As we all know, March 31, 2019 is the last day of the Financial Year 2018-2019 (Assessment Year 2019-2020), however, are we all aware of the importance of the same? In other words, what is the importance of due date March 31, 2019? Present article tries to provide detail answer to the same.

Following is the list of event / action to be done on or before due date March 31, 2019 (as applicable) –

1. Due date March 31, 2019 is the last day of tax planning for the Financial Year 2018-2019 (Assessment Year 2019-2020).

2. Due date March 31, 2019 is the last day for filing of the belated income tax return (ITR) for the Financial Year 2017-2018 (Assessment Year 2018-2019).

3. Due date March 31, 2019 is the last day for filing of revised income tax return (ITR) for the Financial Year 2016-2017 (Assessment Year 2017-2018) and for the Financial Year 2017-2018 (Assessment Year 2018-2019).

4. Due date March 31, 2019 is the last day for linking of Aadhaar number with the PAN.

Let us briefly understand the above points.

LAST DAY OF TAX PLANNING FOR THE FINANCIAL YEAR 2018-2019 (ASSESSMENT YEAR 2019-2020) –

In order to properly execute the maximum tax savings limit and end up paying minimum tax, the taxpayer is required to do proper tax planning and clear up all the investment before due date March 31, 2019.

LAST DATE FOR FILING OF THE BELATED ITR FOR THE FINANCIAL YEAR 2017-2018 (ASSESSMENT YEAR 2018-2019) –

The due date for filing an income tax return for Financial Year 2017-2018 (Assessment Year 2018-2019) was 31st August, 2018, however, in case of failure, the belated return can be filed. Due date March 31, 2019 is the last date for filing of the belated return for the Financial Year 2017-2018 (Assessment Year 2018-2019).

It is important to note that the taxpayer who has failed to furnish their return on time and are filing their belated return by due date March 31, 2019 are required to pay late filing fee under section 234F of INR 1,000 in case total income is below INR 5,00,000 and INR 10,000 in case the total income is above INR 5,00,000.

LAST DATE FOR FILING OF REVISED ITR FOR THE FINANCIAL YEAR 2016-2017 (ASSESSMENT YEAR 2017-2018) AND FOR THE FINANCIAL YEAR 2017-2018 (ASSESSMENT YEAR 2018-2019) –

As per earlier provisions of section 139(5) relating to revise return, as applicable to Financial Year 2016-2017 (Assessment Year 2017-2018), revise return can be filed before the expiry of one year from the end of relevant Assessment Year i.e. the due date for filing of revise return for Financial Year 2016-2017 would be due date March 31, 2019.

As per amended provisions of section 139(5) relating to revise return, as applicable to Financial Year 2017-2018 (Assessment Year 2018-2019), revise return has to be filed before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. Thus, the due date for filing of revise return for Financial Year 2017-2018 (Assessment Year 2018-2019) would also be due date March 31, 2019.

LAST DATE FOR LINKING OF AADHAAR NUMBER WITH PERMANENT ACCOUNT NUMBER (PAN);

Due date March 31, 2019 is the last date for linking of Aadhaar number with PAN.

Following is the two methods through which one can link Aadhaar number with PAN –

METHOD 1 –

LINKING OF AADHAAR WITH PAN USING E-FILING WEBSITE –

STEP 1 – Visit the site https://www.incometaxindiaefiling.gov.in/home;

STEP 2 – Click on ‘Link Aadhaar’ button appearing on the left hand side of the home page;

STEP 3 – On clicking the ‘Link Aadhaar’ following details are required to be provided –

  • PAN;
  • Aadhaar Number;
  • Name as per AADHAAR;
  • If only the birth year is mentioned in Aadhaar Card, then, the given box needs to be ticked;
  • If you agree to validate aadhaar details with UIDAI, then, you need to tick the given box;
  • Enter the Captcha Code

STEP 4 – Click on ‘Link Aadhar’ and submit the details.

OR

STEP 1 – Visit the site https://www.incometaxindiaefiling.gov.in/home;

STEP 2 – Click on ‘Login Here’ and provide appropriate User ID and password;

STEP 3 – Navigate the path Profile Setting > Link Aadhaar >

STEP 4 – Provide an Aadhaar number and click ‘Link Aadhaar’.

METHOD 2 –

LINKING OF AADHAAR WITH PAN USING SMS –

Aadhaar can be linking with PAN easily by using SMS. SMS in format UIDPAN<SPACE><12 digits Aadhaar number><Space><10 digits PAN> can be sent to 567678 or 56161 from the registered mobile number.

CONSEQUENCE OF NOT LINKING OF AADHAAR WITH PAN BY DUE DATE MARCH 31, 2019 –

As per Section 139AA of the Income Tax Act, 1961, in case of failure to link the Aadhaar number with PAN within due date March 31, 2019, the PAN allotted shall be deemed invalid and provisions of the Income Tax Act shall apply as if the person has not applied for allotment of PAN. Thus it is very important to link the Aadhaar number with PAN within due date March 31, 2019.

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Qualification: CA in Practice
Company: Taxguru / Sandeep Kanoi & Associates
Location: Mumbai, Maharashtra, IN
Member Since: 27 Feb 2017 | Total Posts: 671
A Blogger by Passion and a Chartered Accountant by Profession. View Full Profile

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