{"id":24253,"date":"2021-01-15T14:59:48","date_gmt":"2021-01-15T09:29:48","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=24253"},"modified":"2021-01-16T16:03:06","modified_gmt":"2021-01-16T10:33:06","slug":"the-taxpayer-needs-to-know-all-financial-deadlines-in-2021","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/the-taxpayer-needs-to-know-all-financial-deadlines-in-2021\/","title":{"rendered":"The Taxpayer Needs to Know All Financial Deadlines in 2021"},"content":{"rendered":"\n<p class=\"has-drop-cap\">It is good always to be alert, especially when it comes to money. To ensure that you have a smooth year 2021, there are about 16 financial deadlines in 2021 that the taxpayer should know. The government has extended most of the essential financial deadlines in 2021 in the wake of Covid 19 pandemic. Below is a list of all the financial deadlines in 2021 that the taxpayer should make a note in their calendar for the year 2021. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">List of All the Financial Deadlines in 2021 <\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"677\" height=\"695\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/image-20.png\" alt=\"Financial Deadlines in 2021\" class=\"wp-image-24368\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/image-20.png 677w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/image-20-292x300.png 292w\" sizes=\"(max-width: 677px) 100vw, 677px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Last Date for Filing ITR was Extended Till 10<sup>th<\/sup> January 2021 for Salaried Persons.<\/h3>\n\n\n\n<p>If you\nhaven\u2019t filed ITR for FY 2019-20, you have time till 10<sup>th<\/sup> January\n2021 to file without paying any late filing fee. In a press release on dated 30<sup>th<\/sup>\nDecember, 2020, the government has extended the due date for filing ITRs for\nindividuals whose accounts are not required to be audited. <\/p>\n\n\n\n<p>Generally,\nthese individuals file their tax returns by using the form no ITR-1, ITR-2 or\nITR-4. You will have to pay a fine of Rs 10,000 if you fail to file ITRs within\nthe said timeframe.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Last Date for Submission of Tax Audit Report was Extended to 15th January 2021<\/h3>\n\n\n\n<p>The government has extended the deadline for submission of various audit reports under the <strong>Income Tax Act<\/strong><sup><a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/acts\/income-tax-act.aspx\"><strong>[1]<\/strong><\/a><\/sup>, including tax audit reports; reports related to international and specified domestic transactions for the fiscal year 2019-20 to 15<sup>th<\/sup> January 2021.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Last Date to Submit Declaration under Vivad Se\nVishwas Scheme has been extended till 31<sup>st<\/sup> January 2021<\/h3>\n\n\n\n<p>&nbsp;31<sup>st<\/sup> January, 2021 is the last date\nfor submission of declaration forms under the Vivad se Vishwas Scheme. The plan\nwas announced in Budget 2020 to settle income tax disputes and reduce pending\nincome tax litigation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ITR Filing Deadline for Specified Individuals Has\nBeen Extended Till Date 15<sup>th<\/sup> February 2021<\/h3>\n\n\n\n<p>15<sup>th<\/sup> February\n2021 is the last date for filing ITR for those individuals whose accounts are\nneed to be audited or who are need to submit the report under Section 92E specified\ndomestic\/ international financial transactions were carried out during FY\n2019-20.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Last Date for Submission of Life Certificate\nfor Pension Has Been Extended Till 28<sup>th<\/sup> February 2021<\/h3>\n\n\n\n<p>To give relief to senior\ncitizens, the government extended the deadline for submission of pension life\ncertificate from 30<sup>th<\/sup> November, 2020 to 28th February, 2021.<\/p>\n\n\n\n<p>Pensioners should ensure\nthat their life certificate is presented by this date to continue receive a\npension without any break. If the life certificate is not presented, the\npension amount will not be distributed to the pensioner.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Last Date for Making Advance Tax Payments Has Been\nExtended Till Date 15<sup>th<\/sup> March 2021<\/h3>\n\n\n\n<p>Effective from 1<sup>st<\/sup>\nApril, 2020, dividend income has become taxable in the hands of an individual\nrecipient. Dividend income is taxable at income tax slab rates applicable to a\nperson&#8217;s income. Additional, TDS will be applicable if the dividend income in\nthe financial year is more than Rs 5,000.<\/p>\n\n\n\n<p>Like this, <\/p>\n\n\n\n<ul><li>If you have received substantial dividend income in FY\n2020-21, then it is likely that you are liable to pay advance tax. <\/li><li>If the total tax liability exceeds more than Rs 10,000 in the\nrelevant financial year in that condition, then advance tax liability arises.<\/li><li>If the taxpayer forgets to pay the tax on or before March 15,\n2021, he will be fined.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">PAN-Aadhaar Linking Deadline Has Been Extended\nTill Date 31st March 2021<\/h3>\n\n\n\n<p>The Government of India has extended\nthe &nbsp;financial deadline for linking PAN\ncard to Aadhaar card from 30 June 2020 to 31 March 2021. As per current law, if\nyour PAN card is not linked to your Aadhaar card till that date, then your PAN\ncard will be deactivated. Once your PAN card is deactivated you will not be\nable to quote your PAN for any financial transaction.<\/p>\n\n\n\n<p>However, once the inactive\nPAN card is added with the Aadhaar card number, your PAN card will become\noperative from the date of linking.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Availing Tax Benefit Has Been Extended Till 31st\nMarch 2021 Under The Date Of LTC Cash Voucher Scheme.<\/h3>\n\n\n\n<p>According to the\nfinancial deadline in 2021 set by Government, 31st March, 2021, is the last\ndate for receiving tax benefits under the LTC Cash Voucher Scheme. The\ngovernment announced this plan in October 2020 to incentivize employees to use\ntheir unclaimed holiday travel allowance (LTA) amount to boost consumer demand.