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5 things to know about March end deadline

 

31st March is the last day of financial year. This date is significant from tax compliance perspective. Most important deadlines as on 31st March are  listed below. Hope this helps

 

Service Tax Payment

The due date for payment of Service Tax is the 6th of the month immediately following the respective quarter/month. However, payment for last quarter i.e, January to March or for the month of March (in case of companies) is required to be made by 31st March instead of 6th of the subsequent month. Delay in payment of service tax attracts penal interest.

 

Filing Income Tax return for the Financial Year ending March 2013

Taxpayers are required to file Income Tax Returns on or before the due dates specified under Income Tax Laws. However, return can be filed even after the due date upto one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. The taxpayers, who have not filed their return for the financial year ending March 2013, can go ahead and file it on or before 31st March 2015.

Please note that the department can levy a penalty of Rs.5000 for delayed filing of returns.

 

Filing Income Tax return for the Financial Year ending March 2014

Those taxpayers who have missed the due date for filing Income Tax return for the financial year ending March 2014, can go ahead and file it on or before 31st March 2015. A belated return so filed shall not attract any penalty.

 

Investment u/s 80C for the Financial Year 2014-15

The deduction under section 80C upto Rs.150000 per annum is allowed from Gross Total Income of Individual, HUF taxpayers. This deduction is allowed for various specified investments, expenses and payments.

Those who want to avail tax benefit u/s 80C, can hurry up and invest in any of the specified investments such as Equity Linked Savings Scheme (ELSS), Public Provident Fund (PPF), specified Bank Fixed Deposits, etc. To know the details of 80C click here “Tax Savings Tips

 

Similarly, one can obtain Mediclaim insurance and avail tax benefit u/s. 80D.

Please remember that the payments are to be made on or before 31st March 2015 to get the tax benefit for Financial Year 2014-15.

 

Advance Tax

In case of any shortfall in the advance tax paid during the year, one can go ahead and pay the difference on or before 31st March 2015. Any amount deposited by 31st March is treated as advance tax for that financial year.

 

Thought for the day

Most of us spend too much time on what is urgent and not enough time on what is important.

 

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About CA Prasad Chartered Accountant

CA Prasad Chartered Accountant
CA Prasad is a practicing Chartered Accountant and partner in Bangalore -based CA Firm. For further information or query, please email it to [email protected]