Six steps you need to take before 31st March

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As the Financial Year is nearing its need, I understand you might be busy. But, there are specific steps that you must take before the end of this month.

The Government has set 31st March 2021 as the deadline for numerous tasks. Any failure to do wrap-up those tasks will cost you significantly. To stay compliant with the Government norms & avoid any penalties, you must complete all these tasks before hands.

This blog will point out those six steps that you must take before 31st March 2021.

So let’s get started.

Filing delayed or revised return

31st March is the Last Date to file a revised Income Tax Return for the FY 2019-2020. It is also the last date to file your delayed return if you have missed the previous deadline. As per the new rules and regulations, if you fail you furnish your return for FY 2019-2020, you will have to pay late fees of up to INR 10,000!

However, this is the amount for those individuals who have Income above INR 5 lakh. For the individuals having an Income below 5 lakh, the late fee is INR 1,000. But the point is, why pay even INR 1,000 while you can still save them.

So we would recommend getting in touch with us, and we will help you file your ITR quickly & easily.

Deadline to link PAN & Aadhaar Card

The Government has increased the deadline for this task for a couple of years now. As per the new law, if your PAN & Aadhaar are not linked, you won’t file your ITR. Moreover, if you fail to link them before the deadline of 31st March 2021, your PAN will become inoperable.

The process to make it operable will be cumbersome & time-consuming.

So we would recommend you to link your Aadhaar & Pan if you haven’t done that already. If you need any assistance with that, we are here to help. Just drop a message, and we will get back to you.

Last date to avail of LTC

This scheme was introduced by the Government last year for the employees who were unable to travel. Under this scheme, an employee can spend money on any goods or services related to travel.

This scheme helps Government employees claiming additional inceptive, which is tax-free. For Private Sector employees, it is all about claiming CTC tax-free.

To benefit from this scheme, the employees will have to spend three times the amount of leave encashment. More importantly, they will have to submit all the bills in the correct format before 31st March to benefit from this scheme. You’ll also need to mention the GST amount & GST number.

Last date to apply for Credit Line Guarantee Scheme

The Government has started numerous funding schemes to boost the MSME sector. One such scheme is Credit Line Guarantee Scheme.

Under this scheme, the Government offers 100% guarantee coverage to the Financial Institutions for the businesses’ emergency credit facilities to meet their Working Capital needs.

This scheme has proved to life-line for numerous Businesses that faced the wrath of the COVID-19 pandemic.

But the last date to apply for this scheme is 31st March 2021. If you plan to avail of the loan under this scheme, you must do so quickly.

Last date to enter Vivid se Vishwas tak

As of 30th November 2019, approximately INR 9.3 trillion is blocked for about 4,80,000 ongoing litigation cases in India. To free-up this fund & settle the disputes outside the court, the Government introduced the Vivid se Vishwas scheme.

Any taxpayer who has disputes over TDS/TCS or Tax can enter this scheme. Apart from this, any taxpayer who has issues with the interest & penalties can also enter this scheme.

This scheme is beneficial to both the Government & the taxpayer.

The deadline to enter this scheme is 31st March 2021. So if you want to avail the benefits of this scheme, 31st March is the last chance.

Advance Tax Payment

Businesses, freelancers, salaried & self-employed individuals with tax liabilities of more than INR 10,000 have to pay the advance tax. Moreover, the Businesses that opt for a presumptive tax scheme under Section 44AD also have to pay the advance tax.

The last date for paying the fourth and final installment of this advance tax is March 2021. So if you have not paid the tax already, it is time to do so.

Conclusive thoughts

All these tasks need to be complete on or before 31st March. So even if you are busy with your regular work, do not miss out on these tasks. If you need any assistance, we are here to help anytime.

Just drop a message or give us a call, and we will be here to help.

Global Consulting Group is a leading Taxation, Accounting, and Compliance firm that helps individuals, MSMEs, and other businesses manage their accounting, taxation regulatory compliance affordably.

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