10 Things to do before 31 March 2020

10 Things to do before 31 March 2020-

The Financial year is ending, Rushing towards the Government portal took a great pace. Yes, there are numerous things that need to be done before the financial year ends. Let's have a look at it.

1. File belated tax return

You cannot file it after 31 march

Citizens needed to record their government forms for the money related year 2018-19 by 31 July 2019. In the event that you missed that cutoff time, you can in any case record a remiss government form by 31 March. Since this will be an overdue return, there could be a late recording punishment. The punishment is low at Rs 1,000 if the citizen's salary is underneath Rs 5 lakh. 


Be that as it may, if the salary is above Rs 5 lakh, it is Rs 10,000. Try not to let that prevent you from recording a tardy return. The punishment for not documenting the government form is a lot stiffer. "

2. Calculate Tax Liability-

 Advance duty can be paid utilizing Challan 280. The duty on compensation pay is deducted by the business. In any case, on the off chance that you are an independently employed proficient or gotten salary from different sources, you need to pay the charge on this pay yourself. On the off chance that the duty payable on salary is more than Rs 10,000, the citizen is required to store advance expenses. 

"Advance duty is payable on all-out pay from all sources, including business.

3. Check your pay for the year 

No duty is payable if the salary is underneath the Rs 5 lakh 

Many individuals don't have an away from of precisely what amount is their complete salary for the year. This isn't an issue, except if they fall exceptionally near the Rs 5 lakh edge. On the off chance that your salary is up to Rs 5 lakh, there is no duty payable because of the help accessible under Section 87A. Be that as it may, if the salary surpasses this edge by even a solitary rupee, the alleviation disappears.

4. Covid Protection-

The WHO has announced Covid-19 a pandemic. While there are a few stages that people and organizations should take to capture the spread of this destructive contamination, you can likewise find a way to handle the outcome. Purchase medical coverage for your family and guardians immediately.

5. Invest in small saving scheme-

The worry in the financial segment has made government conspires more alluring than any other time in recent memory. On the off chance that you are hoping to put resources into fixed salary alternatives, the National Savings Certificates and Kisan Vikas Patras are your best wagers. They are offering 7.9% and 7.6% separately, yet this may before long change. Loan fees of little investment funds plans are connected to government security yields.

6. Lock into FMP-

Fixed Maturity plans (FMPs) of shared assets are shut finished obligation plans with a fixed development date. Like on account of obligation reserves, gains from FMPs held for over three years are treated as long haul capital gains and burdened at a slower pace of 20% after indexation. The indexation advantage is upgraded if the holding time frame stumbles into in excess of three money-related years.

7. Book Profits-

Markets are down, yet numerous financial specialists are perched on long haul capital additions. Despite the fact that long haul capital increases above Rs 1 lakh in a money related year are presently assessable, you can reset the purchasing cost by following a basic procedure. Simply sell your stocks and assets before 31 March and afterward repurchase them.

8. The Pradhan Mantri Vaya Vandana Yojana (PMVVY) 

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is accessible just till 31 March. Not at all like other annuity conspires that offer benefits forever, this plan is for a long time and gives guaranteed comes back to senior residents. In the event that the retired person makes due till the finish of the strategy term, the key speculation comes back to him. On the off chance that he bites the dust during the term, the sum is given to his chosen one.

9. Link PAN to Adhar

Your PAN may get out of commission on the off chance that it isn't connected to your Aadhaar by 31 March. In addition, a punishment of Rs 10,000 can likewise be slapped on the individuals who don't interface their PAN to the Aadhaar. Connecting the two isn't troublesome and should be possible through SMS. The citizen needs to SMS his 12-digit-Aadhaar number and his 10-digit PAN number to the division. It should likewise be possible online by signing on to the personal expense division site at incometaxindiafiling.gov.in.

10. Buy Term Insurance

Term plans are the best type of life coverage since you get a high spread requiring little to no effort. However, an ongoing overview by Max Life Insurance shows that lone 24% urban Indians have purchased term protection. On the off chance that you have not yet purchased a term plan, do so now.

read more- https://economictimes.indiatimes.com/wealth/personal-finance-news/10-financial-tasks-to-complete-before-31-march-2020/articleshow/74617498.cms

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