PAN-Aadhaar Link: Here we tell you five such important tasks, which you should tackle this month.
PAN-Aadhaar Link : March is not only the end of the financial year, but there are many important deadlines related to money which you need to settle before 31st March. This month is the last date for filing Revised Income Tax Return (ITR), PAN-Aadhaar Link, Bank Account KYC etc. Therefore, people earning one are advised to keep an eye on these deadlines and make it necessary before the deadline. Otherwise they may have to bear the loss. Here we tell you five such important tasks, which you should tackle this month.
Link Aadhaar-PAN Card-
It is mandatory to link PAN card (PAN) with Aadhaar. The government has made it clear that if these two important documents are not linked, then the PAN card will become inactive or useless. The government has fixed the deadline on 31 March 2022. If Aadhaar and PAN are not linked by March 31, then a fine of Rs 10,000 may have to be paid under section 272B of the Income Tax Act.
File Late or Revised Return –
The last date for filing delayed ITR for the session year 2021-22 is March 31, 2022. Hence, the earners who have missed to file their ITR by the given due date are advised to file their income tax return by the given last date for filing ITR. Similarly, the deadline for filing delayed or revised ITR for the financial year 2020-21 is March 31, 2021. Even if an earning person has e-filed his ITR late, he can still renew it on or before 31 March 2022.
KYC update in bank account-
RBI has extended the deadline for KYC update in December till March 31, 2022. Failure to meet the deadline may result in your bank account being frozen. Let us tell you that KYC is required not only in banking but in all services related to money transactions and essential services.
Tax Saving Investments-
Only one month is left for an earning individual to complete the tax saving work. To save tax, deposit money in Public Provident Fund (PPF), National Pension Scheme (NPS) and Sukanya Samriddhi Yojana (SSY), ELSS mutual funds. Keep in mind that if you are unable to save, then you pay some expenses like tuition fees of the child, repayment of principal on home loan etc. to provide tax benefits to the income taxpayers.
Advance Tax Installment –
As per section 208 of the Income Tax Act, every taxpayer whose estimated tax liability is Rs 10,000 or more can pay advance tax, which is to be paid in four instalments. The deadline for the first installment in each financial year is 15 June, second 15 September, third 15 December and fourth installment on 15 March. Therefore, those taxpayers who have filed advance tax installments in the previous quarters are advised that the last date for filing the last installment of advance tax is March 15, 2022.
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