Allow your well-wishers at True Scoop News to remind you that today, on the last working day of the financial year, there are certain things that every Indian needs to get done.
These tasks are financial ranging from income tax formalities to taking loans at a better rate of interest.
So, let’s get started with the checklist and see how many have you completed.
1. Income tax rebate
Most people invest in the stock market via ELSS (Equity Linked Savings Scheme) to feed two birds with one scone.
First, they invest money in the Indian stock markets and gain exposure to market opportunities.
Next, in exchange for a lock-in period of three years before redemption is allowed, they are able to claim deduction under Section 80C.
2. Last date for penalty-free Income Tax Return (ITR) filing
Whether you want to file:
· original return,
· changes to your original return via revised return,
· or responses to any notice received by the income tax department
today is the final date.
Of course, you will be able to do so after the current financial year ends (i.e. today, March 31, 2021) but that will involve a fixed penalty in addition to a fine proportional to delay in filing.
3. PAN and Aadhar linking
The government had mandated that every person in India needs to have his Aadhar card linked with his Permanent Account Number (PAN).
The deadline for the same without any restrictions imposed is today.
Again, you will be able to get this thing done from tomorrow also.
But, your financial transactions, bank accounts, online payment apps like G Pay may be blocked.
The process of getting the two linked is simple, paperless, and online. This can be done with a few SMS messages only.
4. Pradhan Mantri Awas Yojana (PMAY)
PMAY scheme is meant to provide affordable housing to the masses of the nation.
Different groups are offered subsidy at different levels with the maximum subsidy being Rs 2.67 lakh.
However, if you are eligible and desirous of availing the same, then today is the last day for this.
5. Leave Travel Concession (LTC) cash voucher scheme
Pandemic Corona’s lockdown restrictions meant that people could not travel.
To compensate government employees as well as jump-start economic activity, under this scheme, cash can be taken under this scheme which will have to be spent on any goods or services that are taxed at GST rate of 12% or higher.
6. Home loans at a cheaper rate of interest
Due to their own reasons, banks are interested in providing home loans at a lower-than-average rate of interest.
But again, the last date for the same is today.
To get you started, let us inform you that the rate of interest is 6.65% by Kotak Mahindra Bank, and 6.7% by SBI, HDFC, and ICICI bank.
7. Higher-than-average FD rates
Senior citizens willing to save their money in FDs are able to get 0.5% more than the usual rate of interest.
If the senior citizen is willing to deposit money for five to ten years, then many banks are offering a special scheme.
True Scoop News published a story yesterday in which we calculated that man thousands Rupees more can be earned per lakh with just 0.5% increase in the rate of interest.
8. PPF and NPS yearly deposit maintenance
Public Provident Fund (PPF) and National Pension Scheme (NPS) require that you deposit a minimum amount every year.
If you have not done so, then today is the last day.
It’s not like that the sky will fall if you fail in your yearly deposit, but still penalty will be charged.
When we are compounding our wealth over such a long period, then every bit counts and these avoidable penalties will set us back.
9. PM Kisan Samman Nidhi
Last date for this scheme specifically for farmers is today, so if you are eligible and want to avail and have not done so already, then today is the last day.
10. New cheque book of Oriental Bank of Commerce and United Bank of India
Punjab National Bank (PNB) has informed its customers is advance that the old cheque books and IFSC / MICR of Oriental Bank of Commerce and United Bank of India will only be valid till today.
So, if you use cheque books or require IFSC / MICR code for your operations, then you better get new ones issued.
11. Kisan Credit Card
This one is also for farmer brothers and sisters. Till today, the process to get this card specifically designed keeping farming sector in mind is extremely simple.
The same can be availed at your bank branch.
12. Tax-saving tactics
Within this financial year, any stocks or equity mutual funds that you have held for more than one year should attract long-term capital gains which may be less than your income slab rate.
Experts suggest that selling by today, and buying the same from tomorrow will reset the financial clock while allowing to save up to Rs 1 lakh long-term capital gain exemption.
For those of us who changed jobs after April 1,2020 then a new TDS (Tax Deducted at Source) form is required to be processed.
This form, 12B, needs to be submitted to the new company, or else excess TDS may be deducted which may not be recovered.
The extended deadline for giving the details under the Dispute-to-Trust scheme is today. The purpose of this scheme is to resolve pending disputes.
15. Special Festive Advance Scheme
Interest-free loan of Rs 10,000 to government employees in the form of a pre-paid card can be had till today.
This advance can be repaid from the salary in a maximum of ten months.
Again an extended deadline, and this is for the filing of the annual GST (Goods and Services Tax), else there is a fine.
17. Emergency Credit Line Guarantee Scheme (ECLGS)
ECLGS for Micro, Small, and Medium Enterprises (MSMEs) to help tide over the financial troubles brought on by the pandemic Corona can be availed till today only.
So, get your act together or pay extra unnecessarily or even miss out on schemes.