Financial Tasks to be completed before 31st March
Financial year in India starts from 1st of April and ends on 31st of March. Hence financial year of 2016-17 started from 1st of April, 2016 and will close on 31st of March, 2017. So, closing is not very far. You will have to complete all your financial workloads by this time. Here is the list of the tasks that has to be completed within this closing, before 31st of March.
Change your currency notes
The last date of exchanging your old 500 and 1000 notes is 31st of March, 2017. You will have to reach designated RBI centers, for exchanging the same. There you will have to undergo a process flow. Try to note it down, before you arrive at the centers.
File IT Returns
Last date of submitting your IT return is tentatively 31st of July. However, often it is extended, depending on the left percentage. In the previous FY, the date was extended till 5th of August. Those who will not be filing on the given date, might have to give a fine. So, try to file your return within due date. If you have missed to file the return, you can file that again within that assessment year. Assessment year of FY 2015-16 ends on 31st March. So, the last date of filing tax return of 2015-16 is 31st March. If not made, a fine of INR 5000 can be imposed on you. The return of FY 2014-15, can also be filed during this time, although he/she has already been fined. For AY 2015-16, this is the last date of filing IT return. If this date is crossed, your tax filing can be refused by the IT department.
Tax Saving Investments
31st March, 2017 is also the last date of declaring your investments, saving your tax. After the FY ends, no tax deducting schemes will be applicable for your tax reduction. In fact, there is no extension date here as well. Other than the Loans and 80C files, here are the two important things to be included in this list.
PPF contribution – Minimum contribution to a PPF account is Rs 500 every year. If you fail this date, you will be charged with Rs 50 per year. Fine will for each year, you fail to contribute Rs 50. the last date of depositing into the account for FY 2016-17 is 31st March.
NPF deposit – For NPF accounts, you will have to contribute at least INR 1000 in every Fiscal year. The last date of submission to the account is 31st march. If you fail to pay that, the account will be frozen.
Advance Tax Payment
Advance tax payment scheme is for the tax payers, who want to pay taxes on instalments, instead of paying tax on lump sum. If tax liability is below INR 10000 in a FY, you will be exempted of the advance tax scheme. It is applicable to all tax payers including, freelancers and businessman. Senior citizens, above the age of 60, are exempted out of this scheme. Business person, who assumes 8% as business income of total turnover, will be exempted from tax payment. They will have to pay total tax as lump sum. The last date of the total tax payment is 15th March. Whosoever is having a business turnover of 2 Crore or less can be covered in this Presumptive schemes. 44AD and AE deals with this Presumptive scheme. This is extended for the Self-employed professionals like Doctors or lawyers. For them their receipt has to be INR 50 lakhs to remain in the scheme.
Due dates to Pay Advance Tax
For 2016, the tax payment due dates were 15th of June, September, December and March. The percentage to be paid are 15, 45, 75 and 100% respectively. So, 15th March is the last date for paying the advance tax.
These are the entire details of tax payment and other financial setups, that are due. You need to pay the dues and clear your financial statement for the current year.