We are all set to welcome 2019 and many people have already started planning their finances for the New Year. It is common that when the New Year arrives, most of us make financial resolutions and try not to break them. But, have you ever thought of financial deadlines that have to be met in the New Year? Meeting financial deadlines is really important. In case you fail to meet financial deadlines, it can have an impact on financial health. In this blog, we will discuss important financial deadlines that have to be met in 2019.
Earlier this year, the Central Board of Direct Taxes (CBDT) had extended the deadline for linking PAN card with Aadhaar to March 31st, 2019. According to the Supreme Court judgment, it is mandatory for every PAN card holder to link PAN card with the Aadhaar. As per Section 139AA of the Income Tax Act, if anyone fails to link PAN card with Aadhaar before March 31st, 2019, the document will be considered invalid.
So, make sure to link your PAN card with Aadhaar before the above-mentioned deadline.
If you don't have a PAN card but carry out transactions amounting to Rs 2.5 Lakhs in a financial year, it is mandatory to apply for the PAN card on or before May 31st, 2019. You will fall under the lens of the tax department if you fail to apply for PAN card within the above-mentioned date.
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If you have missed filing your Income Tax Returns (ITR) for the financial year 2017-18, you have to file it on or before March 31st, 2019. It is mandatory to file belated ITR by 31st March 2019.
You need to pay the penalty if you are filing belated ITR. As per the current laws, you have to pay Rs 5,000 late filing fees if you file belated ITR on or before December 31st, 2018. You will have to pay the fees of Rs 10,000 if you are filing belated ITR between January 1st, 2019, and March 31st, 2019. If the individual income does not exceed Rs 5 Lakh, the maximum fees have been restricted to Rs 1,000.
If you find any mistake in the ITR which you have already filed for a particular financial year, you will be allowed to rectify the same. The deadline to file the revised ITR for FY 2017-18 is March 2019. If you are filing a belated ITR for FY 2017-18, you will not be able to file a revised ITR.
Once the financial year 2018-19 ends on March 31st, you have to file ITR by July 31st to avoid penalty. Usually, the last date to file ITR is July 31st if it’s not extended by the government. Make sure you file your ITR on time to avoid penalty.
The last date for taxpayers to complete their income tax savings and claim reimbursements or allowances from employers for FY 2018-19 is 31st March 2019. If you fail to complete it before March 31st, your reimbursements which are usually tax-free will be put under taxable income.
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