Every year, during the Income Tax, Returns filing season, everyone starts scrambling to make sure that they have all the required documents at the ready before the deadlines.
In a rush to file their returns, most people inevitably mix up deadlines or miss them completely, after all, there are too many of them to keep a proper track.
This year, though, don’t get bogged down by these deadlines. We have compiled a list of the most crucial deadlines you need to keep in mind.
Tax Saving deadlines:
You have till 31 March to claim reimbursements from your employment for the financial year of 2018-19. All salaried individuals have to submit proofs for their investments like PPF; Tax Saver Fixed Deposits, NPS, ELSS, etc. under Section 80C.
If you haven’t planned your tax saving investments already, you need to get started on it immediately.
You can claim these deductions during your ITR filing; your employer might deduct TDS if you don’t submit the necessary investment or expense proofs on time.
It’s better to double check with your company’s Accounts Department about the deadlines they have set for proof submission.
Furthermore, do not forget to claim reimbursements that your employer has made allows for you like travel expenses, house rent, medical bills and such. It would be best if you keep tabs on your leave travel allowance exemptions too. You can claim your LTA for two trips for 4 years.
ITR deadlines:
The deadline for filing your income tax returns ha already passed. However, the IT department does give you the chance to file a belated ITR till 31 March with an additional fine for the delay.
An assessee needs to file a belated ITR for the financial year 2017-18 by 31 March 2019. Moreover, if you want to revise your ITR for the previous year the final deadline is 31 March.
After the current financial year ends, the assessee needs to start preparing for filing ITR for the Financial year of 2018-19 by 31 July.
PAN card:
As per the Supreme Court judgement of 2018, you are required to link your PAN card with your Aadhar Number. Reportedly, as of last October, millions of taxpayers hadn’t linked their PAN card with their Aadhar.
To avoid having your PAN card declared as void by the Income Tax Department, make sure to link your PAN card and Aadhar number by 31 March.
Furthermore, it is now mandatory for all entities doing transactions worth Rs 2.5 lakh or more in a financial year need to have a PAN card by 31 May of the next fiscal year.
Share market:
As of 31 March all physical format shares will be treated as void unless it is converted into dematerialised form.
Pradhan Mantri Awas Yojana:
The previously set deadline of 31 March 2019 for the subsidy (up to Rs 2.67 lakh) on home loans under the Credit link Subsidy Scheme for the Middle Income Group under the Pradhan Mantri Awas Yojana has been extended till March of 2020.
As of December 2018, approximately 3,39,713 beneficiaries have availed this subsidy under Pradhan Mantri Awas Yojana Scheme.
