March 31 is the last day of the financial year in the country. This is also the last day to complete the process of tax saving with various types of income tax. This year it also has to complete the process of purchasing and submitting its bill under the LTC scheme.
This time you will have to complete the tasks like PAN-Aadhaar, purchase under LTC scheme, revised delayed income tax return, complete tax saving process, trust from dispute, avail festival advance scheme on or before 31 March.
1. Get PAN-Aadhaar link done soon The
government has given time till March 31, 2021 to link PAN to Aadhaar. Its last date was 30 June 2020. The PAN will become invalid if the PAN is not linked to Aadhaar.
2. Opportunity for rebate on LTC bill
Last year, the government offered tax rebate on LTC bill. Under this, employees have to spend three times the exemption amount on service purchases with a GST of 12 per cent or more. For this, LTC bill has to be submitted in the given format, the last date of which is 31 March.
3. Do not forget to fill the ITR
for the financial year 2019-20, the last chance to fill the revised ITR or delayed ITR is 31 March. Failure to do so may result in a penalty of up to Rs 10,000.
4. Complete the investment process The investment process in
insurance policy, ELSS, housing and education loans and other tax-exempt options including PPF will have to be completed before the end of March. Thereafter we will not be able to do so for the current financial year.
5. Opportunity to get advance without interest to the
government employees The Central Government had offered special festive advance last year. Under this, government employees can take an advance of up to 10 thousand rupees without interest. It has to be paid in 10 equal installments. If you have not applied, you can take advantage of this by applying before 31 March.
6. Benefit
of Pradhan Mantri Awas Yojana A subsidy of Rs 2.67 is being provided under the Pradhan Mantri Awas Yojana on loans to buy or build first house. One can apply till the end of this month to avail this facility.
7. Avoidance of double taxation
International flights to India were stopped from March to May due to Corona. In such a situation, many foreign nationals got trapped in India. According to the rules, in this situation, along with India, they will have to pay tax in their country of origin as well. However, the Government of India has provided self-proclamation for avoidance of double taxation. Doing this before 31 March can avoid double taxation.
8. Emergency loan scheme
The government introduced the guaranteeless loan facility under the Self-Reliant India Package for businessmen last year. The scheme will end on 31 March 2021. You can avail this on the first application only.
9. Dispute-to-trust scheme The
government has introduced a dispute-to-trust scheme to settle the tax dispute of taxpayers. You can apply under this scheme by 31 March only. Under this, softness is exercised instead of strict rules and many types of concessions are given.
