From linking Pan card to filing IT Returns: 10 crucial tasks to complete before March 31, 2021
Failure to file Income Tax returns is a serious offense and with the new financial year about to start, it’s best to complete these 10 tasks before March 31.
With the onset of a new financial year, taxpayers only have few days until the last date of tax submission arrives. Nevertheless, they are also expected to complete these 10 important tasks before the deadline. If not done so, it might even lead to a penalty or they can be jailed for evading the tax.
Apart from linking Pan card to Adhar card, the taxpayer is also expected to submit their IT returns before the end of the financial year 2021-22. Along with that, taxpayers also expected to file their IT returns for 2019-20. According to the reports, experts say it is better to complete these tasks as soon as possible.
Here’s a list of 10 important tasks to complete before March 31, 2021:
1) Link Pan card to the Aadhar card
Linking Pan card to the Aadhar card remains of the crucial tasks and if not done so, he/she will be fined with Rs. 10,000 or it might also lead to the blocking of Pan number.
2) File IT return for 2019-20
Failure to file IT return for 2019-20 before March 31, on a tax of above 5000 might also lead to serving time in jail.
3) File Advanced Tax
Interest will be applicable after April 1, if the taxpayer fails to file advance tax for 2021-22.
4) Vivad se Vishvas scheme
Vivad se Vishvas scheme can be availed before March 5.
5) File Quarterly IT Return
In case of failure to file a Quarterly IT return for the financial return of 2021-20 fine up to Rs 200/day will be applicable.
6) GST Composition Scheme
The GST Composition Scheme can be availed up to March 31.
7) GST Audit for the Financial year 2019-20
The taxpayer is required to audit the GST of the financial year 2019-20. The failure to follow this procedure will lead to facing a penalty of Rs 25000.
8) Submission of Annual Return Form 9
Failure to submit form 9 of the financial year 2019-20 might lead to a penalty of Rs 200/day.
9) Filing First Quarterly Return for 2017-18
In any event of failure to file the first quarterly return of 2017-18, the taxpayer will face Rs 10,000
10) VAT Auditing
If your/company’s turnover (before July 1, 2017) is above 2.5 crores, VAT auditing is a compulsory task.