From PAN card to Income Tax Return, 31st March 2019 is the last date for all the major tasks. Here we will tell you, why 31st March 2019 is an important for the citizens of India.
31st March 2019, is the last date to file Income Tax Return with penalty for the Assessment Year 2018-19. The taxpayers who fail to file Income Tax Return by this date, will not be able to file ITR later. Moreover, it is not just the last chance for the taxpayers to file taxes it is also the last chance for the taxpayers to save taxes and avoid any penalty from the Income Tax Department.
This date marks the end of the Financial Year and hence it is also the last date to complete several financial tasks. 31st March is also important for the taxpayers who want to file the revised return for the F.Y. 2017-18 or A.Y. 2018-19.
Linking PAN to Aadhaar
Keeping in mind the constitutional validity of Aadhaar by Supreme Court, it is now mandatory for the citizens of India to link PAN to Aadhaar Card, for filing Income Tax Return. The taxpayers can complete the linking of PAN and Aadhaar on or before 31st March 2019 by visiting the Income Tax Department’s official e-filing portal.
An Important date for the Shareholders
Those who own shares in paper form will have to immediately convert them into dematerialized form by 31 March 2019, as they will not be able to transact in physical shares after 1 April 2019. The only way to sell shares will be to open a Demat account and convert your paper shares into Demat form.
Last Chance to make Tax Saving Investments
Generally, taxpayers start tax planning at the beginning of the Financial Year, but March is a month to check whether you have benefited from all your tax saving investments or not. The taxpayers who have made Tax-Saving Investments under IT Act, 1961, must claim deductions under Section 80C, 80D, 80DD, 80DDB, 80E, 80EE, 80F, 80G, etc. before 31st March 2019.