The present calendar year 2018 has been very crucial with regard to financial deadlines, as in the beginning of year there was a ticking deadline for linking Aadhaar with various services such as bank accounts, mobile numbers, PAN, etc. With only few days left for New Year 2019, there is another set of crucial dates which are required to be marked for a smoother finances in the upcoming year.
1. Physical shares transfer to demat
All the stakeholders who have shares in physical form should convert their respective shares into demat (dematerialise) format before April 1, 2019. Post this deadline, you won’t be able to trade the physical shares. Securities and Exchange Board of India (SEBI) recently extended the deadline from December 5, 2018 to April 1, 2019.
2. Deadline for PAN-Aadhaar linking
All the PAN cards should be linked with Aadhaar on or before March 31, 2019, if an individual fails to do the same, then the PAN will be considered invalid after the deadline. Earlier the deadline was June 30, 2018, which was extended to March 31, 2019 by the Central Board of Direct Taxes (CBDT). The Supreme Court order on Aadhaar has made it mandatory to link every PAN with Aadhaar.
3. PAN for non-individual entities deadline
Non-individuals entities which have transacted over Rs 2.5 lakh in a financial year without PAN have to apply for PAN on or before May 31, 2019.
4. ITR for FY18 deadline
Individuals who haven’t filed their respective income tax return (ITR) for the financial year 2017-2018 should do it on or before March 31, 2019. The individuals filing the belated ITRs are required to pay penalty fee (late fee) of Rs 5,000 which can escalate to Rs 10,000 if the ITR is filed after January 1, 2019. A late fee of Rs 1,000 has been fixed for individuals who are earning less than Rs 5 lakh per annum.
5. Deadline to revise your ITR for FY18
Any sort of corrections or revision in the ITR filed for financial year 2017-2018 would be entertained on or before March 31, 2019.
6. Deadline to avail PMAY benefits
The last date to to avail credit linked subsidy under Pradhan Mantri Awas Yojana (PMAY) is March 31, 2019. This is applicable for all the individuals who are planning to buy a house and want benefits of PMAY.
7. ITR for FY19 deadline
The last date to file ITR on time for the financial year 2018-2019 is July 31, 2019. One can avoid paying the late fee on belated ITR by filing the ITR within the stipulated time.
8. Deadline to claim allowances & complete your tax-savings
The last date to avail tax-savings and claim reimbursements from the employer for the financial year 2018-2019 is March 31, 2019. All the bills, rent receipts, tax-savings related documents should be submitted to the employer to avoid higher TDS deduction. If you fail to furnish the reimbursements claims before the end of financial year, all those reimbursements which you are supposed to get will be added to the taxable salary. Keep in touch of your employer about the time when you are to submit bills to claim the reimbursements.