Tax planning: Five things to do before March 31

The current financial year (2021-22) is about to end on March 31, 2022. And tax planning is crucial for each individual taxpayer during this time. But, if you haven’t planned all year and waited till the last minute to carry out crucial financial tasks, now is the time to do it. 

Here are five things you need to do before March 31:

Invest to save tax

Investments in tax-saving instruments under Section 80C will get you tax deduction benefits. But don’t just invest to save tax. Instead, invest as per your financial plan. 

File Income Tax returns

The last date for filing income tax returns for the AY 2021-22 has been extended to March 15. Make sure you file your income tax returns before the last date to avoid any penalty.

Medical Reimbursement

Keep your medical bills ready if you are planning to avail of medical reimbursement from your employer.

Capital gains

During the year, if you have made any sale of immovable property, mutual funds, shares then compute the capital gains.

Aadhaar-PAN link

Link your Aadhaar with Permanent Account Number (PAN). In case it is not done before March 31, 2022, then your PAN card will become inoperative, and you may not be able to perform financial transactions that require PAN.