Do these 5 tasks before March 31 or you may face financial penalty

From KYC in your bank accounts to filing belated income-tax returns, EJ BIZ makes a list of things, which has some crucial deadlines for your money matters

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1. Last Date for Filing Belated Returns

The deadline for filing the income tax return (ITR) for income earned in Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. But you can still file a belated income-tax return till March 31, 2022

A belated return is a return which is filed after the stipulated due date mentioned in the income tax rules. Make sure you file a return before 31 March and do not miss this deadline.

2. PAN-Aadhar Linking

The last date to link your Permanent Account Number (PAN) with their Aadhaar card by March 31, 2022. If not done by the given deadline, the PAN card can become invalid and a fee of Rs 1,000 may be required for linking the PAN card with Aadhaar thereafter.

If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.

3. Update KYC in your bank accounts

The Reserve Bank of India (RBI) had extended the deadline for updating Know Your Customer (KYC) in the bank accounts to March 31, 2022, from the previous deadline of December 31, 2021. The RBI had notified it because of the rise in Omicron variant cases in the country.

4. Advance Tax Installment

Income tax rules state that if your annual estimated income tax in the current financial year is at least Rs 10,000, then you have to pay advance income tax in four instalments throughout the year. Your last instalment deadline for income earned in 2021-22 is March 15, which is Tuesday.

5. Complete tax-saving

If you have not yet completed your tax-saving exercise for the fiscal year 2021-22, you should do so as soon as possible before the deadline. Remember that if you do not make the tax-saving investments and expenditures by this month, your tax burden for the fiscal year 2021-22 would be higher.