December 31 is the last date for these financial tasks

As the year 2019 comes to a close, let us have a look at the deadlines which are falling on December 31. It is important to keep a track of these financial tasks otherwise you might have regrets in 2020.

PAN-Aadhaar linking deadline: Your Permanent Account Number (PAN) card will become inoperative after December 31 unless you link it with Aadhaar. Although the income tax department has extended the deadline to link PAN and Aadhaar cards for seven times in the past, it may not do it again this time. In a tweet last week, the income tax department asked taxpayers to complete the linking process on or before December 31 without which PAN will become inoperative.

Belated ITR filing: If you are one of those few who missed the August 31 last date for filing of income tax returns (ITR), you can do it anytime in this financial year by filing a belated ITR. However, if you file a belated ITR within December 31, you can save ₹5,000 in penalty. Under Section 234F of the Income Tax Act, 1961, you will have to shell out a fine of ₹5,000 if the return is filed by December 31 and ₹10,000 for ITR filing after that.

EMV chip debit cards: Those with a Magnetic Stripe Debit Card will not be able to use it after December 31. The Reserve Bank of India (RBI) has mandated the use of EMV Chip and PIN-based debit cards. If you have the old debit card, get it replaced from your bank now.

Advance taxes: Although the last date for paying of third installment of advance tax for the assessment year 2020-21 was December 15, the income tax department has extended the last date for filing advance income tax return by a fortnight to December 31 for northeastern states.