With the top of this month, a variety of money-related deadlines would finish together with present monetary 12 months FY2021-22. So, earnings tax payers and incomes people are suggested to cross-check about their necessary cash duties like earnings tax return (ITR) submitting to PAN-Aadhaar linking, which they should full by thirty first March 2022.
Here we checklist out necessary cash process that an incomes particular person should full by thirty first March 2022:
1] Revised or belated ITR submitting: Deadline for belated ITR submitting for AY2021-22 is thirty first March 2022. Therefore, an incomes particular person who did not file its ITR by given due date are suggested to file their belated ITR by the given final date i.e. thirty first March 2022.
Likewise, final date for submitting belated or revised ITR for FY2020-21 is thirty first March 2021. In case, an incomes particular person has filed its late ITR on-line, she or he can nonetheless edit it on or earlier than thirty first March 2022. So, being a taxpayer, in the event you notices any mistake in your e-filed ITR, you may nonetheless edit that mistake by the given deadline of thirty first March 2022.
2] PAN-Aadhaar linking: thirty first March 2022 is deadline for seeding one’s PAN with Aadhaar card as nicely. Failing to satisfy this deadline will result in one’s PAN card changing into inoperative or invalid. Under part 272B, carrying an invalid PAN card could result in ₹10,000 penalty. Also, one’s TDS on financial institution deposit curiosity will get doubled.
3] KYC replace for financial institution accounts: On account of rising Omicron risk on the finish of 12 months 2021, the Reserve Bank of India (RBI) needed to lengthen deadline for checking account KYC replace from thirty first December 2021 to thirty first March 2022. So, checking account holders are suggested to finish its KYC replace by thirty first of March 2022 in any other case their checking account would possibly get freezed.
4] Tax saving funding schemes: Investing in sure tax saving choices like Public Provident Fund (PPF), National Pension System (NPS), ELSS Mutual funds, and so forth. allows an earnings tax payer to say exemption profit on one’s funding. So, a taxpayer is suggested to have a look at one’s tax saving investments and be sure that they’ve maximised their funding in such tax saving funding devices. If there nonetheless some scope left for tax saving funding, they should reap the benefits of this risk by March thirty first, 2022.
Subscribe to Mint Newsletters
* Enter a sound e-mail
* Thank you for subscribing to our publication.
Never miss a narrative! Stay linked and knowledgeable with Mint.
Download
our App Now!!
