- Date : 06/03/2021
- Read: 4 mins
Here’s a handy list of all the major financial deadlines in 2021 that can save you from taxes and penalties and earn you subsidies.
The financial deadline calendar of 2021 reminds you of all the major deadlines that you may otherwise miss out on. Sticking to these deadlines will save taxes and help you avoid late fees. You will also be able to avail of various schemes and subsidies that the government is offering.
- 10 January 2021 – After repeated extensions, the ITR filing deadline for salaried individuals was finally set to this date. Individuals filing returns ITR-1, ITR-2 and ITR-4 for the financial year 2019-20 need to adhere to this deadline, missing which attracts a late filing fee of Rs 10,000.
- 15 January 2021 was the deadline for the submission of audit reports required under the Income Tax Act, including the income tax audit report due date for the financial year 2019-20.
- 31 January 2021 – Declaration to be made under the Vivad se Vishwas scheme, which was introduced to settle income tax disputes and litigations.
- 15 February 2021 is the last date to file the ITR deadline for individuals who are required to get their accounts audited or submit a report under section 92E for financial year 2019-20.
- 28 February 2021 is the extended deadline for submission of life certificate by pensioners. This certificate is mandatory to maintain the uninterrupted receipt of a pension.
- 15 March 2021 – Last date for payment of advance tax. Advance tax is required to be paid if the total tax liability after TDS is more than Rs 10,000 in the financial year.
- 31 March 2021 is the deadline for PAN-Aadhaar linking. In the absence of Aadhaar linking, PAN will become inoperative and you won’t be able to quote PAN in financial transactions. Once linked, an inoperative PAN will become operational again.
- 31 March 2021 is the last date for availing of tax benefit under LTC Cash Voucher Scheme. This scheme requires employees to spend three times the LTA fare on goods and services that have a GST rate of 12% or more.
- 31 March 2021 is the last date for filing revised and/or belated ITRs for FY 2019-20. Original returns filed before the due date can be revised to rectify any errors, to this date. In the case of belated filing, a penalty of Rs 10,000 will be charged by the Income Tax department. The late filing fee cannot, however, exceed Rs 1000 in the case of small taxpayers with income up to Rs 5 lakh.
- 31 March 2021 is the last day of the financial year, so all investments and expenses that are tax-free or eligible for income tax deductions for FY 2020-21 have to be completed. This includes the all-important deduction under section 80C as well.
- 31 March 2021 – After the deadline for a declaration under the Vivad se Vishwas scheme, the two-month window to make payment under the scheme closes on this date.
- 31 March 2021 is the last date for availing of benefits under the Emergency Credit Line Guarantee Scheme. Under this scheme, fully guaranteed and collateral-free business loans can be obtained by various entities.
- 31 March 2021 – The government has offered an interest-free advance of Rs 10,000 to employees, which will be recoverable in 10 months. The last date for availing of this Special Festival Advance Scheme is 31 March 2021.
- 31 March 2021 is also the last date for availing of credit subsidy under the Pradhan Mantri Awas Yojana. This credit-linked subsidy scheme (CLSS) is offered on home loans to home buyers of middle income groups whose annual income does not exceed the Rs 6–18 lakh bracket.
- 30 June 2021 is the last date for availing of tax sop for new home buyers. As per this benefit, the acceptable differential between agreement value and the circle rate has been raised from 10% to 20% for the purchase of a new house of up to Rs 2 crore.
- 31 July 2021 is the last date to file income tax returns for the current financial year 2020-21.
Adhering to these deadlines ensures that you don’t miss out on the benefits offered by the government. You can also avoid facing penalty and late fees in case of income tax returns (ITR) and other returns filed. Keep the 2021 financial calendar handy so you don’t miss any of these important deadlines. Read this piece to learn lessons to adopt in mistakes to leave behind.