Only one day left else penalty by IT department

This pandemic-stricken financial year 2020-21 is coming to a close in one day. Did you file your IT return? Did you link your Aadhar Card with PAN? Have you made tax-savings investments?

A new financial year (FY) begins in India from April 1 every year. This leaves us only one day for the current FY’s closing.

This is a best time to check your finances and see if you are not missing any tasks which have deadline in this FY.

Income Tax returns (ITR)

The last day to file the income tax is tomorrow, otherwise there will be penalty proportional to the amount of delay, in addition to a late fine.

Such an action also opens up a possibility of inspection by the department.

Revision to the filed returns

Same goes for the revision of the income tax return. If you have received any notice, or you find a discrepancy in your records and what you have submitted in your original ITR, then you better hurry because not much time is left.

Deduction claim

If you have made any tax-saving investments, donations, or any 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 (Equity Linked Savings Scheme) mutual funds in the stock markets) then again get it done by tomorrow.

Advance tax payment

Those of us who pay more than Rs 10,000 income tax are mandated by law to pay in advance in four instalments. This advance tax’s last instalment for the ending FY needs to be made or else, the department will begin charging interest on the payment pending.

PAN-Aadhar linking

The government wants to keep tabs on every transaction and a way to ensure this to get the PAN and Aadhar linked.

If the same is not done, then financial transactions of the individual may be blocked.

Then, the transactions will be unblocked once the linking is done. 

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