Alert! Complete these five works by March 31, otherwise there will be a big loss, you may have to pay a fine


new Delhi. Holi is also over. The month of March is also about to pass. There are only about one and a half weeks left for this month to end. With this, the financial year 2021-22 will end and the new financial year 2022-23 will start from April 1. Before the beginning of the new financial year, March 31 is not only the last day of any financial year, but it is also the deadline for completing many financial works.

If these financial works are not completed on time then there may be problem in the next financial year. You can be fined and the Income Tax Officer can even send you to jail. Today we are going to tell you about some such important works, which you should deal with on or before 31 March 2022.

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aadhar-pan link

The last date to link Aadhaar and PAN number (PAN-Aadhaar linking deadline) is 31 March 2022. If you have not done so yet, then you can link Aadhaar and PAN before March 31. Failure to do so will make the PAN number invalid. You can link the two by sending e-filing website or UIDPAN to 567678 or 56161. It can also be linked offline through PAN service centers of National Securities Depository Limited (NSDL) and UTIITSL.

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Billed or Revised ITR

In view of the pandemic, the last date for filing ITR for the financial year 2020-21 has been extended several times. The Income Tax Department had last set its deadline as 31 December 2021. However, if you could not file ITR by that time, then you can file your return till March 31, 2022. But, while filing the belated IT return, taxpayers will have to pay additional taxes as well as penalty.

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bank account KYC

RBI has extended the deadline for completing KYC from 31 December 2021 to 31 March 2022. RBI has advised financial institutions not to take any action for updating KYC till the end of the current financial year 2021-22. 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 planning

If you have opted for the old tax regime for the financial year 2021-22, then you will have to do your tax saving planning by March 31, 2022. This would mean that taxpayers will have to ensure that they have availed the deduction available under all sections. As per the rules, the generally available deductions include up to Rs 1.5 lakh under section 80C, Rs 50,000 tax benefit under section 80CCD (1B) for NPS contribution, Rs 50,000 tax benefit on medical insurance premium, etc.

Account in post office

If you have an account in 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 can withdraw the minimum required amount by 31 March 2022. Put it Otherwise, you will have to pay a fine to get them activated again. Note that from the financial year 2021-22, one can opt for the old or existing tax regime. Can avail existing tax exemptions and deductions. Even if you opt for the new tax regime, it is important to ensure that you have deposited the minimum contribution required to keep the account active.

Tags: income tax, ITR filing, new financial year, PAN-Aadhaar linking


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