You Must Do These Things Before 31st March 2018

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31st March, 2018 is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations.

  • It must be noted that the return of income tax payer will not be processed if Aadhaar is not linked to PAN.
  • However the deadline for linking of Aadhaar with mobile phones and bank account has been extended infinity.
  • 31st March, 2018 is the last date for filing Income tax return for AY 2016-17 and 2017-18.
  • One must file the belated income tax return by the end of 31st March, 2018.
  • The total turnover in your Current year up to 31st March is to be calculated for the purpose of determining the aspects like applicability of GST Registration, Eligibility of opting Composition Scheme, and Applicability of Filing of specific returns.
  • The minimum compulsory annual contribution to PPF account is Rs. 500.
  • So if you have PPF Account then you need to contribute at least Rs. 500 per financial year.
  • The last date of this contribution is 31st March, 2018.
  • Certain Deductions are allowed to individual tax payers for Investment made in certain specific sectors in order to avail tax benefit.
  • Such calculation shall help you to further diversify the Investments for maximum Deductions like u/s 80C, 80D, 80G etc. Various investments are allowed to claim exemptions and deductions along with benefit of opportunity to earn returns on such investments.
  • Thus to avail maximum deductions, such investments are to be made before 31st march to include it in the previous year for the future prospect Salaried individuals are entitled to certain reimbursements on the basis of their salary structure such as medical reimbursements, Telephone, leave travel, house rent allowance etc.
  • To claim such tax exemption, such persons need to submit the proof of such expenses to their employers.
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3 thoughts on “You Must Do These Things Before 31st March 2018

  1. Hi, every year I used to file my IT returns by June / July for the previous financial year, but this year the deadline is been mentioned as 31st March, why is this being pushed to earlier date from July?

  2. I have a pan card but i could not failing the income tax returns, is it must and should to file the returns.

    • Hi Kalpana, If yout income is less than taxable limit then you don’t need to file income tax return. But it is good to file income tax return every year. In future it will help you to get loan and to get visas. Thanks

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