Today is the last day of the financial year for 2020-22021 and people must not miss completing several important tasks covering from linking Aadhaar numbers with PAN card to advance tax filing. Failure to make these changes, individuals will face issues in key financial transactions and some cases huge penalties.
So, see what all tasks you need to complete today immediately.
PAN-Aadhaar linking
The last date to link the Aadhaar card with Permanent Account Number (PAN) card will end today i.e. March 31, 2021. Failure to do so will make PAN cards inoperative or no longer in use from April 1. Users will no longer be able to conduct any financial transactions where quoting PAN is mandatory. Such customers may also face a penalty of Rs 1,000 as per the Finance Bill, 2021. As per the government’s new rule, customers have to furnish an Aadhaar card while applying for a new PAN card. In the case of new PAN card applicants, interlinking is done automatically at the application stage.
How to link your PAN with Aadhaar Online:
* Visit Income Tax e-filing portal incometaxindiaefiling.gov.in
* Click on the Link Aadhaar button on the Menu bar
* Enter required details like PAN number, Aadhaar cardholder name and number
* Verify the details and enter Captcha Code and click on Link Aadhaar
* A pop-up message will appear. It will inform you that your Aadhaar has been successfully linked to your PAN.
PAN-Aadhaar link via SMS
If you want to link Aadhaar and PAN via an SMS, you will have to send an SMS at 567678 or 56161. The format of the SMS should be like this:
'UIDAIPAN(12digit Aadhaar number) space (10 digit PAN Number).'
Earlier in September 2018, the Supreme Court had declared Aadhaar as constitutionally valid and held that the biometric ID will remain an obligatory document for the filing of income tax returns and allotment of PAN cards.
Tax saving investments
People who have opted for the old tax system, need to complete the tax-saving investments by March 31. If they do not invest according to the declaration till this period, then they will not be able to reduce the income tax liability for FY20-21.
Belated ITR filing
Taxpayers who have not filed ITR for FY19-20 can still do it till today with a late fine of Rs 10,000. According to the Income Tax (I-T) department, an assessee who does not submit a return of income within the deadline is allowed to file a belated return at a later time, while certain penalty charges are applicable in case of a belated income tax return (ITR). A belated income tax return attracts a late filing fee under Section 234F of the Income Tax Act.
Advance Tax
Under the Income Tax Law of India, a person — besides senior citizens who don't have any professional income — with a tax liability of over Rs 10,000 is liable to pay advance tax. Such a taxpayer is subjected to pay advance tax in four instalments -- before July 15, September 15, December 15 and March 15.
Also Read: Only one day left else penalty by IT department
Minimum deposit in investment schemes
Today is the last date for depositing a minimum amount in some of the investment avenues. It is important to note that some investment options such as Public Provident Fund (PPF) and National Pension System (NPS) expect users to keep a minimum amount every financial year to guarantee that the account is active.
For keeping the PPF account active, customers are needed to keep around a minimum investment of Rs 500 in it every financial year. For NPS subscribers, a minimum contribution of Rs 500 is required in Tier 1 account while for Tier 2 account, Rs 250 is required.