ITR: Here we are telling you about the deadline of 16 things related to money and money. You can note these in the 2021 calendar.
Some work related to money and money needs to be done in time. Failure to do so will result in penalty or penalty. There may be other types of problems also. To avoid this, it is important that you remember their deadline. Here we are telling you about the deadline of 16 such things related to money and money. You can note these in the 2021 calendar.
1. 10 January 2021: Deadline to file ITR for employed people
If you have not yet filed your Income Tax Return (ITR) for the financial year 2019-20, then you have time till January 10, 2021. You can file your return till this date without paying late fees. On December 30, the government had extended the deadline for filing ITR for individual taxpayers to 10 January 2021. Individual taxpayers fall into the category whose accounts do not need to be audited. Such people usually use ITR-1 or ITR-4 to file income tax return. If you miss this deadline, you will have to pay a penalty of Rs 10,000.
2. January 15, 2021: Last date for submission of tax audit report
The government has also increased the date of submission of tax audit report to 15 January 2021. The deadline for this was 31 December 2020.
3. January 31, 2021: Deadline
of Declaration under Dispute of Confidence Scheme Deadline of filing of Declaration under Dispute of Faith Scheme is 31 January 2021. The budget for this scheme was announced in 2020. This scheme was brought for the settlement of tax disputes. The purpose of this scheme is to resolve pending disputes. Lakhs of cases are pending in all courts through direct tax. Under this scheme, taxpayers will have to pay only the disputed tax amount. They will get full rebate on interest and penalty.
4. February 15, 2021: Deadline to file ITR for certain people
The deadline for filing returns is 15 February 2021 for taxpayers whose accounts need to be audited and who are required to submit a report in respect of foreign financial transactions. These include partners of the firm.
5. February 28, 2021: Last date for submission of life certificate
In the midst of the Kovid-19 epidemic, the government has extended the last date for submission of life certificate till 28 February, giving relief to the pensioners. Usually this deadline is 30 November. Every year pensioners are required to submit a life certificate or life certificate in their bank. This does not create any obstacle in getting pension. The process of submitting a life certificate is mandatory. Life certificate is proof of the survival of a pensioner. If this work is not done then the pension can also be stopped. This certificate is valid for one year.
6. March 15, 2021: Last date of advance tax payment,
till this date, the fourth installment of advance tax is to be submitted for the assessment year 2021-22.
7. March 31, 2021: Deadline for linking PAN-Aadhaar
The government has extended the deadline to link Aadhaar with PAN till March 2021. Previously it was 30 June 2020. According to the current law, if PAN is not linked with Aadhaar by the due date, your PAN will become inoperative. If the PAN becomes inoperative then you will not be able to refer to it in the financial transaction. However, when the inoperative PAN is linked with the Aadhaar number, it will become operative from the same date.
8. March 31, 2021: Last date for taking benefit of LTC Cash Voucher Scheme
March 31, 2021 is the last date for taking benefits under LTC Cash Voucher Scheme. The central government announced the LTC Cash Voucher Scheme on October 12. In this, the facility to claim discounts on certain types of purchases in lieu of LTC / LTA has been given. This has been done because employees are unable to travel due to the corona epidemic. Previously this scheme was announced only for Central Government employees. Later, the scope was expanded to include private sector and PSU employees. To avail benefits under this scheme, an employee has to spend three times the LTA fare in services or goods with a GST of 12 per cent and above.
9. 31 March 2021: Deadline to file Revised / Bilated ITR
If a person is not able to file income tax return for 2019-20 till 10 January 2020, then he will have a chance to file a bilated return by 31 March 2021. Here you have to remember that if you file a bilated return, you will have to pay late filing fees of Rs 10,000.
10. 31 March 2021: The date of completing the tax saving exercise for the
financial year 2020-21, you should complete the tax saving exercise for the financial year 2020-21 by 31 March 2021. Missing this deadline will mean that you will lose the opportunity to reduce tax liability for 2020-21.
11. March 31, 2021: Last date for payment under the Confidence from Disputes Scheme
If you have filed a Declaration on 31 January 2021 or before the Dispute under Confidence Scheme, the last date for payment is 31 March 2021
12. 31 March 2021: Last date of Emergency Credit Line Guarantee Scheme,
Government announced Emergency Credit Line Guarantee Scheme on 13 May 2020 under the self-reliant India Package . Under this scheme, institutions and people are being provided unsecured loans for business. The last date to take advantage of this is 31 March 2021.
13. March 31, 2021: Last date to avail Special Festive Advance Scheme,
in addition to LTC Cash Voucher Scheme, the government also announced an interest free advance of Rs 10,000 for its employees. The given advance will be charged in a maximum of 10 installments. The last date to take advantage of this special festival advance is 31 March 2021.
14. 31 March 2021: Last date for availing credit subsidy under PMAY is 31 March 2021 The last date for
availing credit subsidy under Pradhan Mantri Awas Yojana (PMAY). Credit link subsidy is available on home loans under the scheme. It is available to people with income ranging from Rs 6 lakh to Rs 18 lakh.
15. 30 June 2021: Last date for taking tax benefit on buying a new house
For the first time, the government had announced a concession in income tax for people who buy houses. It was for a house up to 2 crore rupees. As per the existing tax rules, real estate properties cannot be sold at ‘circle rate’ or below the price fixed by the local government authority. If this is done, then penalty is imposed in the form of tax. The government, while softening the rules, allowed that properties can be sold at a price 20 percent below the current circle rate. Till now only a difference of 10 per cent was allowed for this. That is, till now the property could be sold at 10 percent less than the circle rate.
16. July 31, 2021: date of filing of return for the financial year 2020-21
For Individual Taxpayers, 31 July 2021 is the last date to file ITR. Taxpayers will have the option to select existing or new tax regime with concessional rates while filing ITR for the financial year 2020-21. If the taxpayer chooses a new system, he will have to fill an additional form to file his ITR.