#FinancialBytes: Important financial deadlines to watch out for in 2019
Staying on top of key financial deadlines is essential to avoid penalties and have an organized financial life. Every year, it is important to know beforehand the deadlines for various financial activities/transactions and related tasks such as ITR Filing, claiming benefits of government schemes, etc. With the year 2018 drawing to a close, here are some important financial deadlines in 2019 to know.
Deadline for linking PAN card and Aadhaar
Earlier this year, the Supreme Court allowed linking of PAN with Aadhaar while delivering its verdict on Aadhaar's constitutional validity. Every PAN cardholder must complete PAN-Aadhaar linking by 31 March 2019. Also, from FY 2018-19, it's mandatory for all non-individual entities entering financial transactions above Rs. 2.5 lakh in a financial year to get a PAN by 31 May of the next financial year.
Last date to avail subsidy under PMAY scheme
The government launched Pradhan Mantri Awas Yojana (PMAY) in 2015 with the aim of providing affordable housing for all by 2022. Those who want to avail PMAY subsidy to buy a house must satisfy the eligibility criteria for the credit linked subsidy scheme (CLSS) under the PMAY. The last date to avail the subsidy under PMAY has been extended to 31 March 2019.
Deadlines to file ITR for FY 2017-18 and FY 2018-19
For taxpayers who have not filed the Income Tax Returns (ITR) for FY 2018-19, it's mandatory to file belated ITR by 31 March 2019. They must also pay a penalty for filing belated ITR: Rs. 5,000 (on or before 31 Dec'18) and Rs. 10,000 (between 1 Jan-31 Mar'19). Also, the ITR filing deadline for FY 2018-19 is 31 Jul'19, unless extended by the government.
Last date to revise ITR for FY 2017-18
In case a taxpayer, who has already filed ITR for a particular financial year, finds any mistakes in it, they are allowed to rectify the same. For FY 2017-18, the deadline to file the revised ITR is 31 March 2019. If someone is filing a belated ITR for FY 2017-18, they wouldn't be able to file a revised ITR.
#5: Last date to complete tax-savings and claim reimbursements, allowances
Taxpayers should complete their income tax savings and claim reimbursements or allowances from employers for FY 2018-19 by 31 March 2019. Some tax benefits can be claimed by taxpayers only via employers. Reimbursements employees are entitled to may lapse by financial year-end if not claimed.