Income Tax Financial Year: The financial year 2021-22 is coming to a conclusion in a few days. Prior to this, it is critical to fulfilling some critical tasks. If you don’t finish this project by March 31, you can have trouble in the new fiscal year. Today, we’ll go through five crucial activities that must be performed by March 31st.
The deadline for linking a PAN to an Aadhaar number is March 31, 2022. The PAN card will become invalid if the cardholder does not link it by then. PAN is required to open bank accounts, buy stocks or mutual funds, and so on. In addition, most financial institutions require consumers to provide their PAN as part of the KYC process. A punishment of Rs 10,000 might be imposed if the two documents are not linked before the deadline under section 272B of the Income Tax Act.
Income tax return
If you haven’t already done so, you must file your Income Tax Return (ITR) for the assessment year 2021-22 by March 31, 2022. It is also possible to file a revised ITR till this date. Even if there are any errors on the tax return, the deadline is March 31. You’ll have to pay a big penalty after that.
KYC of bank account
Previously, the deadline for updating bank account KYC was March 31, 2021, but this deadline was extended due to Corona. The RBI’s deadline for upgrading KYC was March 31, 2022. By the 31st of March, you must have completed KYC for your bank account, i.e. your savings account.
Tax saving investment
Invest by March 31 to qualify for a tax break for the fiscal yearAADHAAR CARD 2021-22. Invest in Tax Saving Schemes to benefit from tax benefits. PPF and Sukanya Samriddhi are examples of small savings programs. You can also save tax by paying the LIC installment. Aside from that, March 31 is the deadline for claiming additional tax benefits.
Avail PMAY Subsidy
The Pradhan Mantri Awas Yojana (PMAY) is a government program that provides low-cost housing to those in the Low-Income Group (LIG) and Economically Weaker Section (EWS) of the population. Beneficiaries can take up a 20-year loan at a rate of 6.5 percent each year. For LIG and EWS categories, the deadline to apply for the PMAY Credit-Linked Subsidy Scheme (CLSS) is March 31, 2022.