31 March Check List: All of us are not able to complete our paperwork throughout the year due to some reasons. The month of March is a month to do a lot of paperwork. If you have completed the work before the end of this month, otherwise you may have to face inconvenience. If you have not done so this year, then here we are telling you about 6 such important tasks which you need to complete before 31st March. Have a look.
1. Link Aadhaar-PAN Card
The deadline for linking Aadhar card with PAN card has been extended. Now the last date to link your Aadhaar with PAN card is March 31. If you have not linked these two important identity cards, then you should do it as soon as possible. After the deadline, the PAN card of those who have not linked it with Aadhaar will not be able to do any financial transactions requiring a PAN number.
2. Update KYC with Bank
The deadline for completing KYC in the bank account has also been extended till March 31. Account holders should update their KYC at the earliest to avoid any transaction disruption. Also, note that you will need a PAN card for this process.
3. Advance Tax Filing
Under the Income Tax Act of India, people with a tax liability of more than Rs 10,000 are required to pay advance tax in four installments before March 15. If you are a salaried employee, your employer may have already deducted it from your salary.
4. Invest to Save Tax
If you want to save tax, then you should invest in tax saving schemes like Public Provident Fund, National Pension Scheme, Sukanya Samriddhi Yojana etc. to avail tax saving benefits under section 80C. If you have already invested in these schemes, then you need to make minimum contribution before 31st March to keep the account active.
5. File Income Tax Return
The last date for filing income tax returns for the year 2021-22 has been extended till March 15. Hence, you have to file the return before the deadline to avoid penalty.
6. Pay Pending Tax
Those who have pending tax appeal or petition can avail full waiver of interest or penalty on paying their disputed taxes on or before March 31, 2022. Hence, it is advisable to resolve any dispute and clear the pending payment at the earliest.
Posted By: Navodit Saktawat