From Tax Saving To New PAN Card Rules, Don't Miss These Important Financial Deadlines In 2019

To avoid penalties from the Income Tax Department and save taxes, it is important to plan your calendar keeping in mind all financial deadlines. Besides the usual income tax return (ITR) filing and tax saving deadlines, there are a few other important cut-off dates relating to shares, PAN card, home loan etc. which you should not miss to avoid trouble.

Here is a compilation of all such key dates that you need to keep in mind while making a financial plan for the year 2019.

Tax Saving Deadlines:

If you want to save taxes and claim any reimbursements from your employer for financial year 2018-19, you have time till 31^st March, 2019 only. The salaried class needs to submit investment proofs for various investments like PPF, NSC, tax saving fixed deposits, ULIP, life insurance policy, NPS etc. under Section 80C. You can also claim tax benefit on medical insurance premium, house rent allowance (HRA), income from house property etc.

In case you have not planned these tax-saving investments in advance, then you will have to act quickly now.

Although you can also claim these deductions later on also while filing income tax returns (ITR), your employer will deduct TDS if you fail to submit the proof of the relevant investment or expense on time. Check the deadline to submit documents with your office’s accounts department as the dates vary between mid of January to the end of March.

Also, do not forget to claim any reimbursements relating to travel, house rent, phone, internet and medical bills or other expenses that you may be entitled to as an employee.

You also need to keep a track of leave travel allowance (LTA) exemption. For tax benefit, you can claim it for two journeys in a block of four years, in between 2018 and 2021.

Also, remember to submit all the required documents such as rent receipts and other tax-savings related documents to your employer before the deadline set by your employer to avoid higher TDS deduction from your salary income.

ITR Deadlines:

Although the deadline to file income tax returns is over now, the Income Tax department still gives an opportunity to file a belated ITR till 31^st March by paying a fine. From financial year 2017-18 onwards, any assessee can file belated ITR before 31^st March, 2019.

Also, just in case you want to revise your ITR for the last financial year, you have time only till 31^st March for filing a revised ITR.

After the end of the current financial year, you will have to start preparing for filing ITR for FY 2018-19 as the deadline is 31^st July, 2019.

PAN Card:

Following the Supreme Court judgement last year, it is now mandatory to link PAN card with Aadhaar number. The ruling makes it mandatory for all those filing ITR to have an Aadhaar number and link it with their PAN card. Till October 2018, it was reported that millions of tax payers were yet to link their PAN card with Aadhaar. If it is not done till 31^st March this year, then your PAN may be declared void by the Income Tax Department.

The Income Tax Department has also made it mandatory for all entities doing transactions worth at least Rs 2.5 lakhs in a financial year to get PAN card before 31^st May of the next financial year that is, by 31^st May, 2019. So if you fall in that bracket this year, then you will have to get a PAN card by the deadline.

Share Market:

All those owning shares in paper form will have to mandatorily dematerialise them by 31^st March, 2019 as shares in physical certificate format will not be allowed to be sold in the market.

Pradhan Mantri Awas Yojana (PMAY):

To avail subsidy of up to Rs 2.67 lakhs on home loans under the Credit Link Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (Urban), you have time only till March, 2020. The deadline, which was 31^st March, 2019 earlier, has been extended for a year.

Till 30^th December, 2018, around 339713 beneficiaries had already availed this subsidy under the PMAY (Urban) Scheme.