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Monday, 8 March 2021

Breaking News:Get rid of these 5 important tasks like Aadhaar-Pen Link and paying the fourth installment of advance tax this month

Breaking News:Get rid of these 5 important tasks like Aadhaar-Pen Link and paying the fourth installment of advance tax this month, otherwise trouble may ensue.

This month of March is very important for the taxpayers. There is some tax-related work to be done this month. March 31 is the deadline. In such a situation, to save tax, one has to invest and do the necessary work like paying the fourth installment of advance tax. We are telling you about 5 such works that you have to do this month.

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Investing to get
income tax exemption If you are planning to invest to avail income tax exemption, you have to invest till March 31. Investments made under several sections of the Income Tax Act, such as 80C and 80D, are tax deductible. Tax exemption is available on investments up to Rs 1.5 lakh under Section 80C of the Income Tax Act.

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File Billed and Revised Return The
last date for filing Billed or Revised Income Tax Return (ITR) for 2019-20 is also March 31. Billed returns are filed after the deadline for filing returns for the financial year has passed. The taxpayer has to pay a penalty for that. Filed up to revised return while many mistakes are made while filing the original return. Billed ITR is filed under Section 139 (4) of the Income Tax Act, 1961. As well as the revised ITR filed under section 139 (5). The billed return has to be submitted before March 31, 2021 along with a late filing fee of Rs 10,000.

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fourth and last installment of advance tax for 2021-22 has to be paid by March 15. One per cent interest will have to be paid every month on the late payment. Under the Income Tax Act if a person (except a senior citizen who does not have a professional income). If the tax is paid more than Rs 10,000 in a year, they have to pay the advance tax in four installments i.e. before 15th July, 15th September, 15th December and 15th March. In case of non-payment of advance tax, penalty has to be paid.

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Getting Aadhaar-Pen Linked The last date for linking the PAN card with Aadhaar is March 31. The Income Department is extending the deadline for linking it but this time if the deadline is not extended it could be a problem for those whose pen is not linked to Aadhaar. Link your PAN card to Aadhaar by March 31. If you do not link the pen to support by March 31, it will be deactivated. Link it by March 31 to prevent it from becoming deactivated in such a situation.

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Divyabhaskar News 

Deadline for filing details under Dispute Trust Scheme The
deadline for filing details under the Income Tax Department's Direct Tax Dispute Settlement Scheme 'Dispute Trust' was extended to March 31 and the last date for payment was April 30. The purpose of this scheme is to settle outstanding disputes.

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