The new financial year 2021-22 is going to begin from 1st April 2021 i.e. from tomorrow. But, with the end of the current fiscal, some important deadlines are also ending today.
The new financial year 2021-22 is going to begin from 1st April 2021 i.e. from tomorrow. But, with the end of the current fiscal, some important deadlines are also ending today. Aadhaar PAN Link, Income Tax Return or ITR filing for AY 2020-21, renewal of customer credentials of seven public sector banks that includes Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank are some of the important deadline that are ending today. Failing to comply may lead to penalties being imposed and hence people are advised to finish off these things by the end of the day.
Aadhaar PAN Linking
The deadline for PAN Aadhaar Link is ending today and the Income Tax Department has made it clear that failing to meet the deadline will lead to one’s PAN Card becoming inoperative. Holding an inoperative PAN card may lead to a penalty up to Rs 10,000. Apart from this, the Narendra Modi Government has made provision for late fine if one fails to meet the Aadhaar PAN link deadline. In the Finance Bill presented recently in the Lok Sabha, there is provision of Rs 1,000 penalty as late fine for not meeting the PAN Aadhaar linking deadline.
Income Tax Return (ITR) Filing
The deadline for Income Tax Return (ITR) filing for AY 2020-21 is 31st March 2021. Those who are thinking that there will be some extension in the last date for ITR filing needs to know that the Income Tax Department has made it clear that taxpayers better file their ITR within the given deadline. The Income Tax Department reminded the earning individuals in this regard from its official twitter handle.
Asking people to file ITR by 31st March 2021 for AY 2020-21 the Income Tax Department tweeted, “DO NOT IGNORE THIS! If you haven’t filed your Income Tax Return (ITR) yet, this is your last chance to do so. Last date to file your ITR for AY 2020-2021 is March 31st, 2021.”
Bank credentials’ of 7 public sector banks
If you have bank account in any of these seven public sector banks — Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank — then your passbook and cheque book will become non-functional from 1st April 2021. This will happen because of the merger of these banks in various other banks. Dena Bank and Vijaya Bank have been merged with Bank of Baroda, Oriental Bank of Commerce and United Bank of India have been merged with Punjab National Bank (PNB), Corporation Bank and Andhra Bank have been merged with Union Bank of India.
