It is always good to be well-prepared, especially when it comes to matters of money. The Government has extended most of the important dates in the wake of the COVID-19 pandemic.
To make sure that you have a smooth 2021, money-wise at least, here are sixteen important financial deadlines you must be aware of.
Firstly, the CBDT has extended the last date for filing an income tax return (ITR) for Financial Year 2019-20 to January 10, 2021, in view of the pandemic, from the earlier deadline of December 31, 2020.
Generally, the taxpayers are supposed to file ITR by July 31 but an exception was made this year due to the pandemic. This is the third time the tax return filing deadline for Financial Year 2019-20 has been extended. So, if you’re running late, you still have roughly 10 more days to sort it out.
Secondly, in view of the continued challenges faced by taxpayers in meeting statutory compliances due to the outbreak of COVID-19, the Government further extended the dates for filing Tax Audit and TP Audit Report extended till January 15, 2021, from the current deadline of December 31, 2020.
Thirdly, the government extended the due date for making declaration under Vivad se Vishwas scheme till January 31, 2021 from the earlier deadline of December 31, 2020, in view of the difficulties faced by taxpayers due to the COVID-19 pandemic.
Fourthly, the due date for furnishing of ITRs for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions under section 92E of the Income-tax Act has been extended to February 15, 2021.
Prior to the amendment, the tax audit report was required to be filed on or before the due date specified in section 139(1) which is 30th November of the assessment year.
Fifthly, the EPFO extended the deadline for submission of Jeevan Pramaan Patra till February 28, 2021, for pensioners. The move will benefit 35 lakh pensioners, at present, a pensioner can submit the Jeevan Pramaan Patra anytime during the year up to November 30.
Sixthly, if you have received substantial dividend income in Financial Year 2020-21, it is likely that you are liable to make advance tax payments as well. Advance tax liability arises if the estimated total tax liability (net of TDS) exceeds Rs 10,000 in the relevant financial year. If the advance tax payments are not made on or before March 15, 2021, then penal interest will be applicable.
Seventhly, the government extended Aadhaar-PAN linking date from 31st March, 2020 till 31st March, 2021.
If in case the PAN is not linked with Aadhaar by 31st March, 2021, then PAN will become inoperative which will result in failure to quote the PAN for financial transactions.
Eightly, to encourage individuals to use their unclaimed Leave Travel Allowance (LTA) amounts and to boost consumer demand, the government came up with relaxed guidelines.
These relaxed guidelines allowed the payment of cash allowance, it will be equal to LTC given to central government employees in exchange for LTA after launching the LTC Cash Voucher Scheme on October 12, 2020.
On October 29, 2020, the scheme was further extended and also included non-central government employees in it, followed by several sets of frequently asked questions offering a similar income tax exemption, which also brought relief to private-sector employees. March 31, 2021, is the last date to avail the tax benefit under the LTC Cash Voucher Scheme.
Ninthly, if the due date for filing the original return of income is missed, one can file a return later after the due date called a belated return for the Financial Year 2019-20 on or before 31 March 2021.
Thenthly, the taxpayer must complete a tax-saving exercise for the financial year Financial Year 2020-21 by the deadline, i.e., March 31, 2021, failure to comply with the deadline would mean missing the opportunity to reduce your tax liability for Financial Year 2020-21.
Eleventhly, the last date to make payment under Vivad se Vishwas Scheme is extended from January 31, 2021 till March 31, 2021.
Twelthly, the last date for availing the benefit under the Emergency Credit Line Guarantee Scheme is March 31, 2021.
Thirteenth, in addition to the LTC Cash Voucher Scheme, the government also announced an interest-free advance of Rs 10,000 to government employees, which will be recoverable in a maximum of 10 instalments. The last date to avail the Special Festival Advance is March 31, 2021.
Fourteenth, the benefit of credit subsidy under Pradhan Mantri Awas Yojana is March 31, 2021; which provides for credit-linked subsidies, subject to terms and conditions, on home loans to middle-income groups having annual income between Rs 6 lakh and Rs 18 lakh.
Fifteenth, the last date to avail tax sop on purchase of new house is June 30, 2021.
Lastly, July 31, 2021, is the last date of filing ITR for individual taxpayers. While filing ITR for FY 2020-21, taxpayers have the option of choosing between the existing tax regime and the new concessional tax regime.
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