12 Mar 2021, 14:15 — 3 min read
We highlight tax deadlines for March 2021 in India. These include last date for advance tax payment, delayed ITR filing, linking PAN Card with Aadhaar number and availing some key government schemes. These impact businesses and salaried taxpayers.
Advance tax liability is incurred when the estimated total tax liability (net of tax deducted at source or TDS) exceeds INR 10,000 in a financial year. Penalty interest will be triggered if the advance tax payment is not made by March 15.
Taxpayers should note that starting April 1, 2020 – the individual receiving divided income will be taxed as per income tax slab rates. (TDS is levied once the dividend income in a financial year is above INR 5,000.)
March 31 is the last date for individuals filing revised income tax returns for FY 2019-20.
Also, those individuals who are filing their FY 2019-20 tax returns late and don’t need their accounts to be audited – can do so by March 31, 2021 – but will have to pay the late penalty. This is INR 10,000; however, small taxpayers earning up to INR 500,000 in a financial year will not be required to pay more than INR 1,000 as late filing fee.
Those who wish to reduce their tax liability for FY 2020-21 can file their tax returns by March 31.
For those who have filed a declaration to resolve a tax dispute under this scheme on or before January 31, 2021 must make the required payment by March 31, 2021.
This scheme was announced under the government’s stimulus package on May 13, 2020. It provides claimants fully guaranteed and collateral-free loans for business purposes (entities and businesspersons). The last date to avail benefits under this scheme is March 31, 2021.
The Pradhan Mantri Awas Yojana (PMAY) scheme offers credit-linked subsidies, subject to terms and conditions, on home loans to middle income groups (individuals earning between INR 600,000 to INR 1,800,000).
The government has extended the deadline to link two key identification numbers – the PAN and Aadhaar – from June 30, 2020 to March 31, 2021.
Failing to establish this linkage – the PAN will become invalid. The PAN number is mandatory for financial transactions. Aadhaar is a 12-digit identification number that includes the individual’s biometric information and is mandatory for all residents in India.
Information source: India Briefing
Image source: shutterstock.com
Posted byGlobalLinker Staff
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