Attention Taxpayers! If You Don’t Complete These 4 Tasks by the End of this Month, You will be in Trouble; Check Details 

The new financial year will begin on April 1st, and with it, all income tax deadlines will come to an end. You must complete a large number of such tasks by March 31, or you will face difficulties in the future. We’ve identified four such income tax-related tasks that must be completed by March 31.

Advance Income Tax

If a taxpayer owes more than ten thousand rupees in taxes, he must pay it in the form of Advance Income Tax. It is preferable to pay it before March 31st. In a financial year, advance tax is deposited four times. 15 June, 15 September, 15 December, and 15 March; however, if you do not pay 90 percent of your advance tax by 31 March, you will be required to pay additional interest.

Income Tax Return for 2020-21

If you want to revise your income tax return for the previous financial year, 2020-21, you have time until the end of this month. After March 31, you will no longer be able to file or revise your ITR for the financial year 2020-21. You may also have to pay a penalty if you do not file your income tax return or report less income.

Investing for Tax-Saving

If you haven’t already invested in tax-free options for F.Y 2021-22, the deadline is also March 31. Section 80C of the Income Tax Act allows you to claim tax exemption on investments up to Rs 1.5 lakh per year. You can take advantage of this by investing in life insurance, PPF, and tax-saving mutual fund schemes, but you must complete this work by March 31, 2022.

Link Aadhaar with PAN

You should start with this task. If you have not yet linked your PAN to Aadhaar, you must do so by March 31. The limit for connecting Aadhaar to PAN has already been raised several times. It is possible that the government will not change its deadline this time, and if you do not link your PAN-Aadhaar, the Income Tax Department will take action.