The month of March is half over, so now only 12 days are left this month. Yes, and with this, the business year 2021-22 will end. March 31 is not only the last day of the financial year, but it is also the deadline for many financial activities. Yes and if these financial works are not completed on time, then there may be a problem in the next financial year. In such a situation, today we are going to tell you about some such important things, which you can do by or before March 31, 2022, then it will be good for you.
Aadhaar-PAN linking deadline: The last date for linking Aadhaar and PAN number (PAN-Aadhaar linking deadline) is March 31, 2022. Yes and if you have not done so yet, then you can link Aadhaar and PEN before March 31. Failing to do so, the PAN number will become invalid. You can link both by sending the e-filing website or UIDPAN to 567678 or 56161. At the same time, it can also be linked offline through the PAN Seva Kendras of National Securities Depository Limited (NSDL) and UTIITSL.
Delayed or revised ITR- In view of the corona period, the last date for filing ITR for the financial year 2020-21 has been extended several times. At the same time, the Income Tax Department had last set its deadline of December 31, 2021, however, if you are not able to file the ITR by that time, you can file the return by March 31, 2022. However, while filing the belated IT return, the taxpayers will also have to pay penalties along with additional taxes.
Last date for completion of Bank Account KYC- The Reserve Bank of India (RBI) has extended the deadline for completion of KYC from December 31, 2021, to March 31, 2022. Yes, and RBI has advised financial institutions not to take any action regarding bank KYC updates by the end of the current financial year 2021-22. At the same time, under KYC, the bank asks the customers to update their PAN card, address such as Aadhaar, passport, etc. Along with this, recent photographs and other information are also sought.
Tax saving exercise for FY 2021-22- If you have opted for the old tax regime for FY 2021-22 then you have completed your tax-saving exercise by March 31, 2022, make sure that. Yes and this will mean that taxpayers will have to ensure that they have availed of the deductions available under all the sections. As per the rule issued, the generally available deductions include up to Rs 1.5 lakh in Section 80C, Rs 50,000 tax benefit under Section 80CCD (1B) for NPS contribution, Rs 50,000 tax benefit on medical insurance premium, etc.
If you have an account in the public provident fund (PPF), National Pension Scheme (NPS) and Sukanya Samriddhi Yojana (SSY) and you have not deposited any money in these accounts for the current financial year, then you should put the minimum required amount by March 31, 2022. Otherwise, you will have to pay a fine to get them reactivated. Note during this period that from the financial year 2021-22, a person can opt for the old or existing tax regime and avail of the existing tax exemptions and deductions. In such a situation, even if you opt for the new tax regime, it is important to make sure that you have deposited the minimum contribution required to keep the account active.
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