Financial Deadlines: The month of March is half over, now only 12 days are left in this month. With this, the business year 2021-22 will end. Let us tell you that March 31 is not only the last day of the financial year but it is also the deadline for many financial works.
If these financial works are not completed on time then there may be problem in the next financial year. Today we are going to tell you about some such important works, which you should deal with on or before 31 March 2022.
1. AADHAAR-PAN LINKING DEADLINE
The last date for linking AADHAAR and PAN number (PAN-Aadhaar linking deadline) is 31 March 2022. If you have not done so yet, you can link Aadhaar and PAN before March 31. If this is not done then the PAN number will become 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.
2. In view of the delayed or revised ITR
Covid-19, 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 December 31, 2021. However, if you could not file ITR by that time, then you can file your return till March 31, 2022. But while filing delayed IT returns, taxpayers will have to pay additional taxes as well as penalty.
3. Last Date for Bank Account KYC Completion
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.
4. Tax Saving Exercises for FY
2021-22 If you have opted for the old tax regime for FY 2021-22, ensure that 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.
5. If you have an account in the post office, then do this work
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. If done, then you put the minimum required amount by March 31, 2022. Otherwise, you will have to pay a fine to get them activated again. Note that from FY 2021-22 onwards, one can opt for the old or existing tax regime and 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.
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