5 major tasks you must complete before Financial Year closing on March 31

With the fiscal year closing on March 31, various tax related matters have to be completed. Just three days are remaining for this fiscal year to close and if you still have not completed the important tax-related tasks, now is the time to do it. Here's looking at 5 major things to do before the end of March 31.

March 31 is crucial for those who have not filed their revised or belated Income Tax Return (ITR) for financial year 2019-2020.The Income Tax Department too has been constantly reminding taxpayers to file their tax returns for the aforesaid on its portal.

The Central Board of Direct Taxes (CBDT) on Wednesday (June 24) issued a notification for extending the deadline for linking of Permanent Account Number (PAN) card with Aadhaar card. The date for linking PAN card with Aadhaar card has further been extended to March 31, 2021. The previous deadline for linking PAN with Aadhaar was June 30, 2020.

Form 12B is an income tax form that needs to be furnished by the salaried individual if he joins any new organisation in the middle of the year. If you have changed job during the financial year 2020-2021, provide the details of income using Form 12B. Your new organisation will be able to deduct exact TDS based on the details provided in Form 12B before March 31.

Under the Income Tax Law of India, a person — except for senior citizens without any professional income — with a tax liability of over Rs 10,000 is liable to pay advance tax in four instalments -- before July 15, September 15, December 15 and March 15. However, if the tax is not paid on or before the deadline, the taxpayer is charged 1 percent interest per month for deferment in instalment and 1 percent interest per month if only 90 percent of the total amount is paid before the end of the FY.

In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government has further extended the date for making payment without additional amount from December 31, 2020 to March 31, 2021.