7 must-do’s before 31st March-A quick checklist

We all are aware that end of the financial year 19-20 is approaching. 31st March, 2020 is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations. 7 things to do before the end of 31st March 2020:

1. Linkage of Aadhaar with PAN: It must be noted that the return of income tax payer will not be processed if Aadhaar is not linked to PAN.

2. Filing of Pending Returns: 31st March, 2020 is the last date for filing Income tax return for AY 2019-20. One must file the belated income tax return for AY 2019-20 by the end of 31st March, 2020.

3. Calculation of GST Turnover: The total turnover in your Current year up to 31^st March is to be calculated for the purpose of determining the aspects like applicability of GST Registration, Eligibility of opting Composition Scheme, and Applicability of Filing of specific returns.

4. Compulsory investment under PPF: The minimum compulsory annual contribution to PPF account is Rs. 500. So if you have PPF Account then you need to contribute at least Rs. 500 per financial year. The last date of this contribution is 31^st March, 2020.

5. Calculation of Deductions: Certain Deductions are allowed to individual tax payers for Investment made in certain specific sectors in order to avail tax benefit. Such calculation shall help you to further diversify the Investments for maximum Deductions like u/s 80C, 80D, 80G etc.

6. Investment Strategies to claim deductions: Various investments are allowed to claim exemptions and deductions along with benefit of opportunity to earn returns on such investments. Thus to avail maximum deductions, such investments are to be made before 31^st march to include it in the previous year for the future prospect.

7. Claim reimbursements in case of salaried employees: Salaried individuals are entitled to certain reimbursements on the basis of their salary structure such as medical reimbursements, Telephone, leave travel, house rent allowance etc. To claim such tax exemption, such persons need to submit the proof of such expenses to their employers.

(Republishing with Amendment)