4 financial tasks you must finish before December 31
The year 2019 will come to an end in just a few days. Most of us will be in the process of gearing up for the new year – setting the agenda for 2020, planning our investments and finances and so on.
However, did you know that there a few financial tasks that you have to complete before 2019 closes? There are four money related deadlines that fall on December 31. In this story, we tell you what these deadlines are and what the repercussions are for not completing the tasks.
Link your PAN with Aadhaar
Link your PAN card to Aadhaar else it will become invalid after December 31. April 1, 2019 onwards, the Income Tax department had made it mandatory to link PAN with Aadhaar especially while to file income tax return (ITR), unless specifically exempted. The deadline to link the Aadhaar has already been extended from September 30 to December 31, 2019.
If you do not link the two, then your PAN will become inoperative. Read this story to know
what will happen if you do not link your PAN with Aadhaar.
File your belated ITR
If you have not filed your ITR yet, you can file belated return. The deadline to file it by December 31 to avoid paying a hefty penalty. It may be recalled that Budget 2017 introduced the law of levying late filing fees under section 234F and it became effective from financial year 2017-18 or assessment year 2018-19 onward. So, if you file your belated ITR on or before December 31, you will have to pay a late filing fee of Rs 5,000.
However, you will have to pay Rs 10,000 if you file it after December 31, 2019 but before the end the relevant assessment year, i.e., before March 31 (in this case between January 1, 2020 and March 31, 2020).
Change your SBI ATM-cum-debit card
If you still have a magnetic stripe State Bank of India (SBI) ATM-cum-debit card, on December 31 it will become useless, i.e., the lender will deactivate it. You will have to replace it with an EMV chip and PIN based card. Through a tweet, SBI said that has proposed to deactivate all magnetic strip cards by December 31, 2019, irrespective of the card’s validity period.
Those who have applied for the new EMV chip-based debit card and have not received it yet should visit their SBI home branch as soon as possible to switch from the magnetic card.
Pay your advance taxes
The Central Board of Direct Taxes (CBDT) has extended the deadline for payment of third instalment of Advance Tax for financial year 2019-20 for the northeastern states. The date has been extended from December 15, 2019, to December 31, 2019, amid the recent disturbances that has taken place in the North-Eastern region of India.