Well, the financial year end is just around the corner and there are few important financial deadlines to meet in March 2020. Just so you know, if you do not meet the deadlines you may have to shell out enormous amount of penalties.
Don't exactly remember the deadlines? Don't worry we got you covered. Here is a compilation of details of the deadlines you ought to know;
Fourth installment of advance tax - March 15
The last date for the payment of fourth installment of advance tax is March 15. This is the final installment of the lot. Advance tax is paid when tax liability of an assessee exceeds Rs 10,000 in a financial year. The four dates for the payment of installments are June 15, September 15, December 15 and March 15.
File late or revised ITR- March 31
Just in case you have not filed the income tax return (ITR) for the financial year 2018019, you can still file it by March 31, 2020. However, a late fine of Rs 10,000 will be levied. The Income Tax department says that an assessee who does not file the returns within the deadline will be allowed to file it before March 31 2020 and penalty will be charged. Similarly, a revised ITR can also be filed if there was mistake in the original ITR filed.
Link PAN and Aadhaar- March 31
The IT Department said that the PAN will become inoperative if you do not link it with Aadhaar by March 31. Moreover, a penalty will also be levied in case you miss the deadline. Apart from this, you will not be able to make several tax related transactions.
Tax saving investments- March 31
The deadline to make tax-saving related investment is March 31. In order to save taxes, you ought to make tax-saving related investments. The deductions that are allowed under the Income Tax Act will help an assessee reduce its taxable income. A number of deductions are available under various sections of the Income Tax Act that will lower taxable income.
Deduct tax on rent paid- March 31
A individual who has rented out a house and pays a rent of more than Rs 50,000 per month is required to deduct tax on the paid rent. The total amount of tax deducted on the rent paid is at a rate of 5% in a financial year.