5 Tax Obligations You Must Fulfill Before March 31 to Avoid Fines - Business News, Finance News, Share Market News - Market trendz

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Thursday 23 March 2023

5 Tax Obligations You Must Fulfill Before March 31 to Avoid Fines

 

5 Tax Obligations You Must Fulfill Before March 31 to Avoid Fines

As the end of the financial year approaches, it's essential to ensure that all your income tax tasks are completed before the deadline of March 31. Failing to complete these tasks on time can lead to penalties, and no one wants to pay more taxes than they owe. Here are five income tax tasks that you must complete before March 31 to avoid penalties:    File your Income Tax Return (ITR):  The most important task that you must complete before March 31 is filing your income tax return. If you have not yet filed your ITR for the previous financial year, you must do so before the deadline. Failure to file your ITR can result in a penalty of up to Rs. 10,000. Even if you have already paid all your taxes, it's mandatory to file your ITR if your income exceeds the basic exemption limit.    Link your Aadhaar with PAN:  The government has made it mandatory to link your Aadhaar with your PAN. If you have not yet linked your Aadhaar with your PAN, you must do so before the deadline to avoid any penalties. Failing to link your Aadhaar with your PAN can result in the invalidation of your PAN, which can have serious implications.    Verify your ITR:  Filing your ITR is not enough; you must also verify it before the deadline. There are various ways to verify your ITR, such as e-verification through Aadhaar, net banking, or sending a signed copy to the Central Processing Centre (CPC). If you fail to verify your ITR before the deadline, it will be considered invalid.    Pay any pending taxes:  If you have any pending taxes, such as self-assessment tax, advance tax, or tax on regular assessment, you must pay them before the deadline. Failing to pay your taxes can result in interest and penalties.    Check your Form 26AS:  Form 26AS is a consolidated statement that shows all your tax payments and tax deductions. You must check your Form 26AS before filing your ITR to ensure that all your tax payments have been credited correctly. If there are any discrepancies, you must rectify them before the deadline.    In conclusion, completing these income tax tasks before March 31 is crucial to avoid any penalties. Filing your ITR, linking your Aadhaar with your PAN, verifying your ITR, paying any pending taxes, and checking your Form 26AS are essential tasks that you must complete before the deadline. Make sure to plan and prioritize these tasks to avoid any last-minute rush and ensure that your taxes are in order.


As the end of the financial year approaches, it's essential to ensure that all your income tax tasks are completed before the deadline of March 31. Failing to complete these tasks on time can lead to penalties, and no one wants to pay more taxes than they owe. Here are five income tax tasks that you must complete before March 31 to avoid penalties:


File your Income Tax Return (ITR):

The most important task that you must complete before March 31 is filing your income tax return. If you have not yet filed your ITR for the previous financial year, you must do so before the deadline. Failure to file your ITR can result in a penalty of up to Rs. 10,000. Even if you have already paid all your taxes, it's mandatory to file your ITR if your income exceeds the basic exemption limit.


Link your Aadhaar with PAN:

The government has made it mandatory to link your Aadhaar with your PAN. If you have not yet linked your Aadhaar with your PAN, you must do so before the deadline to avoid any penalties. Failing to link your Aadhaar with your PAN can result in the invalidation of your PAN, which can have serious implications.


Verify your ITR:

Filing your ITR is not enough; you must also verify it before the deadline. There are various ways to verify your ITR, such as e-verification through Aadhaar, net banking, or sending a signed copy to the Central Processing Centre (CPC). If you fail to verify your ITR before the deadline, it will be considered invalid.


Pay any pending taxes:

If you have any pending taxes, such as self-assessment tax, advance tax, or tax on regular assessment, you must pay them before the deadline. Failing to pay your taxes can result in interest and penalties.


Check your Form 26AS:

Form 26AS is a consolidated statement that shows all your tax payments and tax deductions. You must check your Form 26AS before filing your ITR to ensure that all your tax payments have been credited correctly. If there are any discrepancies, you must rectify them before the deadline.


In conclusion, completing these income tax tasks before March 31 is crucial to avoid any penalties. Filing your ITR, linking your Aadhaar with your PAN, verifying your ITR, paying any pending taxes, and checking your Form 26AS are essential tasks that you must complete before the deadline. Make sure to plan and prioritize these tasks to avoid any last-minute rush and ensure that your taxes are in order.


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