Deccanexpress online: Permanent Account Number (PAN) cardholders who fail to link it with their Aadhaar card will have to furnish a huge penalty after the deadline ends on March 31. A penalty of Rs 10,000 will be levied on those failing to comply with the March 31 deadline, the Income Tax Department said.
Taxpayers will have to ensure that all their tax-related works are completed before 31 March. In order to avoid fines. Taxpayers will have to file revised income tax returns before the end of the current financial year. If anyone files an income tax return on or after April 1, it is called a late or bilateral return. If the income tax return has already been filed and any changes are to be made to it, then the taxpayer has to file a revised return.
The revised return deadline is 31 March. It is necessary to link PAN and Aadhaar. The income tax department has made it mandatory to link all PAN cards with Aadhaar. So, if you have not yet linked your PAN card to Aadhaar, then put it soon.
The Central Board of Direct Tax has set the last date for the permanent account number and Aadhaar linking as March 31, 2021. If you do not link this till 31 March, then your PAN card may become useless. A penalty of Rs 10,000 can also be imposed under Section 272B of the Income Tax Act.
As per the notification issued by the Central Board of Direct Taxes, the last date for filing the declaration form under the trust scheme is 31 March 2021 from the dispute implemented on 17 March 2020. The objective of the scheme is to reduce pending income tax litigation and to benefit the government as well as taxpayers.
Under the advance tax income tax laws, if a person has a tax liability of more than Rs 10,000 in a year, they are liable to pay advance tax in four installments. The deadline to pay the fourth installment of advance tax for the financial year 2020-2021 is March 15.