As the 2018-19 financial year comes to an end today, the various Tax Compliance Professionals including the Chartered Accountants, Company Secretaries, Cost Accountants and other accounting professionals are under high pressure due to the expiry of due dates to submits various tax documents also ends today.
As a result of various tax reforms, the work burden of the accounting professionals has been increased in recent times.
Today, 31st March is the last date to file the income tax return for the last year with a late fee of Rs. 10000. To file belated income tax returns is a little complicated and involves many calculations, therefore the burden of Chartered Accountant increases.
Calculate GST dues of businesses must be also completed today. This one is really important for the business class. One needs to calculate all GST dues and file the returns accordingly. The GST council had extended filing of initial returns of GSTR-3B for all businesses to 31st March 2018. Late filing of GST returns can attract a maximum penalty of INR 5,000.
Salaried class people who other income like interest on fixed deposits, unpaid taxes (after TDS) on which exceed Rs 10,000, then you should pay your advance taxes. In case you fail to pay advance tax, you might end up paying a penalty of 1 per cent on the outstanding advance tax. This is applicable in case you have taxable capital gains from the sale of house/ mutual funds/ bonds etc.
today is the last date to link Permanent Account Number (PAN) to your bank account is compulsory in order to get e-Refund from the Income Tax department. Furthermore, taxpayers who had filed their ITRs for FY 2016-17 without linking their PAN with Aadhaar must do it on or before 31st March 2019 in order to get their ITRs processed.
Apart from the professionals, today is working day for the income tax and GST officers across the country.
Both the income tax and GST offices remained open today as the department’s race against time to meet the revenue collection targets. “As per past practice, all field offices of CBIC (Central Board of Indirect Taxes and Customs) will remain open during the last weekend of the current financial year also March 30 and March 31, 2019, for assisting the taxpayers in all matters,” CBIC said in an office memorandum.
