New Delhi: The financial year is about to end. In such a situation, it has been advised to complete all the work related to income tax by 31 March 2022. Before planning any new it is necessary to calculate your old things.
That is why no work should be left unfinished before the closing of the financial year. Income tax planning is most important in this. Non-completion of all the works by the last date can cause huge losses.
1. Must file Income Tax Return (ITR) for the assessment year 2021-22 by March 31, 2022. Revised ITR can also be filed till this date. At the same time, March 31 is the last date for any correction in income tax return. Penalty will have to be paid after the expiry of the date.
2. To get exemption in income tax, invest by 31st March. Investment means you can invest in Tax Saving Schemes, which can help you in tax. It also includes small savings schemes like PPF, Sukanya Samriddhi. You can also save tax by paying LIC installment. March 31 is the last date for availing other benefits as well.
3. According to the report, under the Income Tax Act 208, taxpayers with tax liability of more than Rs 10,000 can pay advance tax. Under this process you can pay tax in 4 installments. You can deposit the last installment by March 15.
4. The last date for linking Aadhaar and PAN card is also 31 March. Link both of you soon. Otherwise, your PAN card will be deactivated. If it is deactivated, financial transactions will not be able to take place. Can’t even pay taxes. Hefty fines may also apply.
5. If you have not done KYC of the bank account yet, then do whatever you need to do before the last day of the financial year. Let us inform that earlier this date was 31 March 2021 but in view of the Corona epidemic, the date was extended.
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