It's 31st March! From income tax to GST return, 8 tasks to complete today; Quick check list

31st March an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations like clearing unsecured debts, filling income tax and paying short loans among others.

The financial year of 2018-2019 will finally come to an end today, 31st March, 2019. (Getty images)

New Delhi: The financial year of 2018-2019 will finally come to an end today, 31st March, 2019. It is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations like clearing unsecured debts, filling income tax and paying short loans among others. Besides, all deductions, exemptions and rebates that are provided on a financial year basis, cannot be carried forward to the next cycle (except otherwise stated), and therefore it is important to claim them before the financial year ends in order to reduce your tax liability. Take a look at these 8 important tasks that one needs to complete by today, March 31, 2019: • File pending income tax returns File the return of your income in case you have missed the due date to file income tax returns for the previous years. To file belated income tax returns is a little complicated and involves many calculations, therefore it is advisable to consult a Chartered Accountant for the same. • Submit investment proofs to employer (for salaried employees) It is important to submit proofs of your investment to your employer if you are a salaried employee. In case you fail to submit the investment proofs to your employer, excess TDS shall be deducted on your income. Though the extra TDS deducted can be claimed while filing the income tax return, it is better to submit your investment documents on time. • Calculate GST dues This one is really important for the business class. One needs to calculate all GST dues and file the returns accordingly. The GST council had extended filing of initial returns of GSTR-3B for all businesses to 31st March 2018. Late filing of GST returns can attract a maximum penalty of INR 5,000. • Clearout your loan accounts It is important for all to take stock of their credit records and clean them up if required. If case you have given or taken any impermanent credits or loans, or an outstanding, get it settled at the latest 31st March 2019. • Pay Advance Tax Salaried class people who other income like interest on fixed deposits, unpaid taxes (after TDS) on which exceed Rs 10,000, then you should pay your advance taxes. In case you fail to pay advance tax, you might end up paying a penalty of 1 per cent on the outstanding advance tax. This is applicable in case you have taxable capital gains from the sale of house/ mutual funds/ bonds etc. • Make investments to save tax In case you haven’t, it is the a best time for you to make investments. One should invest money in such a way to save from taxes. • PAN-Linking Linking your Permanent Account Number (PAN) to your bank account is compulsory in order to get e-Refund from the Income Tax department. Furthermore, taxpayers who had filed their ITRs for FY 2016-17 without linking their PAN with Aadhaar must do it on or before 31st March 2019 in order to get their ITRs processed. • Select your TV channel It’s March 31, 2019, which means the old DTH regulations will cease existence from today. TRAI’s new DTH regulations will come into effect from tomorrow. The regulator had said the subscribers will be free to change their 'best fit plan' at any date and time on or before March 31, 2019, and distribution platform operators shall convert their 'best fit plan' into the desired (channels) pack within 72 hours from the time choice exercised. All service providers have been mandated to reflect the new changes on their websites in advance and consumers have been notified to choose their base packs as well as other channels via the new system.