4 important tasks you need to finish before March 31
March, as the last month of the fiscal year, features a number of financial deadlines that consumers should not miss. It is always a good idea to keep these critical dates in mind, from submitting late income tax returns to integrating PAN-Aadhaar and more.
FollowMarch, as the last month of the fiscal year, features a number of financial deadlines that consumers should not miss. It is always a good idea to keep these critical dates in mind, from submitting late income tax returns to integrating PAN-Aadhaar and more.
1. Filing amended ITRÂ
The deadline to file a belated income tax return for AY 2021-22 is March 31, 2022. Individuals who fail to complete this on time may be penalised Rs 10,000 under Section 234F of the Income-tax Act. The deadline for submitting a late or updated ITR for fiscal year 2020-21 is likewise March 31.
2. Linking PAN and Aadhaar
The deadline for linking a PAN Card to an Aadhaar number is March 31, 2022. The deadline was pushed back from September 30, 2021 to September 30, 2022. Individuals must link under existing rules in order to carry out their financial tasks and transactions smoothly. Failure to connect your PAN and Aadhaar by March 31, 2022 would result in the PAN becoming inactive, and you may face a Rs 10,000 penalty under Section 272B of the Income Tax Act.
3. Finishing the tax-saving exercise
Individuals must complete their tax-saving exercise by the end of the fiscal year, March 31. Individuals who have not made any tax-saving investments or expenditures before the end of this month should be aware that their tax burden for the fiscal year 2021-22 will be higher.Â
4. Updating your bank accounts' KYC
The Reserve Bank of India has extended the deadline for completing KYC in bank accounts from December 31, 2021 to March 31, 2022. Clients must submit information such as an updated PAN, address proof (such as Aadhaar, passport, etc.), and any other information asked by the bank in order to do so.
