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As we are coming to the close of the 2018 Calendar Year it is very crucial to plan your financial deadlines for 2019. The following are some of the important financial deadlines in 2019.
On June 30, the Central Board of Direct Taxes (CBDT) extended the deadline for linking PAN card with Aadhaar to March 31, 2019. With the Supreme Court’s judgement, it becomes mandatory for all users to get it linked in case it is already not.
As per Section 139AA of the Income Tax Act, failing to link PAN with Aadhaar within the aforesaid date will result in the document becoming invalid.
Individuals who haven’t filed their respective income tax return (ITR) for the financial year 2017-2018 should do it on or before March 31, 2019. In case you missed filing tax returns earlier, it should be definitely submitted within the deadline. In case you fail, the tax department will first have to send you a notice, following which the procedure can be completed. Tax professionals recommend clients to not miss the deadline.
The individuals filing the belated ITRs are required to pay penalty fee (late fee) of Rs 5,000 which can escalate to Rs 10,000 if the ITR is filed after January 1, 2019. A late fee of Rs 1,000 has been fixed for individuals who are earning less than Rs 5 lakh per annum.
All the stakeholders who have shares in physical form should convert their respective shares into demat (dematerialise) format before April 1, 2019. Post this deadline, you won’t be able to trade the physical shares. Securities and Exchange Board of India (SEBI) recently extended the deadline from December 5, 2018 to April 1, 2019.
Individuals, who do not have PAN card but conduct transaction amounting to Rs 2.5 lakh in one financial year, will have to apply for a PAN card on or before May 31, 2019. Failing to apply for a PAN card may attract excessive attention from the tax department.
The last date to avail credit linked subsidy under Pradhan Mantri Awas Yojana (PMAY) is March 31, 2019. This is applicable for all the individuals who are planning to buy a house and want benefits of PMAY.
As soon as the financial year ends on March 31, it is ideal to file ITR for the year by July 31, which is the last date to file ITR unless the government plans to extend it. If you fail to comply with the dates, the department usually levies a fine on the basis of your income group and whether any extension is being awarded by tax authorities.
If you want to claim pending tax benefits, reimbursements and allowances for financial 2018-19, complete all the formalities before March 31, 2019. If you fail to act on it, your reimbursements towards conveyance and communication, which are usually tax-free, will be bracketed under taxable income. To avoid tax deduction on such special allowances, do claim it from the employer before the end of the financial year.
The last date to file ITR on time for the financial year 2018-2019 is July 31, 2019. One can avoid paying the late fee on belated ITR by filing the ITR within the stipulated time.
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