There are many financial deadlines that will come to an end on 31 March 2021. Missing them can be overwhelming for anyone. Here we are telling about 9 such things related to money and money, whose duration is ending this month.
1. Period to file declaration to avoid double taxation
The Corona epidemic forced many foreign nationals and NRIs to stay in India for a long time. For the income of the financial year 2020-21, the double taxation sword is hanging on them. The Central Board of Direct Taxes (CBDT) has asked such people to give information in this regard by 31 March 2021. A circular was issued about this on 3 March. In this, the department had told all such people that if they are facing double taxation even after the relief given by DTAA, then they can submit Form-NR. The department will consider it in view of different matters.
2. Last date for linking PAN with Aadhaar
In view of the corona epidemic, the government has increased the deadline to link PAN with Aadhaar. It has been done on 31 March 2021. Earlier this deadline was 30 June 2020. If PAN is not linked to Aadhaar number till this date, then PAN will be inoperative. Financial transactions will not be possible once PAN becomes inoperative.
3. Last date for submission of bill under LTC Cash Voucher Scheme
Under the LTC Cash Voucher Scheme, the last date for taking tax benefit is 31 March 2021. To avail this, your institute will have to submit the necessary bills by this date. It has to be submitted in the correct format. It should contain the GST amount and the GST number of the vendor. 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.
The LTC Cash Voucher Scheme was announced by the Central Government on 12 October. 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. Earlier this scheme was announced only for Central Government employees. Later, the scope was expanded to include private sector and PSU employees.
4. Deadline to file a billed and revised return
March 31, 2021 is the last date for filing late or revised returns for the assessment year 2020-21 (FY 2019-20). A bilated return is filed after the expiry of the original deadline for filing Income Tax Return (ITR) for a financial year. For this, the taxpayer has to pay a penalty. An amended or revised ITR files a taxpayer if there is an error while filing the original tax return. This includes mistakes such as forgetting the claim of deduction, non-reporting of income or bank account etc. The bilated ITR is filed under section 139 (4) of the Income Tax Act, 1961. At the same time, the revised ITR is filed under section 139 (5). If you miss this deadline, you will not be able to file the revised or bilateral ITR for the financial year 2019-20. The bilated ITR is to be submitted before 31 March 2021 with a late filing fee of Rs 10,000.
5. Last date for completion of tax saving exercise
If you have chosen the old system of income tax, then by 31 March 2021 you have to complete the tax saving investment. If this deadline is missed, you will miss the opportunity to reduce your income tax liability for the financial year 2020-21.
6. Conflict of Confidence Scheme
March 31, 2021 is the last date for payment under the trust scheme by dispute without additional charge. The deadline for filing the declaration under the trust scheme from the dispute was extended to 31 March. The Direct Taxes ‘Dispute to Confidence’ Act came into force on 17 March 2020. The purpose of this scheme is to resolve pending disputes. In all the courts, 4.83 lakh cases related to direct tax of Rs 9.32 lakh crore are pending. Under this scheme, taxpayers will have to pay only the disputed tax amount. They will get full rebate on interest and penalty.
7. Deadline to take advantage of Special Festival Advance Scheme
Apart from the LTC Cash Voucher Scheme, the government had 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.
8. Benefit of Credit Subsidy Scheme under Pradhan Mantri Awas Yojana
The last date for availing credit subsidy under the Pradhan Mantri Awas Yojana (PMAY) is 31 March 2021. 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.
9. Last date of Emergency Credit Line Guarantee Scheme
The government announced the Emergency Credit Line Guarantee Scheme on May 13, 2020 as part of the self-sufficient India package. Under this scheme, institutions and people are being provided loans without guarantee for business. The last date to take advantage of this is 31 March 2021.
