Income tax: Here is why March 31 is necessary for taxpayers

The ongoing Financial Year 2021-22 is coming to an finish on March 31, 2022. The finish of any monetary is essential for salaried taxpayers. Make certain as an assessee you full a couple of necessary issues earlier than March 31. Let’s check out a couple of necessary issues earlier than March 31.

1) Aadhaar card, PAN linking: The final date to hyperlink PAN and Aadhar is thirty first March, and if not finished then PAN might be deactivated and a wonderful of as much as ₹10,000 might be imposed on the assessee.

2) Filing of belated returns for FY 2020-21: Belated returns for this monetary return might be filed with a penalty of ₹1000 / 5000 might be finished on or earlier than thirty first March 2022. No ITR might be filed for the related FY both bodily or electronically after thirty first March 2022.

3) E-verification of ITRs: E-verification of ITRs filed for FY 19-20 might be finished until thirty first March 2021. It is a one-time leisure given by CBDT to taxpayers who haven’t e-verified their ITR for FY 19-20 until now, can get it finished any time on or earlier than the required date.

4) Payment of advance tax: The final instalment due date for fee of advance tax is due by fifteenth March 2022. However, the assessee can deposit the advance tax for FY 21-22 anytime on or earlier than thirty first March 2022. 

5) Investment in tax-saving schemes: The final date to put money into tax saving schemes for FY 21-22 is thirty first March 2022.

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