Hyderabad: If you have not chalked out our plans at the beginning of the financial year wake up from slumber as waiting until the last minute can sometimes lead to problems. One has to be careful in advance, especially on things like investing in tax savings. Let's look at some of the works that need to be done in the run up to the end of the current financial year.
Tax deduction: For tax deduction, what is the total income for the current financial year? Calculate how much tax you have to pay. Check whether you have utilised all the exemptions provided under Section C 80C if not make sure to avail them. There is an opportunity to invest in various schemes like Public Provident Fund (PPF), National Pension Scheme (NPS), Sukanya Samridhi Yojana (SSY) and Equity Linked Savings Scheme (ELSS). If the Section-80C limit of Rs 1,50,000 is not met yet, select a suitable investment scheme. If you have not already invested in any of the PPF, NPS and SSY schemes already taken up, you must invest at least the minimum amount by March 31.
Filing of IT returns
The last date for submission of returns for the last financial year 2020-21 with a fee is March 31. Returns cannot be submitted after that. Those covered by the audit must file their returns by March 15.
If you have not linked Aadhaar-PAN, complete the process immediately. There is a possibility that the PAN will be invalid if it expires. After that, it becomes difficult to conduct financial transactions.
KYC at the bank
PAN, Aadhaar, address verification and other details requested by the bank should be submitted by March 31. Do not trust calls that come from other than banks about KYC update. Instead, go to your bank branch and submit your details.
In case of disputes in connection with tax arrears, you can resolve them as part of the 'Vivaad Se Vishwas' scheme. The Income Tax Department has given till March 31 deadline to pay it. In addition to the interest on the payment, the penalty fees will be cancelled. You can avail of this facility.
