8 financial tasks you need to complete before March 31
With the end of March 2022, the deadline for various money-related tasks will also end. PAN-Aadhaar Linkage, Revised or Late RTI Deposit, Bank Account KYC Update, Minimum Investment Required in Small Savings Schemes like Public Provident Fund (PPF), National Pension System (NPS), etc are some of the important financial tasks that one needs to complete no later than March 31, 2022.
Here we list 8 important financial tasks that a winning person must complete by March 31, 2022:
1]Late filing or revised income tax return (RTI): The deadline for late filing of ITRs for AY2021-22 is March 31, 2022. Thus, taxpayers who have not filed ITRs by the due date indicated are advised to file their late tax returns before March 31, 2022. March 2022.
Similarly, the last filing date for the late or revised ITR for fiscal year 2020-21 is March 31, 2021. In the event that a taxpayer filed their late ITR online, they can still amend it no later than March 31, 2021. March 2022. So, being a taxpayer, if you notice an error in your electronically filed ITR, you can always amend that error before the March 31, 2022 deadline.
2]PAN-Aadhaar link: The deadline for seeding his PAN with the Aadhaar card is March 31, 2022. Failure to meet this deadline will render his PAN card inoperative or invalid. Under Section 272B, possession of an invalid PAN card may result in ₹10,000 penalties. In addition, the TDS on bank deposit interest will be doubled.
3]KYC update of bank account: Following the rise of the Omicron threat in late 2021, the Reserve Bank of India (RBI) has extended the deadline for KYC updating of bank accounts from December 31, 2021 to March 31, 2022. Thus, cardholders bank accounts must complete their KYC update within a new deadline or their bank account may be frozen.
4]Investments to reduce income tax: The end of March will also be the end of the current financial year. Thus, a taxpayer is advised to review their tax saving investments and ensure that they have maximized their investment in tax saving instruments such as the Public Provident Fund (PPF) , the National Pension System (NPS), ELSS mutual funds, etc. some leeway to save tax, they must take advantage of this opportunity by March 31, 2022.
5]Link the small savings plan to savings in a bank/post office account: The Ministry of Post has issued a notice that interest on MIS/SCSS/TD accounts will only be credited to the PO savings account or account holder’s bank account from April 1, 2022. This means that You have to link your small savings plan accounts to the postal account and bank account to continue to receive interest credits on time.
The latest circular states: ““Interest on MIS/SCSS/TD accounts will only be credited to the PO savings account or account holder’s bank account from 01.04.2022. In the event that an account holder is unable to link their savings account with MIS/SCSS/TD accounts until 31.03.2022 and interest is credited to various office MIS/SCSS/ TD, unpaid interest shall be paid only by credit to the PO Savings Account or by check. permitted from various MIS/SCSS/TD office accounts, unpaid interest shall be paid only by credit to the PO Savings Account or by check Payment of interest in cash will not be permitted from various accounts of MIS/SCSS/TD office from 01.04.2022. “
6]PM Kisan KYC Update: e-KYC has become mandatory for farmers registered with PM Kisan. Thus, registered PM Kisan farmers must update their KYC online or offline by March 31, 2022. Failure to meet this deadline will result in the non-refund of the next PM Kisan installment.
7]Maintenance of a minimum contribution on the PPF, NPS account: To reduce income tax expenses, a winning person invests in a PPF and NPS account. But, before the end of March 2022, it must be ensured that he has invested the minimum required during a single financial year or not. The minimum annual deposit to the PPF account is ₹500 while the minimum required annual deposit in the NPS Tier 1 account is ₹1,000 in a single fiscal year.
8]KYC for demat and trading account: According to the SEBI circular issued in April 2021, NSDL and CDSL are required to ensure that six KYC attributes – name, address, PAN, valid mobile number, valid email ID and income range – are updated in accounts of existing demat and trading. .
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