An order has been passed by the Government that the linkage of PAN with Aadhaar is mandatory. The Government had given plenty of time to the residents to get their PAN card linked with their Aadhaar card. Aadhaar is a unique identification number that contains 12-digits. Whereas, PAN stands for Permanent Account Number. PAN plays an important role in the financial life of an individual. Once your PAN card is blocked, you would not be able to make any of your transactions.
However, to get your PAN card to unlock, you have to pay a heavy amount which is approximately INR 10,000 as a fine or penalty. Previously, the due date deadline was 31st of March, but due to the Covid-19 pandemic peoples are facing a lot of problems that is why the Government had made another extension for three months and now the final due date deadline is 30th of June, 2021. Those applicants who will not connect their PAN with their Aadhaar have to pay INR 1,000 as a penalty.
You will most likely priorities dealing with the current Covid-19 pandemic and its implications. But, when you’re taking precautions, don’t forget to assess those critical activities that you can’t afford to put off. With the new fiscal year (2020-21) quickly approaching, to stop paying a penalty, such financial activities must be done before the June 30 deadline. Here is a list of all financial activities that taxpayers must complete by June 30, 2021.
Creating a connection between the PAN and the Aadhaar deadlines:
As we all know that the extension that had been made by the Government in the linking date of PAN with Aadhaar is a big relief for the residents. The government has extended the deadline to connect your Permanent Account Number (PAN) with Aadhaar to June 30, 2021, due to the COVID-19 pandemic. Prior to this, the deadline was June 30, 2020. If you don’t connect these important documents by the end of June, the PAN will become inactive on July 1, 2021.
Now the second thing on the financial checklist that you need to fulfill before 30 June 2021 is the filling revised ITR:
The central government has also extended the deadline for filing the amended or postponed income tax return for the fiscal year 2019-20 until June 30, 2021. If you missed the original deadline, you must send a revised ITR by June, 30. A late fee of up to Rs 10,000 could be charged if you file late. If your revenue is less than Rs 5 lakh, however, you must pay a late fee of Rs 1,000.
The third thing is on the list is filling advanced tax:
According to income tax rules, if a taxpayer owes more than Rs 10,000 in taxes in a given fiscal year, they must pay advance tax in four installments. The deadline for paying the fourth advance tax installment for the fiscal year 2020-21 was March 15, 2021.