March 2022 Important Work

ITR required to be filed

The Income Tax Department has declared 31 March 2022 as the last date for filing the revised ITR for the financial year 2021-22. Let us tell you that the Income Tax Department has extended the time many times. Therefore, those who have not been able to file their ITR by the due date given for ITR filing, must now file their income tax return by the last date 31 March.

Link Aadhaar-PAN also

The deadline for linking PAN card with Aadhar card is also expiring on the last date of this month. That is, you have to do this work by 31 March 2022. Those whose PAN and Aadhar are not linked, they should link before this. Failure to do so will render the PAN card invalid and may attract a fine of Rs 10,000 under section 272B for using an invalid PAN. Apart from this, TDS on bank deposit interest will also be doubled.

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 last date for depositing its last installment is 15 March 2022. Do this work before that.

Tax saving investment

The earning person has only one month left to complete the tax saving exercise. Hence, there is a need to ensure that the exercise of deposits in tax saving funds like Public Provident Fund (PPF), ELSS Mutual Fund, National Pension System or NPS, etc. is completed.