March is not only the end of the financial year, but many such important deadlines are also going to end this month, which are directly related to your money. This includes the last dates for filing delayed or revised income tax returns (ITR), PAN-Aadhaar linking and bank account KYC updates. Apart from these, there are some other tasks which you should tackle this month. Let us know about five such essential things.
Delayed or Revised ITR Filing
The last date for filing delayed or revised ITR for AY2021-22 is 31 March 2022. Therefore, those who have missed to file their ITR by the due date given for ITR filing should now file their income tax return by the last date.
The deadline for linking PAN card with Aadhar card is 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.
bank account kyc update
Earlier, the bank account KYC deadline was 31 December 2021. But, due to rising Omicron cases in the country, the Reserve Bank of India (RBI) extended the bank account KYC update deadline from 31 December 2021 to 31 March 2022. Now if you don’t link it then bank account may freeze.
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 installments. 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.