From linking PAN to payment of excise duty: Things you should do before March 31 midnight
Financial year or assessment year of 2019-2020 ends on Wednesday and it is the last date to complete a plethora of tasks.
From filing income tax returns to linking pan cards, here is the list of tasks that need to be completed before Wednesday midnight or else you will have to face the consequences in the form of penalties or other troubles.
March 31 is the deadline for all these major tasks:
Remember to link the Permanent Account Number (PAN) card with Aadhar on Wednesday, if not done a fine of ₹1,000 will be levied and the PAN will be declared invalid that can affect many financial transactions like opening bank accounts, demat accounts, banking transactions etc. Link PAN with Aadhar by visiting the income tax filing site, Click here: incometaxindiaefiling.gov.in
It is also the last date to file the income tax return with a late fee. The income tax department offered a relief amid the Covid-19 pandemic by extending the last date of furnishing the income tax return with a late fee by March 31. “DO NOT IGNORE THIS! If you haven’t filed your Income Tax Return (ITR) yet, this is your last chance to do so. Last date to file your ITR for AY 2020-2021 is March 31st, 2021,” the income tax department alerted a few days back. For filing the income tax return visit the web portal of income tax department: incometaxindiaefiling.gov.in
The deadline for the completion of tax-saving investment of the financial year is also on Wednesday and since cheque payments will take time it is advised to make UPI transactions or make use of digital mode of payments for completing investment on the last day of the year. UPI, bank transfers and net banking (for some banks) is allowed upto midnight of Wednesday.
The Central Board of Indirect Taxes and Customs(CBIC) has also alerted eligible importers that March 31 is the last date for deferred payment of customs duty for bill of entry returned for payment from March 16 to March 31.
GST Taxpayers with annual turnover of more than ₹2 crore for financial year 2019-2020 also need to file their annual GSTR-9 Return by Wednesday, CBIC has said.
It is also the due date for payment of excise duty for goods manufactured and cleared during the month.