\nThe scheme was first introduced for employees come under central government. This\nwas later extended to non-central government employees, such as private sector\nand public sector employees.<\/p>\n\n\n\n<p>According to the\nplan, an employee needs to spend three times the amount considered as LTA rent\non goods and services, attracting a GST of 12% or more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Revised \/ Belated ITR Filing Deadline Has Been\nExtended to 31st March 2021 for the Financial Year 2019-20<\/h3>\n\n\n\n<p>If a person (whose accounts do not require auditing) has missed the deadline for <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>filing income tax returns<\/strong><\/a> for the financial year 2019-20, that is, January 10, 2020, he should file an ITR by 31<sup>st<\/sup> March, 2021. <\/p>\n\n\n\n<p>If you are filing a belated return,\nthen you have to pay penal interest of Rs 10,000. However, for small taxpayers,\nwith an income up to Rs 5 lakh, the late filing fee cannot exceed Rs 1,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Deadline for Completing Tax-Saving Exercise Has Been\nExtended to 31<sup>st<\/sup> March 2021<\/h3>\n\n\n\n<p>As\nper the financial deadlines set by the Government you should complete your tax-saving\npractice by a last day, that is, March 31, 2021 for FY 2020-21, if you\nmissed &nbsp;this deadline will mean that you missed the\nopportunity to reduce&nbsp; &nbsp;your tax liability for the financial year\n2020-21<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">End of Emergency Credit Line Guarantee Scheme till\nDate 31<sup>st<\/sup> March 2021<\/h3>\n\n\n\n<p>Under the regime\nof Atmanirbhar Bharat Package, the Government of India has introduced the\nEmergency Credit Line Guarantee Scheme on 13th May, 2020. The scheme offers\nfully guaranteed and collateral-free loans to many companies, including\nindividuals who wish to obtain loans for performing business activities. As per\nthe financial deadlines in 2021 set by the government, to avail the benefits of\ndescribed above the last day of the scheme is 31st March, 2021.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Deadline to Avail Special Festival Advance Scheme\nis 31<sup>st<\/sup> March 2021<\/h3>\n\n\n\n<p>Apart from LTC Cash Voucher\nScheme, the government also introduced an interest-free advance of Rs 10,000 to\ngovernment employees. Advances granted will be recoverable in a maximum of 10\ninstallments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Availing Benefit of Credit Subsidy under PMAY till\nDate 31<sup>st<\/sup> March 2021<\/h3>\n\n\n\n<p>31st March, 2021, is the\ngovernment last date for availing benefit of loan subsidy under the Pradhan\nMantri Awas Yojana. The scheme gives home loan between Rs 6 lakh and Rs 18 lakh\non annual income for the middle-income group, subject to the credit-linked subsidy,\nterms and conditions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Deadline to Avail Benefits of Tax Sop on Purchase of New\nHouse Is 30<sup>th<\/sup> June 2021<\/h3>\n\n\n\n<p>The government introduced an income tax SOP for new\nhome buyers making prior purchases of residential homes up to Rs 2 crore.\nAccording to the announcement, the government has increased the allowable\ndifference (for income tax purposes) between the sales\/purchase contract price\nand the circle rate from 10% to 20%. The last date is to take advantage of this\nscheme is 30 June 2021.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ITR Filing Deadline for FY 2020-21 till Date 31st July 2021<\/h3>\n\n\n\n<p>According to the\nfinancial deadlines in 2021 set by the government, 31<sup>st<\/sup> July, 2021 is\nthe last day for taxpayers to file ITRs. During filing ITR for FY 2020-21,\nindividuals can select between the new concessional tax regime and the existing\ntax regime. If a taxpayer chooses a new tax regime, he will have to fill an\nadditional form when filing his ITR.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Concluding Remarks <\/h2>\n\n\n\n<p>Like every year, the Government of India has extended some financial deadlines in favor of the taxpayer. Download, keep a copy, take a screenshot and paste it on your desk. These dates are like soundboards for you to maintain your finance shape. Consider this for smooth financial activities throughout the year. You may kindly associate with Corpbiz expert to know more about the all financial deadlines in 2021<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/filing-of-form-10ba-of-income-tax\/\">An Overview on Filing of Form 10BA of Income Tax\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is good always to be alert, especially when it comes to money. To ensure that you have a smooth year 2021, there are about 16 financial deadlines in 2021 that the taxpayer should know. The government has extended most of the essential financial deadlines in 2021 in the wake of Covid 19 pandemic. Below [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":24259,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[153,152],"tags":[1432],"acf":{"service_id":"46"},"authorName":"Komal Singh","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/processed.jpeg","authorDescription":"Komal Singh is a Legal scholar, having diverse experience in scripting research papers, articles &amp; dissertations, which serves her main interest &amp; competent in drafting legal documents. She has polished her skills in dealing with the matter related to consumer affairs and now building intelligible Legal Content for Corpbiz.","postViews":2818,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/24253"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=24253"}],"version-history":[{"count":14,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/24253\/revisions"}],"predecessor-version":[{"id":24369,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/24253\/revisions\/24369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/24259"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=24253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=24253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=24253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}