Tax Return
Must do’s things before 31st March 2020 -Income Tax
Mar
Must do’s things before 31st March 2020 -Income Tax
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.One Can link the adhar card and pan card by going on https://www.incometaxindiaefiling.gov.in/home under the tab “LINK ADHAR”
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.
In case one need assistance in filling income tax return. Taxfillingin59minutes.com Chat box , one can post his query.
3.Calculation of GST Turnover:
The total turnover in your Current year up to 31st 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. 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
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5. 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.
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