Within a few days 31st March 2021 is arriving, with that many deadlines will be arriving under Income Tax and GST as well. It’s gonna be hectic for both the professionals and their clients to get things completed. Moreover, by keeping in mind the impact of Covid-19, few extensions were made in the date which are either clashing with 31.03.2021 or has to be done before that. Therefore, to avoid the last minute chaos, let us find out what are the things that needs our attention by 31.03.2021.
Things need to be done by 31st March 2021
1. Advance Tax
An assesses except-
- senior citizens who don’t have any business or professional income
- not having income tax liability exceeding Rs 10,000
is liable to pay advance tax in four instalments, i.e. before July 15, September 15, December 15 and March 15. However, any payment made on or before 31st march will still be considered as Advance Tax.
But, if the tax is not paid on or before the deadline, the taxpayer will be charged 1 percent interest per month for deferment in instalment and 1 percent interest per month if only 90 percent of the total amount is paid before the end of the Financial Year.
Read Also: Advance Tax liability : Calculation, Due dates, Interest
2. Revised ITR
Those who needs to file their revised Income Tax Return (ITR) for financial year 2019-2020 or Assessment year 2020-21 should file it by 31.03.21.
P.S. — DON’T wait for the last date, because the server can ditch you anytime.
Read Also: Revised Income Tax Return under Section 139(5) – Time Limit, Procedure, Provisions
3. Belated ITR
Those who needs to file their belated Income Tax Return (ITR) for financial year 2019-2020 should file it by 31.03.21. Assessee can file belated ITRs with penalty for both audit and non audit cases till last day of AY 2020-21 i.e. till 31st march.
4. GST Audit for F.Y. 19-20
With the further relief to the taxpayers, the government has extended the deadline for filing annual Goods and Service Tax (GST) return and GSTR 9C reconciliation statements for FY20 till March-end, from the earlier date of February 28.
Read Also: GSTR 9 & 9C for FY 2019-20 | GST Audit Turnover
5. Aadhaar Card Linkage with Pan Card
The date for linking Permanent Account Number (PAN) card with Aadhaar card has been further extended to 31st March 2021. Earlier, the deadline for the same was June 30, 2020.
Read Also: Penalty on non-linking of PAN with Aadhaar
6. Submission of Form 12B
Salaried individuals when joins any new organization in the middle of the year or have changed job during the financial year 2020-2021, needs to furnish Form 12B by the end of 31.03.21.
After furnishing the details of income using Form 12B, an organization will be able to deduct exact TDS based on the details provided in Form 12B before March 31.
7. Vivad Se Vishwas Scheme
For the convenience of both taxpayers and the IT department, the Government has further extended the date for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30.
8. TDS / TCS quarterly statement
31st march 2021 is also the last date for filing quarterly statement of TDS/TCS deposited for Q1 and Q2 for FY 2020-21. The date was extended due to COVID-19.
Read Also: TDS rate chart applicable for FY 2021-22 (AY 2022-23)
9. Opt in GST Composition Scheme
Composition scheme is specially designed for small taxpayers, to get rid of complex GST framework and compliances. Small registered taxpayers can pay tax at fixed rate on the basis of their turnover. The due date for opting the composition for FY 2021-22 is 31st March 2021. Taxpayers who are already registered under this scheme are not required to opt in again for current year.
Read Also: GST composition scheme : How to apply for Composition Scheme in GST for FY 2021-22?
10. Tax Saving Investment
Government of India has laid down certain ways through which taxpayer can reduce their Income tax liability. Tax planning is considered important part of a financial planning whether you’re a salaried person, a businessman or a professional, by proper tax planning you can save taxes to great extent. Saving income tax requires proper tax planning. The Financial year 2020-21 is about to end which will be assessed in the Assessment year 2021-22.
Above are some of the compliances with respect to GST and Income Tax which needs to be kept in, mind before 31.03.21 ends and to avoid Departments message knocking one’s head.
Note- Please don’t wait for the last date for complying with the above points, if applicable because server will start crashing and professionals will be busy as well.
The author of the above article is Sneha Bhalotia.
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