Complete these tax-related tasks before March 31

March 31 is fast approaching and taxpayers are advised to finish all pending jobs before the deadline ends. Delaying these tasks can lead to trouble as you might miss the chance to complete or rectify mistakes made due to transactional glitches, technical errors, or any other reason. Here are some of the tasks that needs to be completed before Sunday:

Those paying rent of more than Rs 50,000 per month are required to deduct TDS at the rate of 5 per cent on the rent. TDS on rent will be deducted only once in a financial year. If TDS on rent is not deducted and deposited on time, it will attract an interest and penalty.

If an individual has missed the deadline of August 31, 2018 for filing ITR for FY 2017-18, the person can file a belated ITR on or before March 31, 2019 along with late payment charges, which are as follows:

i) Rs 5,000, if ITR is filed after the due date of August 31, 2018 but before December 31, 2018.

ii) Rs 10,000, if ITR is filed between January 1, 2019 and March 31, 2019.

For small taxpayers (with income not more than Rs 5 lakh), maximum late fees levied will be of Rs 1,000.

From FY 2017-18 onwards, the time period to file the revised return was reduced from 'expiry of one year from the end of the relevant assessment year' to 'the end of relevant assessment year'. Therefore, the last date to file revised ITR for FY 2017-18 and FY 2016-17, is March 31, 2019. This opportunity can also be used by the assessees to revise their tax returns and report the correct income details.

In cases of under-reporting of income, a penalty of 50 per cent of the tax payable may be levied.

If you have switched your job during the financial year 2018-19, then you must provide the details of income from and tax deducted by previous employer to your current employer using Form 12B. This submission should also be done well before March 31. Your current employer may deduct incorrect amount of TDS in case of non-submission of Form 12B.

Gains from sale of stocks and equity mutual funds after holding them for more than a year is called long term capital gain (LTCG). Tax on LTCG from equity was introduced in April 1 last year at the rate of 10 per cent if the gains exceed Rs 1 lakh in a financial year. In case, if your long term gains are more than Rs 1 lakh, you can split the profits between this financial year and the coming one. In case of stocks, you can sell some stocks (before the financial year ends) and buy it next year when your buying price will reset.

If your tax liability in a financial year exceeds Rs 10,000, then you are mandatorily required to pay advance tax. According to income tax rules, advance tax is paid in four installments during the financial year. The last installment of the advance tax was March 15. However, if you have missed the date, it is advisable you pay dues as soon as possible to avoid paying hefty interest.

The Income Tax Act offers certain benefits that an individual can make use of to reduce his/her tax liability. Section 80C offers the opportunity to save tax up to Rs 46,800 (inclusive of taxes) depending on the slab your income falls in by investing or spending up to Rs 1.5 lakh. Similarly, there are other sections of the Act which allow one to save tax such as section 80D.

If you have not invested in government savings scheme like Public Provident Fund (PPF) or National Pension System (NPS) or Sukanya Samriddhi Yojana (SSY), ensure that you make a minimum contribution from next year so that these accounts remain active. Non-contribution may make these accounts inactive and a penalty may also be charged for the reactivation process.

As per the advertisements released by the I-T department, the last date to link PAN with Aadhaar is March 31, 2019. You can also check if your PAN is linked with Aadhaar on the e-filing website of the tax department.