Do this work related to PAN, Aadhaar, ITR and Bank Account as soon as possible, otherwise you may have to pay a heavy fine as a penalty.
New Delhi: You should do these 4 things related to your government documents and bank accounts as soon as possible, otherwise you may have to pay a heavy fine for this. Under these four works, first it is mandatory to do KYC of bank account, secondly you have to link your PAN with Aadhaar, thirdly what methods you can adopt to get exemption on income tax and fourthly if you are late. If you file ITR, you may have to pay a huge penalty.
Get KYC done for Bank Account
All bank account holders and demat account holders have to get KYC done before the deadline of March 31. Under this, the account holder will have to give information about documents from Aadhaar, Passport, Aadhaar to the bank. Along with this, the bank can also ask for the latest photo from the account holder. If you do not do this before the specified time limit, your account may also be closed.
Link PAN with Aadhaar
The Income Tax Department has made it mandatory to link PAN with Aadhaar. Recently, the Income Tax Department has extended the last date for linking PAN with Aadhaar till March 31, 2022. If you do not do this, then your PAN card can also be deactivated. TDS up to 20 percent can be deducted from your income if no PAN number is active. In this sense, if you do not link PAN with Aadhaar, you can suffer a big loss.
Follow this method for exemption in income tax
If you are thinking of investing to get income tax exemption, then you can adopt these methods. There are many such sections under the Income Tax Department, under which you can get income tax exemption. You can avail tax exemption on investments under Section 80C and 80D of the Income Tax Department. You can avail exemption under section 80C on investments up to Rs 1.5 lakh.
File ITR or else you will have to pay a fine of Rs 10000
The last date for submission of Late Income Tax Return (ITR) for the financial year 2019-20 is March 31. If you file late income tax return, you have to pay Rs 10,000 as fine.
