Tasks such as linking of Aadhaar and PAN, re-KYC in accounts such as trading and demat, late filing of ITR and investment in tax saver schemes have to be completed by March 31. You will not get the chance again after this date is over. There will also be a chance to pay the fine.
belated tax return filing
FY 2021-22 (FY 2021-22) is about to end. Its last day is on 31st March. After that the financial year 2022-23 will start. Where the English year ends on 31st December, the financial year ends on 31st March. The date of March 31 is special in many ways because a day after it, a lot changes from April 1. There is a change in the rules, many work related to bank and tax starts with the rules. There are many such works which have to be completed by 31st March because it gets changed from 1st April. Accordingly, March 31 becomes special for taxpayers in many ways. You can also Income Tax Return (Income Tax Return) or deal with tax-related work, then March 31 is very important for you. Last date on 31st March (31 March DeadlineAssuming that, let us know which works are to be completed.
1- Aadhaar- PAN Card Link
If you are a taxpayer (also a non-tax payer) then it is necessary to link Aadhar card with PAN card before 31st March 2022, if it is not done yet. Failure to do so will make your PAN card inactive and you will be fined. There is no set rule regarding the amount of the fine. Linking both the cards is a simple process and can be done online by logging on to the Income Tax website.
2- KYC required again of accounts
As per Reserve Bank (RBI) guidelines, KYC of every bank account and accounts of financial institutions or demat account, share trading company should be done every two years to keep your account active. This year the deadline for completing KYC has been extended till March 31, 2022. If KYC is not done in demat or trading account, you will not be able to do share marketing.
3- Payment of advance tax
If your total tax liability in a financial year is Rs 10,000 or more, then you will have to pay advance tax. Advance tax is applicable to all taxpayers, salaried, freelancers and businesses. Senior citizens, who are 60 years of age or above, and do not run any business, are exempted from paying advance tax. You have to pay advance tax dues before 31st March. Its last installment was due on 15 March 2022.
4- Invest in Tax Saver Scheme
Many different schemes are used to save tax. With the help of section of Income Tax Act on investment in these schemes, one can save tax on investment of Rs 1.5 lakh. Chief among these is Section 80C which gives an option for potential tax savings of up to Rs 1.5 lakh per annum. There are also other schemes that give tax benefits to individuals. You can save tax by investing in PPF, ULIP, FD, EPF, NPS, tax saving mutual funds etc. It has to be kept in mind that investment should be done before 31st March.
5-Delayed ITR Filing
The normal scheduled date for filing late income tax returns was December 31, 2022, but has been extended by the finance ministry to March 31, 2022. You can file your belated IT return anytime on or before 1 year from the end of Assessment Year (AY). ITR filed after the due date is called a belated return. If you have missed ITR filing, then definitely do it before 31st March. There will be no chance later. The facility of filing tax return will not be available despite the penalty. The penalty for late filing of tax return is Rs 1,000 if the total income is more than 2.5 lakhs while the penalty for earning more than 5,00,000 is Rs 10,000.
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Before opening a PPF account in the bank, check whether the facility of depositing money online will be available or not.
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