There are few important financial deadlines in the month of March that an individual taxpayer needs to be aware of. These include filing a belated tax return, revised return and payment of advance taxes.
March is last month of the financial year and there are a few important financial deadlines that you need to be aware of. One such deadline is that of filing belated ITR for the financial year (FY) 2018-19. This is extremely crucial for those who are yet to file their income tax return (ITR).
This is not the only tax-related deadline that falls in the month of March; others include the last date to complete your tax-saving exercise and making payments for advance tax. The income taxdepartment, via a tweet, has listed out the important tax-related dates that taxpayers should be aware of for the month of March.
Here is a look at those deadlines that fall in the month of March.
March 31, 2020 is the last date ITR for FY 2018-19. If the belated return is not filed by this date, then an individual will not be able to file his/her ITR unless asked by the income tax department.
Further, while filing belated ITR, an individual taxpayer will be required to pay late filing fees as well. Late filing fees of Rs 10,000 will be levied on the taxpayer. However, late filing fees will not exceed Rs 1,000 if an individual taxpayer's income does not exceed Rs 5 lakh in a financial year.
If at the time of filing your tax return for FY 2018-19, you have made a mistake or recently discovered a mistake, then it is important that you rectify it. This can be done by filing a revised return.The last date to file a revised return for FY 2018-19 is March 31, 2020. If you miss this date, then you will not be able to file a revised return.
Another thing that a taxpayer must remember is that if a belated ITR is filed on March 31, 2020, then a taxpayer would miss out an opportunity to file a revised return if a mistake has been discovered.
March 15, 2020 is the last date to pay the fourth and final advance tax instalment for FY 2019-20. This date is also applicable for those individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA.
If the advance tax payment is made after this date, then interest will be levied.
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