Tax-related tasks you need to perform before 31 March deadline

To bring the taxation of Ulips on a par with equity-oriented mutual funds, the budget has proposed there will be no tax exemption on the maturity proceeds of Ulips with an annual premium above ₹2.5 lakh

2 min read . Updated: 04 Mar 2021, 02:13 PM IST Renu Yadav

15 March is the deadline for paying the fourth installment of advance tax for financial year 2020-21 including the advance tax by those individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA

The end of the financial year 2020-21 is approaching soon. There are a few tasks that one needs to perform before the 31 March deadline. Many taxpayers would be rushing to make tax saving investments if they haven’t done already.

But it’s not the only task that one needs to finish before the last date. There are other tax-related tasks too which one should to finish before the deadline which may also result in penalties.

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Here is a list of some of the tasks which you need to perform before 31 March.

Filing belated and revised return

31 March is also the end of the assessment year 2020-21. Therefore, it is the last date for filing revised or belated return for FY19-20. An income tax return (ITR) filed after the due date is called late or belated return. In case you have filed your ITR but want to make any changes in it, you can file a revised return. The deadline for filing revised as well as belated return is the 31 March of the assessment year. “One should remember that, if this deadline of 31 March is missed then you will not be able to file revised or belated ITR for financial year 2019-20. Belated ITR will be submitted with a late filing fee of Rs10,000 on or before March 31, 2021," said Kapil Rana, Founder & Chairman, HostBooks Limited.

Filing advance tax

Any person whose estimated tax liability for the year is more than ₹10,000 a year is liable to pay advance tax. 15 March is the deadline for paying the fourth installment of the advance tax for financial year 2020-21 including the advance tax by those individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA. “If taxpayer fails to do so will be end up paying delayed interest and, in some cases, penalties," says Rana.