Before the end of March 2022, there are many such works, which are very important to do. Failure to do so may land you in trouble. At the same time, we are going to tell about some such work related to money, which is necessary to do. You will have to do these eight financial tasks on or before March 31.
This includes some important functions related to small savings schemes like PAN-Aadhaar linking, revised or delayed ITR filing, bank account KYC update, Public Provident Fund (PPF), National Pension System (NPS), etc.
Late or Revised Income Tax Return (ITR) filing Doing: The deadline for filing delayed ITR for AY2021-22 has been extended till March 31, 2022. That is, those taxpayers who could not file ITR by the due date given earlier. They can file delayed income tax return till 31st March 2022. On the other hand, if you want to revise ITR, you can also make corrections till this date.
PAN-Aadhaar Linking: The deadline for linking one’s PAN with Aadhar card is March 31, 2022. Failure to meet this deadline will render one’s PAN card inoperative or invalid. Under this, under section 272B, using an invalid PAN card can attract a fine of Rs 10,000. Also TDS on bank deposit interest will be doubled.
Bank Account KYC Update: The Reserve Bank of India (RBI) extended the bank account KYC update deadline from December 31, 2021 to March 31, 2022, due to the threat of rising corona at the end of the year 2021. Therefore, it is necessary to do the work before this date or else the account may get frozen.
Investments to reduce income tax expense: With the end of March, the financial year is also ending. For this reason, it is advisable for investors to maximize their investment in tax saving instruments like Investment Accounts (PPF), National Pension System (NPS), ELSS Mutual Funds, etc. and avail tax exemptions.
Linking Small Savings Scheme to Account: By March 31, the small savings scheme you are investing in the post office will have to be linked to the bank account or post office savings account. Otherwise, as per the Department of Posts, interest on MIS/SCSS/TD accounts will not be available from April 1, 2022 only in the PO Savings Account or Bank Account of the account holder. That is, money can be given to you only through cheque. Interest will not be paid in cash.
PM Kisan KYC Update: To take advantage of PM Kisan Samman Nidhi Yojana, it is mandatory for farmers to do e-KYC. Which should be done on or before 31st March. Failure to meet this deadline will not result in payment of the next PM Kisan installment.
Maintaining minimum contribution on PPF, NPS accountMinimum balance required to be in PPF and NPS account before the end of March 2022. The minimum annual deposit in PPF account is Rs 500 while the minimum annual deposit in Tier-1 NPS account is Rs 1,000 in a financial year.
KYC for Demat and Trading Account: As per the SEBI circular issued in April 2021, NSDL and CDSL need to ensure that six KYC features – name, address, PAN, valid mobile number, valid e-mail ID and income limit – are in existing demat and trading accounts. are updated.