With the end of this month, many silver-related deadlines would end with the current fiscal year FY2021-22. Thus, taxpayers and earners are advised to verify their important financial tasks such as Income Tax Return (ITR) at PAN-Aadhaar liaison, which they must complete by March 31, 2022.
Here we list an important financial task that a winning person must complete by March 31, 2022:
1]Revised or Late ITR Filing: The deadline for late filing of the ITR for AY2021-22 is March 31, 2022. Therefore, an employee who has not filed their ITR by the due date indicated is invited to file their late ITR before the last date indicated, i.e. March 31, 2022.
Similarly, the last date for filing the late or revised ITR for the 2020-21 financial year is March 31, 2021. In the event that a winner has filed their late ITR online, they can still modify it no later than March 31, 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: March 31, 2022 is also the deadline to seed your PAN with the Aadhaar card. Failure to meet this deadline will result in the loss or invalidation of the PAN card. 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 for bank accounts: Due to the growing threat of Omicron in late 2021, the Reserve Bank of India (RBI) had to extend the deadline for KYC updating bank accounts from December 31, 2021 to March 31, 2022. Thus, bank account holders are advised to complete its updated KYC before March 31, 2022, otherwise their bank account may be frozen.
4]Tax Saving Investment Plans: Invest in some tax saving options like Public Provident Fund (PPF), National Pension System (NPS), ELSS Mutual Funds, etc. allows a taxpayer to claim an exemption benefit on his investment. Thus, a taxpayer is advised to review his tax saving investments and ensure that he has maximized his investment in such tax saving investment instruments. If there is still room to save tax, they must take advantage of this opportunity by March 31, 2022.
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