personal finance

Financial deadlines in 2019 you need to know about


Here are some of the important financial deadlines you need to know about in 2019. Not meeting some of these could lead to substantial financial hardships.

1. PAN-Aadhaar linking deadline

Post the Supreme Court judgement on Aadhaar, it is now mandatory for every PAN card holder to link his/her PAN with Aadhaar. The Central Board of Direct Taxes (CBDT) in its order under section 119, dated June 30, 2018, had earlier extended the deadline to link PAN with Aadhaar to March 31, 2019.

If an individual’s PAN is not linked with Aadhaar by March 31, then post the deadline, the PAN will be considered invalid, as per Section 139AA of the Income Tax Act.

Also Read:
How to link PAN with Aadhaar

2. Pradhan Mantri Awas Yojana Deadline

If you are planning to buy a house and want to avail of the benefits under the Pradhan Mantri Awas Yojana (PMAY), then you must hurry up. If you are first time home buyer and satisfy all the other conditions, you could be eligible for credit linked subsidy under the government’s scheme. Currently, the last date to avail the subsidy under this scheme is March 31, 2019.

The amount of credit linked subsidy scheme (CLSS) offered to the applicant will depend on his/her annual income. For this purpose, applicants would be divided into different groups according to their income.

Also Read:Everything you need to know about PMAY scheme

3. Transfer of physical shares

If you are holding physical shares of a company, then you must dematerialise them before April 1, 2019. If you miss this deadline, you will not be able to sell your shares in physical certificate format until you have dematerialised them and hold them in a demat account. The earlier deadline to comply with this order was December 5, 2018, which was extended.

4. Deadline to file ITR for FY 2017-18

If you are one of those taxpayers who have still not filed their income tax return (ITR), then you must file your belated ITR on or before March 31, 2019. Abhishek Soni, CEO, tax2win.in, says, “With effect from assessment year 2017-18, the government has reduced the time limit for filing belated ITR from two years to one year. Therefore, for FY 2017-18 (AY 2018-19), an assessee is required to file belated ITR before the March 31, 2019. Once this deadline is missed, you will not be able to file it unless tax department sends you a notice.”

Remember, you will have to pay a penalty if you are filing your belated ITR. As per the current income tax laws, if you file your belated ITR on or before December 31, 2018 you will pay a fee of Rs 5,000. If the belated ITR is filed between January 1, 2019 and March 31, 2019, then you will pay a late filing fees of Rs 10,000.

As a relief to small taxpayers, whose income does not exceed Rs 5 lakh, the maximum fee has been limited to Rs 1,000.

Also Read:
How to file ITR

5. Complete your tax-savings and claim allowances

March 31, 2019 is the last date to complete all your tax-savings and claim reimbursements/ allowances from your employer for FY2018-19. Remember that tax benefits such as Leave Travel Allowance (LTA) can be claimed via your employer only. Also, reimbursements you are entitled to may lapse or be added to your taxable salary unless claimed by the end of the financial year.

Often employers offer reimbursement of certain expenditure such as conveyance, communication and so on. Depending on your employer’s internal policies, these reimbursement entitlements may lapse or be added to your taxable salary if unclaimed till the end of the FY. Normally, your employer will ask you to submit bills to claim these reimbursements.

Also, remember to submit all the required documents such as rent receipts and other tax-savings related documents to your employer before the deadline set by your employer to avoid higher TDS deduction from your salary income.

6. Deadline to revise your ITR for FY 2017-18

If you have discovered any mistake in the ITR you filed for FY2017-18 (AY 2018-19), then you must rectify your return by filing a revised ITR. According to current income tax laws, the last date to file your revised ITR for FY2017-18 is March 31, 2019.

If you are filing a belated ITR, remember that if you file ITR on March 31, 2019, then you would lose out the chance to file a revised return in case any mistake is made while filing ITR, adds Soni.

7. Deadline to file ITR for FY 2018-19

Once the financial year 2018-19 is finished on March 31, remember to file your ITR on time to avoid paying penalty on belated filing. The last date to file ITR on time is normally July 31, unless the government extends it.

8. Linking of loans to external benchmarks

The Reserve Bank of India has announced that with effect from April 1, 2019 banks will have to link the interest rates charged by them on different categories of loans such as personal loan, home loan, car loan etc. to the external benchmark instead of the present internal benchmarks such as prime lending rate, benchmark prime lending rate (BPLR), base rate and marginal cost of lending rate (MCLR).

According to statement, all new floating rate personal or retail loans (housing, auto etc.) and floating rate loans to micro and small enterprises extended by banks from April 1, 2019 shall be linked to any one of the four benchmarks. However, the final guidelines in this regard are yet to be issued by the RBI.

Also Read:
Interest rates to be linked to external benchmarks

9. Deadline to apply for PAN for non-individual entities

With effect from FY 2018-19, non-individuals who do not have PAN but have conducted transactions above Rs 2.5 lakh in a single financial year will now have to apply for a PAN on or before May 31 of the following year.

Also Read:
Non-individual must apply for PAN by May 31 of next FY





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.