9 Tax Tasks You Must Complete Before March 31st: 9 Major Deadlines Are Ending!

March 31st is the last date of this financial year, and deadline for some important tasks are ending on that day.

Complete These Nine Tax Tasks Before 31st March
Complete These Nine Tax Tasks Before 31st March

The end of the fiscal year is closing up, and there are a few financial things that must be taken of. Here is a list of all the nine tasks as declared by the Income Tax Department that have to be completed by March 31, 2019:

TDS on rent over Rs. 50,000

If the monthly rent you are paying for your residence is Rs. 50,000 or more than that, then you are required to deduct tax at source. This is TDS, and as per the income tax laws, this rate is at 5 percent of the rent paid.

If the TDS is not deducted and paid before 31st March, you will have to pay interest and penalty as well.

ITR filing for FY 2017-18

If your tax returns have not been filed for the FY 2017-18, the last date to do so is March 31st, 2019. The deadline of the income tax return filing was August 31, 2018. However, if you haven’t met this deadline, you can file for them by 31st March 2019.

If this deadline is not met either, you will not be able to file the taxes unless the government sends you a notice asking you to file them.

File Revised ITR for FY17-18 and FY2016-17

If you haven’t filed your tax returns for the FY 2017-18 and FY 2016-17, 31st March 2019 is the last date to file them. Previously, income tax returns were allowed to be filed at any time before the expiry of one year from the end of the relevant year or before the completion of the assessment. But now, the period has been reduced from ‘expiry of one year from the end of the relevant assessment year’ to ‘the end of the relevant assessment year.’

Tax Saving Investments for the FY17-18 and FY2016-17

Section 80C of the income tax allows you to save up to Rs 46,800, which is inclusive of taxes, but this is dependent on the slab of income you belong to. Another criteria is if you spend or invest up to Rs. 1.5 lakh in/on specified avenues.

Maintaining Minimum Investments in Certain Amounts

Make sure you are investing enough in PPF or NPS amounts to keep the accounts active for this financial year, even if you do not invest in them regularly.

Link PAN with Aadhaar

The government has yet again postponed the last date of interlinking your PAN card to your Aadhaar card. Previously the last date was June 30, 2018, and now it has been finalized to March 31, 2019. If the PAN and Aadhaar card are not linked, there is a possibility that the PAN card will be rendered invalid.

Provide Details In Case Of Job Switch

If you have switched jobs during the financial year of 2018-19, the details of income and tax deducted by the previous employee should be provided by you to the current employer via Form 12B. The last date to do this is also March 31, 2019.

Booking of Capital Gains and Losses

If your long-term capital gains (LTCG) from equity exceed Rs. 1 lakh in a financial year, a tax will be applicable to it. This has been introduced with effect from April 1, 2018. Also, if you are planning to sell equity and want large long-term capital gains, you can consider booking LTCG up to the tax-exempt limit of Rs 1 lakh so as to use it fully each year.

Advance tax dues

If your tax liability for the fiscal year is more than Rs. 10,000, it is compulsory that you pay advance tax. This advance tax is paid in four installments, of which the last date of the last installment was 15 March. However, this has been postponed to March 31, 2019.

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