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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
1. Last Date for Filing Belated ReturnsThe 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-savingIf 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.
 

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

From last days to filing belated income-tax returns to linking your PAN-Aadhaar, March has some crucial deadlines for your money matters

Here's a full list 

Deadline for filing income-tax returns (ITR) in audit cases, for assessment year 2021-22, has been extended till March 15, 2022

From KYC in your bank accounts to filing belated income-tax returns, EJ BIZ makes a list of things,&nbsp;which has some crucial deadlines for your money matters
Also read and watch|&nbsp;<a title="Price hike pains begin, and petrol has not even started: Here is what is more expensive from March 1" href="https://www.editorji.com/business-news/economy/price-hike-pains-begin-and-petrol-has-not-even-started-here-is-what-is-more-expensive-from-today-1646112735854">Price hike pains begin, and petrol has not even started: Here is what is more expensive from March 1</a>
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&nbsp;belated income-tax return&nbsp;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&nbsp;updating Know Your Customer (KYC) in the bank accounts&nbsp;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&nbsp;pay advance income tax&nbsp;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.
&nbsp;

Get ready to pay more tax for food and consumption goods as The Mint reports the Finance Minister led GST&nbsp;panel could rework the current tax system to reduce the category and potentially raise the tax rate.&nbsp;Currently under the 4 tax slab&nbsp;GST&nbsp;regime, essentials such as food items attract the lowest rate of 5% while luxury goods see a levy of 28%, the highest of the 4 rates. Mint reports quoting unnamed officials, that&nbsp;two lowest rates (5% and 12%) could be raised by a percentage point each to 6% and 13% while the number of categories could be reduced to three.&nbsp;The govt's&nbsp;GST&nbsp;collection has been over the Rs 1 lakh crore&nbsp;mark for the last 3 months.&nbsp;

Taxing times: GST rate likely to be raised, categories to reduced: reports 

GST Panel may look at increasing tax on some goods and services in a step toward moving to a simpler structure with fewer rates.

GST rates set to rise?

GST panel&nbsp;headed by Finance Minister Nirmala Sitharaman, will likely meet in December to consider the overhaul

Get ready to pay more tax for food and consumption goods as The Mint reports the Finance Minister led GST&nbsp;panel could rework the current tax system to reduce the category and potentially raise the tax rate.&nbsp; Currently under the 4 tax slab&nbsp;GST&nbsp;regime, essentials such as food items attract the lowest rate of 5% while luxury goods see a levy of 28%, the highest of the 4 rates. Mint reports quoting unnamed officials, that&nbsp;two lowest rates (5% and 12%) could be raised by a percentage point each to 6% and 13% while the number of categories could be reduced to three.&nbsp; The govt's&nbsp;GST&nbsp;collection has been over the Rs 1 lakh crore&nbsp;mark for the last 3 months.&nbsp;

Income Tax Returns (ITR) will need to be filed by senior citizens over the age of 75 this year as per the notification by the Ministry of Finance.&nbsp;
The relaxation from the budget in tax filing for those above the age of 75&nbsp;will come into effect only from FY 2021-22, i.e., for ITRs to be filed next year. So this year&nbsp; senior citizens who are above the age of 75 years have to still do their&nbsp;ITR filing. Currently, the last date for filing ITR for FY 2020-21 is September 30, 2021.
If a senior citizen misses the ITR filing deadline for FY 2020-21, then he/she will be liable to pay a late filing fee of Rs 5,000 if the the income exceeds Rs 5 lakh.&nbsp;
&nbsp;

ITR Filing alert: Senior citizens over 75 still need to file tax returns this year

ITR&nbsp;filing alert! Senior citizens do not have relaxation in filing this year, follow this deadline or pay Rs 5000 fine.&nbsp;

Income Tax Return Filing Alert

Tax return filing&nbsp;relaxation will come into effect only from FY 2021-22 for senior citizens above the age of 75.&nbsp;

Income Tax Returns (ITR) will need to be filed by senior citizens over the age of 75 this year as per the notification by the Ministry of Finance.&nbsp;
The relaxation from the budget in tax filing for those above the age of 75&nbsp;will come into effect only from FY 2021-22, i.e., for ITRs to be filed next year. So this year&nbsp; senior citizens who are above the age of 75 years have to still do their&nbsp;ITR filing. Currently, the last date for filing ITR for FY 2020-21 is September 30, 2021.
If a senior citizen misses the ITR filing deadline for FY 2020-21, then he/she will be liable to pay a late filing fee of Rs 5,000 if the the income exceeds Rs 5 lakh.&nbsp;
&nbsp;

Depositors of stressed banks like Punjab &amp; Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act.
Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.&nbsp;At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims.&nbsp;The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).&nbsp;The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions.

