March 2020 is the last month of the financial year 2019-20 and there are a few significant money-related deadlines that an individual needs to be aware of. These include filing of belated and revised Income Tax Return (ITR), paying advance tax installment, depositing Tax deducted at source (TDS) on rent, among others.

Here are details of the financial deadlines you need to know about in March 2020:

Pay fourth installment of advance tax by March 15

March 15 is the last date for the payment of the fourth and final installment of advance tax. Advance tax is the income tax payable if tax liability of an individual exceeds Rs 10,000 in a financial year. There are four dates (June 15, September 15, December 15 and March 15) for the payment of installments.

Also read: How to plan your taxes early to avoid last-minute rush

File belated or revised ITR by March 31

In case an individual has not filed the income tax return (ITR) for the financial year 2018-19 (or assessment year 2019-20), he/she can still do it by March 31, 2020, with a late fine of Rs 10,000. According to the Income Tax (I-T) department, an assessee who does not submit a return of income within the deadline is allowed to file a belated return at a later time with certain penalty charges.

Also, one can revise ITR by March 31, 2020 in case a mistake has been made in the original one.

Link PAN with Aadhaar by March 31
Permanent Account Number (PAN) will become inoperative if it is not linked with Aadhaar by March 31, 2020. The deadline for linking of PAN and Aadhar has been extended several times and the current deadline ends on March 31, 2020.

Deduct tax on rent paid by March 31

An individual living in a rented accommodation who pays a rent of more than Rs 50,000 a month is required to deduct tax on the rent paid. The tax is deducted on the total amount of rent paid at rate of 5 percent once in a financial year. The tax is deducted at the time of vacating house or at end of financial year.

Make tax saving investments before March 31

In order to save taxes, one must complete the tax-saving related investments before March 31, 2020. Tax saving plays a significant role in achieving financial objectives. The deductions allowed under the income tax act help an individual in reducing the taxable income. There are a number of deductions available under various sections that help in lowering the taxable income.