As we all know, March 31, 2019 is the last day of the Financial Year 2018-2019 (Assessment Year 2019-2020), however, are we all aware of the importance of the same? In other words, what is the importance of due date March 31, 2019? Present article tries to provide detail answer to the same.
1. Due date March 31, 2019 is the last day of tax planning for the Financial Year 2018-2019 (Assessment Year 2019-2020).
2. Due date March 31, 2019 is the last day for filing of the belated income tax return (ITR) for the Financial Year 2017-2018 (Assessment Year 2018-2019).
3. Due date March 31, 2019 is the last day for filing of revised income tax return (ITR) for the Financial Year 2016-2017 (Assessment Year 2017-2018) and for the Financial Year 2017-2018 (Assessment Year 2018-2019).
4. Due date March 31, 2019 is the last day for linking of Aadhaar number with the PAN.
Let us briefly understand the above points.
In order to properly execute the maximum tax savings limit and end up paying minimum tax, the taxpayer is required to do proper tax planning and clear up all the investment before due date March 31, 2019.
The due date for filing an income tax return for Financial Year 2017-2018 (Assessment Year 2018-2019) was 31st August, 2018, however, in case of failure, the belated return can be filed. Due date March 31, 2019 is the last date for filing of the belated return for the Financial Year 2017-2018 (Assessment Year 2018-2019).
It is important to note that the taxpayer who has failed to furnish their return on time and are filing their belated return by due date March 31, 2019 are required to pay late filing fee under section 234F of INR 1,000 in case total income is below INR 5,00,000 and INR 10,000 in case the total income is above INR 5,00,000.
As per earlier provisions of section 139(5) relating to revise return, as applicable to Financial Year 2016-2017 (Assessment Year 2017-2018), revise return can be filed before the expiry of one year from the end of relevant Assessment Year i.e. the due date for filing of revise return for Financial Year 2016-2017 would be due date March 31, 2019.
As per amended provisions of section 139(5) relating to revise return, as applicable to Financial Year 2017-2018 (Assessment Year 2018-2019), revise return has to be filed before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. Thus, the due date for filing of revise return for Financial Year 2017-2018 (Assessment Year 2018-2019) would also be due date March 31, 2019.
Due date March 31, 2019 is the last date for linking of Aadhaar number with PAN.
STEP 4 – Click on 'Link Aadhar' and submit the details.
STEP 4 – Provide an Aadhaar number and click 'Link Aadhaar'.
Aadhaar can be linking with PAN easily by using SMS. SMS in format UIDPAN<SPACE><12 digits Aadhaar number><Space><10 digits PAN> can be sent to 567678 or 56161 from the registered mobile number.
As per Section 139AA of the Income Tax Act, 1961, in case of failure to link the Aadhaar number with PAN within due date March 31, 2019, the PAN allotted shall be deemed invalid and provisions of the Income Tax Act shall apply as if the person has not applied for allotment of PAN. Thus it is very important to link the Aadhaar number with PAN within due date March 31, 2019.
What is the PAN-Aadhar linking option for NRI's who are not allowed to apply for Aadhar?