With the end of this month, a lot of money related deadlines will come to an end along with the current financial year FY2021-22. Therefore, income tax payers and earning individuals are advised to file their important money functions like Income Tax Return (ITR) for PAN-Aadhaar linking which they need to complete by 31st March 2022.
Here we list down the important money work which an earning person must complete by 31st March 2022:
1]Revised or Delayed ITR Filing: The deadline for delayed ITR filing for AY2021-22 is March 31, 2022. Therefore, an earning person who has failed to file his ITR by the due date is advised to file his belated ITR by the given last date i.e. 31st March 2022.
Similarly, the last date for filing delayed or revised ITR for the financial year 2020-21 is March 31, 2021. If an earner has filed his late ITR online, he can still edit it on or before 31st March 2022. Taxpayers, if you notice any mistake in your e-filed ITR, you can still edit that mistake by the given deadline of March 31, 2022.
2]PAN-Aadhaar Linking: 31st March 2022 is the deadline for linking one’s PAN with Aadhar card. Failure to meet this deadline will render one’s PAN card inoperative or invalid. Under section 272B, carrying an invalid PAN card can be 10,000 fine. Also, one’s TDS on bank deposit interest will be doubled.
3]KYC Update for Bank Accounts: Due to the growing Omicron threat towards the end of the year 2021, the Reserve Bank of India (RBI) had to extend the deadline for bank account KYC update from 31 December 2021 to 31 March 2022. Hence, bank account holders are advised to complete their KYC. Update by 31st March 2022 otherwise their bank account may get frozen.
4]Tax Saving Investment Schemes: By investing in certain tax saving options like Public Provident Fund (PPF), National Pension System (NPS), ELSS Mutual Fund etc., an income tax payer can claim exemption benefits on his investments. Therefore, a taxpayer is advised to look at his tax saving investments and ensure that he has maximized his investment in such tax saving investment instruments. If there is still some scope left for tax saving investments, then they need to take advantage of this possibility by March 31, 2022.
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