ITR filing to bank KYC: Complete these 8 important tasks by March 31, otherwise you will have a lot of trouble from next month

The current financial year 2021-22 is about to end in a few days. With the end of this financial year, the deadlines of many works are also going to end. These also include some financial work. If you do not complete these works by March 31, then you may have to face trouble. These tasks include linking PAN with Aadhaar, filling Revised ITR, investing to save tax, completing KYC and linking mutual funds with Aadhaar. Includes tasks like Mutual Fund Aadhaar Linking. Due to the outbreak of Corona pandemic during the last two years, the deadlines of many financial works were extended. Some of these deadlines are ending this month. There is little scope for any further extension of these deadlines. Therefore, it is very important for you to dispose of them in time. Let us know which financial tasks you should settle by March 31.

  1. Link your PAN card with Aadhaar

In today’s time, PAN card has become as important as Aadhar card. PAN card is used in many financial works including transferring money. In such a situation, it is important that your PAN card continues to work smoothly. Please note that it is mandatory to link PAN with Aadhaar (PAN-Aadhaar linking deadline). The government has extended the last date for linking PAN card with Aadhaar to 31 March 2022. If you have not yet linked your PAN card with Aadhaar, then definitely do it. If you are not able to link your PAN with Aadhaar even by March 31, then your PAN card will become inactive. With this, despite having a PAN card, you will be considered without a PAN card. If you use an inactive PAN card for banking purposes, you may also be fined.

  1. Get your bank account KYC done If you have not yet completed the KYC of your bank account, then get it done before the end of this month. The Reserve Bank of India (RBI) has extended the deadline for completing KYC of bank accounts to March 31, 2022. Customers will have to update their PAN card, address, passport or other documents for KYC by the last date of this month. Along with this, customers will also have to update their recent photograph and other information requested. RBI has asked financial institutions not to take any action if KYC is not completed during FY 2021-22. But even after this financial year, if your KYC is not updated, then you may have to face trouble.
  1. File Revised ITR
    Due to the corona virus epidemic, the last date for filing Income Tax Return for the financial year 2020-21 was extended several times. The last time the Income Tax Department had fixed 31 December 2021 as the deadline for filing ITR. But if you are not able to file income tax return even by the stipulated deadline, then you can file belated ITR till March 31, 2022. If you do not file the amended or revised ITR by the last date of this month, you may have to pay a penalty under Aadhaar 234F of the Income Tax Act, 1961. So submit your income tax return as soon as possible.
  1. Get Mutual Funds Linked to Aadhar
    If you invest in mutual funds, then you need to get it linked with Aadhaar. Let us inform that in the year 2017, the rules of PMLA were changed. Under this, asset management companies will have to update the Aadhaar number of the people and validate it with UIDAI. Thus, it is necessary to link all mutual funds with Aadhaar. Linking of Aadhaar with Mutual Funds can be done online, offline, through SMS and email.
  2. Invest to Save Tax
    If you want to save some income tax, then there is very little time left for you. If you have planned some tax free investment in the financial year 2021-22, but have not invested yet, then do it by the last date of this month. If you invest after March 31, 2022, then that investment will be counted in the next year i.e. FY 2022-23. In such a situation, you will get the benefit of tax exemption on that investment only next year. Explain that through section 80C, a taxpayer can save tax up to Rs 1.5 lakh.

6.PPF, NPS and SSY account holders should do this work
If you have an account in Post Office Schemes, then before the end of this month you have to do an important thing. If you have an account in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Pension Scheme (NPS) and you have not deposited any amount in these accounts in the current financial year, then do it by March 31. You have to deposit the minimum required amount in these accounts by 31st March. If you do not do this, these accounts of yours will become inactive and you will have to pay a fine for getting these accounts active again.

  1. KYC in PM Kisan Yojana
    The government is going to release the 11th installment of PM Kisan Yojana soon. This installment can be released in the first week of April. If you are also an eligible farmer registered in the scheme and want to take advantage of this installment, then definitely update KYC. The last date for updating KYC in PM Kisan Yojana is 31 March. If you do not update KYC even by this deadline, then you will not get the benefit of the 11th installment of the scheme. You can also do online eKYC (PM Kisan eKYC).
  1. If you want to get subsidy of PM housing, then do this work
    The Ministry of Housing and Urban Poverty Alleviation had launched the Pradhan Mantri Urban Housing Scheme in the year 2015. The name of this scheme was named Housing for all. At present the third and last phase of this scheme is going on. This phase will be completed on the last date of this month i.e. 31st March. In such a situation, if you want to take advantage of PM Awas Yojana, then this is your last chance.