PAN-Aadhaar linking to avoiding double taxation: 9 financial deadlines ending on March 31 2021
New Delhi, Mar 17: On March 31 2021, there are several financial deadlines that will expire. There are nine financial deadlines that would expire by the end of this month.
Here is the list:
The government had extended the deadline to link PAN with Aadhaar to March 31 2021 from the previous deadline of June 30 2020 due to the outbreak of the pandemic. In case the PAN is not linked to the Aadhaar by March 31 2021, then the PAN will become inoperative on April 1 2021. In case you link your Aadhaar with the PAN after the same becomes inoperative, then it will become operative from the date of linking.
The CBDT had asked the foreign nations and NRIs facing double taxation on income earner in FY 2020-21 due to forced stay in India due to coronavirus to file the information by March 31 2021.
Individuals facing double taxation even after taking into consideration the relief provided by the DTAAs, can submit the information in Form-NR. The department will consider providing a general relaxation or specific relaxation, as the case may be, a circular issued on March 3 2021 said.
Last date to file revised/belated ITR for FY 2019-20:
The last date for individuals whose accounts are not required to be audited have to file a revised or belated ITS for FY 2019-20 is March 31 2021. A belated ITR filed now by an individual would attract late filing fee of Rs 10,000 and in the case of small taxpayers, with income up to Rs 5, the late filing fee will be Rs 1,000.
LTC Cash Voucher Scheme: Submission of bills:
In order to avail the tax benefit under the LTC Cash Voucher Scheme, you should ensure that the required bills in the correct format containing GST amount ad GST number of the vendor have been submitted two your employer (if scheme is offered) on or before March 31 2021. An employee is required to spend three times the amount deemed as LTA fare on goods and services attracting GST of 12% or more, as per the scheme.
Vivad se Vishwas scheme declaration:
In a notification issued in February, the last date to file the declaration under the dispute resolution scheme was extended to to March 31 2021. Once the declaration has been filed, then the payment can be made on or before April 31 2021.
Complete tax saving exercise for FY 2020-21:
In case you have opted for the old tax regime, then you have to ensure that you have completed your tax-saving investment by March 31 2021. If you miss this date, then you miss out on an opportunity to reduce you income tax liability for FY 2020-21.
Benefit of credit subsidy under PMAY:
The last date to avail the benefit of credit subsidy under the Pradhan Mantri Awas Yojana (PMAY) is March 31 2021. For middle-income groups having annual income between Rs 6 lakh and Rs 18 lakh, the scheme provides credit linked subsidies subject to terms and conditions on home loans.
Emergency Credit Line Guarantee Scheme ends:
Under the Atmanirbhar Bharat Package, the government announced the Emergency Credit Line Guarantee Scheme on May 13, 2020. The last date to avail this benefit is March 31 2021. This scheme was provided fully guaranteed and collateral free loans to various entities including those who wanted to avail loans for business purposes.