Checklist of financial tasks which need to be completed before March 31

Here’s a checklist of all the financial tasks which need to be performed before March 31, 2021

With the end of the financial year just around the corner, there are certain financial tasks that need to be completed before the deadline of March 31. Failure to complete these tasks could lead to penalty. Here’s a checklist of all the financial tasks which need to be performed before March 31, 2021:

Filing for revised or delayed income tax return (ITR) needs to be done by March 31, 2021 for the current financial year. (Representative Image)

Link PAN with Aadhaar

Owing to the coronavirus pandemic, the government extended the deadline to link Permanent Account Number (PAN) with Aadhaar to March 31, 2021. The previous deadline was June 30, 2020. Failure to do so could result in PAN becoming inoperative from April 1, 2021.

Revised ITR filing

Filing for revised or delayed income tax return (ITR) needs to be done by March 31, 2021 for the current financial year. Failure to do so could lead to late fees of up to ₹10,000.

LTC Cash Voucher Scheme

Government employees are required to submit their Leave Travel Concession Cash Voucher (LTC) by March 31, 2021 in order to avail the tax benefits that are provided under the LTC scheme.

Salary details submission

In case a person was employed with more than one employer in the current fiscal year, details of salary with the previous employer need to be given to the current employer. This will help in ensuring that proper tax deductions are made by the current employer.

Contribution to PPF and NPS accounts

In case of a PPF account in your own name or in the name of children or spouse, a minimum contribution of ₹500 per year is to be made in the account in order to avoid the account becoming dormant. The same also applies to the NPS account as well.

Long-term capital gains on listed shares and equity mutual funds schemes

Long-term capital gains on equity shares which are listed and equity schemes are completely exempt up to Rs. 1 lakh. The balance is then taxed at 10 per cent. The long term capital gains can be booked before March 31, if not done already.