In less than 10 days, the new financial year is set to begin and it would bring with a number of new changes. In very simple words, there are certain rules that would change with the commencement of the new financial year. And the fact that these rules are to directly affect your financial strength and life, you must be aware of them. So, from PAN-Aadhaar linking, revised ITR filing to LTC bill submission, here are six things that you need to take note of before March 31, 2021.
1. Revised ITR Filing
The Income Tax Department has recently asked the taxpayers to file their ITR as soon as possible. The tax department further added that the ones delaying the filing of the income tax return for FY 2019-20, will have to pay a whopping penalty fee of Rs 10,000. The last day of filing ITR is on March 31, 2021, so your better be going.
2. PAN-Aadhaar Linking
The last day to link your PAN Card with the Aadhaar card, as per the government’s new notification, is on March 31, 2021. Earlier it was June 30, 2020, but was extended due to COVID-19. The government has notified that in case once PAN is not linked with the Aadhaar number, then the PAN will become inoperative from April 1, 2021. This could lead to you not being able to conduct financial transactions among other things.
3. LTC Cash Voucher Scheme
As per updates from the Central government, it is mandatory to submit the bill by 31 March 2021 in the correct format to avail tax under LTC Cash Voucher Scheme. It is also necessary to have the GST amount and number. The scheme was announced by the Central Government in October 2020.
4. Emergency Credit Line Guarantee Scheme
The deadline for disregarding the Centre’s Emergency Credit Line Guarantee Scheme is 31 March 2021. Under the scheme, the centre is giving security-free loans to traders, especially small ones, so that they can re-establish their business which might had been affected due to COVID-19.
5. Contribution to PPF and NPS accounts
Any perosn who has subscribed to PPF or NPS accounts needs to ensure that they deposit a minimum contribution of Rs 500 per year into the same account to ensure that the account dosen’t go stale or dormant.
6. Book your long-term capital Gains
Last but not the least, as per Section 112A, long-term capital gains on equity shares are fully exempt up to Rs 1 lakh and the balance is taxed @10%. In case you have not booked it yet, you can book long-term capital gains up to one lakh of rupees before March 31.