PAN-Aadhaar linking, debit/credit card tokenisation, other money deadlines to comply with in 2022

The new year 2022 is just around the corner and like every year there are various personal finance deadlines that one needs to be aware to avoid any penal consequences. Unlike 2021 when there were as many as 16 deadlines that an individual needed to comply with, this year in 2022, there are only 12 deadlines that individual need to know about (at least for now).

Here is a look at the 12 financial deadlines one must be aware of in 2022.

• Last date for verifying ITR for FY 2019-20: February 28, 2022

The income tax department has offered one time relaxation to taxpayers who have filed ITR for FY 2019-20 (AY 2020-21) but have not verified their tax returns either due to non-submission of ITR-V physically or via e-verification method. As one-time relaxation, such taxpayers can verify their ITRs by February 28, 2022.

Also Read: Relief for taxpayers yet to verify ITR for last year

Also Read: 6 ways to verify income tax return

• Last date for submitting life certificate for pensioners: February 28, 2022

The government extended the last date of submitting life certificates for pensioners to February 28, 2022, from the previously extended deadline of December 31, 2021. It is important for government pensioners to submit the life certificate before the expiry of the due date to ensure the continuation of the pension. If the life certificate is not submitted, then the pension of the pensioner will be stopped. An annual life certificate can be submitted in five ways.

Also Read: 5 ways to submit life certificate by pensioners

March 15, 2022 is the last date of making advance tax payments for FY 2021-22. Advance tax payments are applicable if the income tax liability less of TDS exceeds Rs 5,000 in a financial year. By this date an individual must ensure that he/she has paid 100% of the advance tax amount. If an individual does not pay advance tax by this date, then interest under section 234A/234B will be applicable.

Thus, if you have received dividend income from shares and/or capital gains from shares, debt mutual funds, then you may be liable to deposit advance tax. Do keep in mind that senior citizens are exempted from making advance tax payments.

• PAN Aadhaar linking deadline: March 31, 2022

If you still have not linked you PAN with your Aadhaar number, then it is important that you do it before March 31, 2022. If your PAN is not linked with your Aadhaar number by this date, then not only your PAN will become inoperative, but you will be asked to pay a fee of up to Rs 1,000 to link the same after the due date.

You should know that once your PAN becomes inoperative (due to non-linking of with Aadhaar), then you will not be able conduct financial transactions such as investing in shares, mutual funds etc.

If you have missed the original income tax return (ITR) filing deadline (December 31, 2021 for FY 2020-21), then you should file your tax return on or before March 31, 2022. Income tax return filed between January 1, 2022 and March 31, 2022 will be termed as belated ITR. Late filing fee of Rs 5,000 (Rs 1000 for total income up to Rs 5 lakh) will be levied for filing belated ITR.

If a mistake is discovered after the original ITR is filed and verified, then you can file a revised ITR under section 139(5) of the Income-tax Act, 1961. The revised ITR must be filed on or before March 31, 2022.

• Complete tax saving exercise for FY 2021-22: March 31, 2022

If you have opted for the old tax regime for FY 2021-22, then ensure that you have completed your tax savings exercise by March 31, 2022. This would mean that one must ensure that they have taken advantage of deductions available under various sections of the Income-tax Act, 1961 to reduce their tax liability. Commonly available deductions include section 80C of up to Rs 1.5 lakh, Rs 50,000 tax benefit under section 80CCD(1b) for NPS contributions, up to Rs 25,000 or Rs 50,000 on medical insurance premium etc.

• Last date for completion of bank account KYC: March 31, 2022

The Reserve Bank of India (RBI) extended the deadline for completion of KYC from the earlier deadline of December 31, 2021, to March 31, 2022, due to new variant of coronavirus pandemic. The extended deadline will provide relief to the individuals who are required to visit their bank's branch and undergo the KYC process. During the extended period, the bank will not place restrictions on the bank accounts such cash withdrawal etc. to provide relief to the customers.

• Last date for making first instalment of advance tax payments for FY 2022-23: June 15, 2022

With the start of the new financial year for FY 2022-23, an individual is required to make the first instalment of advance tax by June 15, 2022. An individual is required to make payment of 15% of advance tax by this date. If this date is missed, then interest under sections 234B and 234C will be levied, as applicable.

The Reserve Bank of India (RBI) has extended the deadline related to tokenisation of debit, credit card details by six months from January 1, 2022 to June 30, 2022. The extension has come after banks have been sending emails and SMS to their customers saying that their saved card details will be deleted from the merchant websites such as Amazon, Flipkart etc.

From July 1, 2022, the customer will be required either type out 16 digits of the card every time an online purchase is made or tokenise the card details. The decision for tokenisation of card is taken to prevent frauds.

• Last date to file ITR for FY 2021-22: July 31, 2022

July 31 2022, is the last date of filing income tax return for FY 2021-22. (AY 2022-23). Unless this deadline is extended by the government, if an individual (whose accounts are not required to be audited) does not file his/her tax return, then he/she will be liable to pay penalty of up to Rs 5,000.

• Last date for making second instalment of advance tax payments: September 15, 2022

September 15, 2022 is the last date for paying second instalment of advance tax for FY 2022-23. By this date, an individual is required to 45% of the advance tax amount.

• Last date for making third instalment of advance tax payments: December 15, 2022

December 15, 2022 is the last date for paying third instalment of advance tax for FY 2022-23. 75% of the advance tax amount must be paid before this date or else interest will be levied as applicable.