Important Deadline in March 2022: The month of March is starting from today. There are many such tasks related to personal finance this month which should be completed in time. Otherwise, you may face a hefty fine and may also be punished. This month in March 2022, there are 6 such financial tasks that you need to know about. So let’s know about it in detail…
1. Investment & Tax Saving Opportunity
The current financial year 2021-22 is scheduled to end on March 31. This is the last chance to maximize tax benefits under various sections. Despite being aware of this time frame, most investors postpone their income tax planning till the last minute. If you haven’t planned your tax-saving investments yet, do so as soon as possible and avoid common investment mistakes. To save your tax, do not buy unnecessary life insurance policies and borrow to invest to save tax. Tax planning is a part of financial planning.
2. Last date for making advance tax payment for the financial year 2020-21: March 15, 2022
The last date for making advance tax payment for the financial year 2021-22 is 15 March 2022. If you fall in the income tax bracket, then you have to pay your taxes on time. On the other hand, when you deposit advance tax, then your installment has to be paid on the due date. At the same time, when the total tax liability after TDS i.e. tax deducted at source or TCS exceeds 10 thousand rupees. So this tax has to be deposited in every quarter by a fixed date. At the same time, if a person does not make advance tax payment by this date, then interest under section 234A/234B will be applicable. Note that senior citizens are exempted from paying advance tax.
3. Deadline for Linking PAN Aadhaar: March 31, 2022
If you have still not linked your PAN with your Aadhaar number (PAN Aadhaar liking deadline), then you must do it before March 31, 2022. If your PAN is not linked to your Aadhaar number by this date, not only will your PAN become inactive, but you will also have to pay a fine of Rs 1,000. Let us tell you that once your PAN is deactivated, you will not be able to invest in financial transactions like shares, mutual funds etc.
4. Deadline for Billed ITR Filing: March 31, 2022
If you missed to file your ITR for FY 2020-21 on 31st December 2021, now is your chance. You can file the belated return by the due date March 31, 2022. Actually, income tax return filed between January 1, 2022 and March 31, 2022 will be called as delayed ITR. Late filing of ITR will attract a late fine of Rs 5,000 (Rs 1000 for total income up to Rs 5 lakh).
5. Tax Saving Exercise for FY 2021-22: March 31, 2022
If you have opted for the old tax regime for FY 2021-22, make sure you have completed your tax saving exercise by March 31, 2022. This would mean that taxpayers would have to ensure that they have availed the deduction available under all sections. As per the rule, 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.
6. Last Date to Complete Bank Account KYC: March 31, 2022
The Reserve Bank of India (RBI) has extended the KYC completion deadline from December 31, 2021 to March 31, 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.
