A new financial year (FY) begins in India from April 1 everyyear. This leaves us only one day for the current FY’s closing.
This is a best time to check your finances and see if youare not missing any tasks which have deadline in this FY.
Income Tax returns (ITR)
The last day to file the income tax is tomorrow, otherwisethere will be penalty proportional to the amount of delay, in addition to alate fine.
Such an action also opens up a possibility of inspection bythe department.
Revision to the filed returns
Same goes for the revision of the income tax return. If youhave received any notice, or you find a discrepancy in your records and whatyou have submitted in your original ITR, then you better hurry because not muchtime is left.
Deduction claim
If you have made any tax-saving investments, donations, orany other expense on which you may be able to claim deduction on your income,then you need to get it done by tomorrow.
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If you have not made any such investments (e.g. ELSS (EquityLinked Savings Scheme) mutual funds in the stock markets) then again get itdone by tomorrow.
Advance tax payment
Those of us who pay more than Rs 10,000 income tax are mandatedby law to pay in advance in four instalments. This advance tax’s last instalmentfor the ending FY needs to be made or else, the department will begin charging intereston the payment pending.
PAN-Aadhar linking
The government wants to keep tabs on every transaction and away to ensure this to get the PAN and Aadhar linked.
If the same is not done, then financial transactions of the individualmay be blocked.
Then, the transactions will be unblocked once the linking isdone.