31 March is nearing and so are the deadlines related to various financial tasks!
Keeping a tab over these deadlines will not only help you save taxes but also avoid penalties from organisation/department(s) concerned.
Income Tax Returns (ITR)
The last date to file your Income tax returns is 31 March as notified by the Income Tax Department for the assessment year 2017-2018. You can comply with the income tax regulations by paying a fine between Rs 5,000-10,000 (subject to your income) to file late ITR.
The 31 March deadline is also applicable for all those who want to revise their I-T returns for the financial year 2017-18.
PAN-Aadhaar Linking
The government has made quoting of Aadhaar mandatory for filing income tax returns (ITRs) as well as obtaining a new PAN.
The Central Board of Direct Taxes (CBDT) had issued an order last year, under Section 119 of the Income Tax Act, for individuals to link their Permanent Account Number (PAN) to their biometric ID (Aadhaar).
Section 139 AA (2) of the Income Tax Act says that every person having PAN as on 1 July 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.
Tax Planning
March is the month for you to assess how well your tax-saving plans have been executed and what more you can do to save taxes.
You can save taxes of up to Rs 1.5 lakh by making specified investments/expenses under the Income Tax Act 1961.
Besides, deductions under Section 80D, 80DD, 80DDB, 80E, 80EE, 80F, 80G, can also be claimed.
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