NEW DELHI :
31 March not only marks the end of the financial year but is also the deadline of various financial tasks that you might be required to undertake. Meeting these deadlines can help you not only save taxes but also avoid penalties from the Income Tax department.
Here is a compilation of various financial deadlines that an individual taxpayer must keep in mind before the financial year 2018-19 ends this week.
Income tax returns (ITR):
Just in case you forgot to file your ITR for the last financial year 2017-18, then here is your one last chance to comply with the income tax regulations by filing a belated ITR after paying a fine that can vary between ₹5,000-10,000 depending on your income. From April, you will not be able to file ITR for FY 2017-18.
The 31 March deadline is also applicable for all those who want to revise their ITR for FY 2017-18.
Following upholding of the constitutional validity of Aadhaar by the Supreme Court last year, it is now mandatory to link your PAN card with Aadhaar for income tax return. The Income Tax department had extended the earlier deadline to 31 March.
On the Income Tax department's e-filing website, you can do the linkage easily and can also check whether your PAN and Aadhaar are linked already or not.
All those owning shares in paper form will have to mandatorily convert them into dematerialised form by 31 March as they will not be able to transact in physical shares after 1 April. The only way to sell shares will be to open a demat account and convert your paper shares into demat form.
Tax saving investments:
Although tax planning should start at the beginning of the financial year, yet March is the time to check whether all your plans have been executed properly and whether there is something more you can do to save taxes.
Tax-saving investments under the Income Tax Act, 1961, goes well beyond Section 80C, under which you can save taxes of up to ₹1.5 lakh by making specified investments or expenses.
You can also claim other deductions under Section 80D, 80DD, 80DDB, 80E, 80EE, 80F, 80G, etc.