Financial activities to be completed till March 31
As AY2019-20 is about to complete, amid Coronavirus, a responsible taxpayer is required to complete financial activities till March 31. Let’s have a look at what all financial activities are you required to complete before March 31.
The first financial task is linking of PAN and Aadhaar. The deadline to complete this task is March 31. Get ready to face the penalty of INR 10,000 if you are unable to get you PAN and Aadhaar linked. It is also likely that your PAN will become inoperative afterwards if you are unable to link PAN with Aadhaar within the deadline. If you still transact with the account which is linked with your PAN. Thus, it is a mandatory financial task as a person can enjoy financial transaction afterwards if both are linked within the deadline. For instance, opening an account in the bank, sale of a property, investments will be hampered in a big way if you do not get Aadhaar and PAN linked so hurry before time lapses.
Another important task that comes every year is filing tax and this year it has come too during Coronavirus. It is worth noting that if your income is below INR 5,00,000, then fling Income Tax Returns late will cost you INR 1000 whereas it will amount up to INR 10,000 if your income exceeds INR 5,00,000 but filing late Income Tax Returns will create troubles, so it is better to file Income Tax Returns before March 31.
Another nightmare for every taxpayer is the tax-saving investments which an individual is required to make for every financial year and disclose to claim Tax exemption. Since it is the last month and hardly few days are left to make Tax saving investment, in case you are not aware you can save in instruments mentioned in Section 80C of Income Tax Act and the amount that can be claimed as an exemption is INR 1,50,000. Times is running out so plan and invest in Tax saving instruments mentioned in Income Tax Act to claim the deduction.
If a person completes the financial activities listed above, it will benefit him not just in a present scenario but also in future too.