5 IT Deadlines in March 2020 You Must Know

March 2020 is the last month of the financial year 2019-20 and here are a few critical income tax -related deadlines that everyone should be aware of. These include filing of delayed and revised Income Tax Return (ITR), paying advance tax, depositing Tax deducted at source (TDS) on rent and more.

Here are the 5 IT deadlines detailed in March 2020:

March 15- Fourth and final instalment of advance tax to be paid

March 15 is the last date to pay the fourth and final instalment of advance tax. Advance tax is the income tax payable if tax liability of a person exceeds Rs 10,000 in a financial year. There are four dates for the payment of instalments: June 15, September 15, December 15 and March 15.

March 31- Link PAN with Aadhaar

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

March 31- Deduct tax on rent paid

Anyone living in a rented house and pays a rent more than Rs 50,000 per month need to deduct tax on the rent paid. The tax is deducted once in a financial year on the total amount of rent paid at a rate of 5 per cent. At the end of the financial year or at the time of vacating the house, the tax is deducted.

March 31 - File delayed or revised ITR

In case you have not filed the income tax return (ITR) for the financial year 2018-19 (or assessment year 2019-20), you can still do it with a late fine of Rs 10,000 by March 31, 2020. As per the Income Tax (I-T) department, an assessee who does not submit ITR within the deadline is allowed to file a delayed return later but with penalty charges.

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

March 31 - Make tax-saving investments

If you want to save taxes, before March 31, 2020, you must complete the tax-saving related investments. Tax saving plays an essential role in achieving financial objectives. The deductions allowed under the income tax act helps you in reducing the taxable income. There are several deductions available under various sections that help in dropping the taxable income.