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With the end of this month, a lot of money-related deadlines would end along with current financial year FY2021-22. So, income tax payers and earning individuals are advised to cross-check about their important money tasks like income tax return (ITR) filing to PAN-Aadhaar linking, which they need to complete by 31st March 2022.
Here we list out important money task that an earning individual must complete by 31st March 2022:
1] Revised or belated ITR filing: Deadline for belated ITR filing for AY2021-22 is 31st March 2022. Therefore, an earning individual who failed to file its ITR by given due date are advised to file their belated ITR by the given last date i.e. 31st March 2022.
Likewise, last date for filing belated or revised ITR for FY2020-21 is 31st March 2021. In case, an earning individual has filed its late ITR online, he or she can still edit it on or before 31st March 2022. So, being a taxpayer, if you notices any mistake in your e-filed ITR, you can still edit that mistake by the given deadline of 31st March 2022.
2] PAN-Aadhaar linking: 31st March 2022 is deadline for seeding one's PAN with Aadhaar card as well. Failing to meet this deadline will lead to one's PAN card becoming inoperative or invalid. Under section 272B, carrying an invalid PAN card may lead to ₹10,000 penalty. Also, one's TDS on bank deposit interest will get doubled.
3] KYC update for bank accounts: On account of rising Omicron threat at the end of year 2021, the Reserve Bank of India (RBI) had to extend deadline for bank account KYC update from 31st December 2021 to 31st March 2022. So, bank account holders are advised to complete its KYC update by 31st of March 2022 otherwise their bank account might get freezed.
4] Tax saving investment schemes: Investing in certain tax saving options like Public Provident Fund (PPF), National Pension System (NPS), ELSS Mutual funds, etc. enables an income tax payer to claim exemption benefit on one's investment. So, a taxpayer is advised to look at one's tax saving investments and ensure that they have maximised their investment in such tax saving investment instruments. If there still some scope left for tax saving investment, they need to take advantage of this possibility by March 31st, 2022.
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