Highlights to the Financial Deadlines in the coming year 2019
With the start of 2019, you all must have set out many distinct plans for the year coming. Out of all hustle, it is important for us to remember- that like every year government stipulates some financial deadlines for some cruicial events like tax filing etc, the governement must have reported for some important financial deadlines for 2019 as well.
Here is a quick review to some of the key financial deadlines as declared in the year 2018 including the linking deadline for Aadhar-PAN to the due date for filing Income Tax return for the year 2017-18 and 2018-19. And the schedule follows :
Application for PAN card
All those individuals who do not have a PAN card and make transactions amounting to Rs 2.5 lakhs in one financial year, will have to apply for a PAN card on or before May 31, 2019, failing to this may attract excessive attention from the tax department.
Aadhar– PAN linking
On June 30, the Central Board of Direct Taxes (CBDT) extended the deadline for linking PAN card with Aadhar to March 31, 2019, failing to this will result in the document becoming invalid.
ITR for the financial year 2017-18
In case you have missed filing of tax returns for the financial year 2017-18, it should be definitely submitted on or before March 31, 2019. In case of any such failure, the tax department will first send a notice, through which the procedure can be completed.
Those who usually file belated ITRs shall be aware of the fact that the tax authorities will levy a certain amount of penalty as per current income tax laws and will have to pay a fine of Rs 5,000 if the Income Tax Return for 2017-2018 is filed on or by December 31, 2018.
It is ideal to file ITR by 31st July, 2019 as soon as the financial year ends on March 31, 2019, unless the government plans to extend it. The tax department usually levies a fine on the basis of your income group in case of non-compliance.
Deadline to claim allowances, tax benefits
It is advisable to claim pending tax benefits, reimbursements and allowances for financial 2018-19 before the end of the financial deadline of year i.e. March 31, 2019.
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