It is a new year and new deadlines are ready for you that you should not forget. No need to take tension, we are here with you and has made a list of 10 important deadlines for you.
10 Important Deadlines for 1st Quarter of 2021
Here is the list of 10 important deadlines and dates that you should make a note of in your calendar for the 1st quarter of the year 2021.
1. January 10, 2021- ITR filing deadline
If you still not file your ITR for AY 2020-21, then you have time till January 10, 2021, to file it without paying any late fees. Earlier the last date was 31st December 2020 for non-audited assessee but on 30th December 2020, the government has extended the last date till 10th January 2021.
Also Read- Business Code for ITR of AY 2020-21
2. January 15, 2021- Tax Audit Report last date
On 30th January 2020, the government along with the due date of ITR for AY 2020-21 also extend the last date of submitting the Tax Audit Report. It includes tax audit reports and reports related to the international and specified domestic transactions for the AY 2020-21.
Also Read- Tax Audit Limit for AY 2020-21
3. January 31, 2021- The last date to file a declaration under Vivad se Vishwas
31 January 2021 is the last date to file a declaration under the Vivad se Vishwas Scheme. It is the scheme that was announced in Budget 2020 to settle the income tax disputes and reducing the pending income tax litigation.
4. February 15, 2021- ITR filing deadline for the audited assessee
Although the last date of submitting the tax audit report is 15th January 2021, but the extended due date of ITR for the income tax assessee whose accounts are required to be audited for the FY 2019-20 (AY 2020-21) is 15 February 2021.
5. March 15, 2021- Last date of making advance tax payments
Advance Tax payment liabilities arise when the estimated total tax liabilities exceed Rs. 10,000 in the relevant financial year and the total liability needs to be paid in 4 installments for which 15th March is the last date.
For AY 2021-22, 15 March 2021 is the last date of advance tax payment.
Earlier the government has extended the deadline for linking of Aadhar no. with PAN no. from 30th June 2020 to 31st March 2021. If PAN is not linked with Aadhar before the due date then your PAN becomes inoperative and you will not be able to quote the PAN for the financial transaction.
7. March 31, 2021- Revised/belated ITR deadline for FY 2019-20
If a non-audited assessee still not file his/her Income Tax Return till 10th January 2021 for FY 2019-20, then he/she can file a belated ITR by March 2021. Keep in mind that for filing a belated return, you will have to pay a fine up to Rs. 10,000.
If there is any mismatch or any error during the filing of ITR, you can also revise your ITR for FY 2019-20 till 31st March 2021.
8. March 31, 2021- Deadline for completing tax saving for FY 2020-21
You should complete your tax-saving exercise for the FY 2020-21 before the last date of FY 2020-21.
9. March 31, 2021- Last date of making payment under Vivad se Vishwas
If you file or have filed a declaration for the resolution of a dispute under Vivad se Vishwas scheme on or before 31st January 2021, then the last date for payment under the scheme is 31st March 2021.
10. March 31, 2021- Availing benefits of credit subsidy under PMAY
31st March is also the last date of availing of the credit subsidy benefits under Pradhan Mantri Awas Yojna (PMAY). It provides credit-linked subsidies, subject to terms and conditions, on home loan to middle-income groups having annual income between Rs. 6 Lakh and Rs. 18 Lakh.
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)