Finish these financial tasks before March 31

March 20, 2021 Finance Talk Valli Sarvani No comments

While the financial year is going to end, you have to finish some financial tasks by the due date.

Due to the COVID-19 impact, the government increased the deadline for certain financial tasks.

The following is a list of financial tasks to be finished before March 31, 2021:

Linking a Permanent Account Number (PAN) with an Aadhaar card is one of the most important financial tasks. The government extended the deadline for linking PAN with the Aadhaar card several times. The latest deadline is March 31, 2021. So, link your PAN card with your Aadhaar card, or else you cannot use your PAN.

If you want to file revised or belated returns for the financial year 2019-20, you have to do it before March 31. After that, you have to pay a late fee of up to ₹10,000. Now, you can do it by paying a late fee of ₹1,000 if your income is below ₹5 lakhs.

The central government announced the Leave Travel Concession Cash Voucher Scheme (LTC) to its employees. They need to submit the documents along with relevant details before March 31 to use the tax benefits under the scheme.

Taxpayers have to pay an advance tax if their tax liability is more than ₹10,000 in a financial year within the deadline.

The government introduced the Vivad Se Vishwas scheme to reduce pending income tax litigations in 2020. The scheme intends to generate revenues from taxpayers on time to avoid prosecution. It also intends to benefit the taxpayers to settle their disputes by paying the tax without interest and penalty. The deadline for the scheme was extended to March 31 so that many taxpayers can avail of it.

The Emergency Credit Line Guarantee Scheme, which was introduced for small and medium traders during the pandemic was extended till March 31. Under this scheme, the central government helps provide loans to these traders without collaterals.

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