments, taxpayers additionally want to finish different tax-related duties in an effort to keep away from penalties. The monetary 12 months is counted between April 1 and March 21, a interval throughout which tax is calculated on the revenue earned by individuals.
Right here’s a listing of a few of the duties which must be carried out by taxpayers earlier than March 31:
Submitting revised ITR
Revised revenue tax return (ITR) might be filed anytime on or earlier than March 31 which is the tip of the evaluation 12 months 2020-21. Any revenue tax return that’s filed after the due date known as late or belated returns. In case an revenue tax return has already been filed and any adjustments are to be made, the taxpayer can file a revised return. The deadline for a revised return can also be March 31.
Submitting advance tax
Below revenue tax legal guidelines, if an individual has a tax legal responsibility of greater than ₹10,000 a 12 months, then they’re liable to pay advance tax in 4 instalments. March 15 is the deadline for paying the fourth instalment of advance tax for the monetary 12 months 2020-2021. This contains advance tax by these people who’re coated below the presumptive taxation scheme below sections 44AD and 44ADA.
Linking PAN with Aadhaar
March 31 can also be the deadline for linking PAN with Aadhaar. If this isn’t completed, the PAN card will grow to be inoperative after the deadline.
Vivad Se Vishwas
Below the Vivad Se Vishwas scheme, which was enacted on March 17, 2020, the deadline for submitting declaration is March 31 as per the notification issued by the Central Board of Direct Taxes (CBDT). The target of the scheme is to cut back pending revenue tax litigation and generate well timed income for the federal government in addition to profit taxpayers.
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