Depositors of stressed banks, including PMC to get up to Rs 5 lakh back from November 30

No need to wait 8-10 years to get your money back from a stressed bank. Govt notifies rules that lets depositors in banks such as PMC&nbsp;get their money back within 90 days

Big boost for depositors

Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.

Depositors of stressed banks like Punjab &amp; Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act.
Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.&nbsp;At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims. &nbsp; The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).&nbsp; The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions.

The deadline for filing Income Tax Returns (ITR) may be extended beyond the deadline for September 30 as the glitches on the Infosys run e-filing portal continues.&nbsp;ET reports quoting various&nbsp;Chartered Accountant society representatives that the tax return filing portal is continuing to face many problems, making it impossible to file returns on time.&nbsp;The finance ministry has given the Infosys&nbsp;CEO and team a strict deadline of September 15 to fix the issues that have plagued the website since it's launch in June.&nbsp;

Income tax return filing date may be extended further 

Deadline to file income tax returns (ITR) may be extended beyond Sept 30 as portal continues to face glitches

ITR filing deadline to be extended

Glitches in the income tax portal continue, CAs&nbsp;ask for deadline to be moved further from September 30

The deadline for filing Income Tax Returns (ITR) may be extended beyond the deadline for September 30 as the glitches on the Infosys run e-filing portal continues.&nbsp; ET reports quoting various&nbsp;Chartered Accountant society representatives that the tax return filing portal is continuing to face many problems, making it impossible to file returns on time.&nbsp; The finance ministry has given the Infosys&nbsp;CEO and team a strict deadline of September 15 to fix the issues that have plagued the website since it's launch in June.&nbsp;

The second wave of Covid 19 took a toll on GST&nbsp;collection that stood&nbsp;Rs 92,849 crore&nbsp;for the month of June, the lowest in 8 months.&nbsp;But this is likely an isolated hit on the tax collection and not a reflection of the recovery as&nbsp;the collections are related to transactions pertaining to the month of May during which localised lockdowns had affected the business climate. The govt does not expect to see this downtrend continuing.
The Finance Ministry in it's official release said,&nbsp;"With reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore which indicates recovery of trade and business."

GST hit by second wave: Collection falls below Rs 1 lakh crore in June, an 8 month low

GST hit by second wave: Collection falls below Rs 1 lakh crore in June but e-bill generation indicates business recovery in process.&nbsp; Please tag finance ministry and fin min

GST hit by second wave: Collection falls below Rs 1 lakh crore in June 

<ul>
<li>GST collection for June fall to 8-month low</li>
<li>June GST&nbsp;collection below Rs 1 lakh crore&nbsp;mark&nbsp;</li>
<li>GST&nbsp;collections in June fall due to local lockdowns in May</li>
<li>Govt expecting to see recovery in July GST collection</li>
<li>Fin Min: e-way bill generation in June indicates recovery of trade.&nbsp;</li>
</ul>

June GST&nbsp;collections were above the Rs 1 lakh crore&nbsp;mark for 8 straight months.

The second wave of Covid 19 took a toll on GST&nbsp;collection that stood&nbsp;Rs 92,849 crore&nbsp;for the month of June, the lowest in 8 months.&nbsp; But this is likely an isolated hit on the tax collection and not a reflection of the recovery as&nbsp;the collections are related to transactions pertaining to the month of May during which localised lockdowns had affected the business climate. The govt does not expect to see this downtrend continuing.
The Finance Ministry in it's official release said,&nbsp;"With reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore which indicates recovery of trade and business."

July 1 marks the start of a new quarter and with it a host of changes that affect your finances and budgeting. Here are the big changes you need to take note of-:

LPG&nbsp;Cylinder Price hike:&nbsp;Price of domestic LPG cylinder with subsidy increased by&nbsp;₹25.50 per cylinder. Domestic cylinder weighing 14.2 kg will now cost&nbsp;₹834.50 in Delhi.&nbsp;
TDS Norm Change: Government will impose a higher TDS for those who are yet to file their income tax returns (ITR) in the last two financial years. This new rule will come under the purview of the Finance Act, 2021 and it will also apply to taxpayers whose TDS deductions exceed Rs 50,000 per year. Taxpayers will be given time to file their TDS for the last quarter of FY20-21. The deadline for this is July 15.
SBI&nbsp;ATM&nbsp;withdrawal charge: Bank to charge Rs 15 plus GST per cash withdrawal for transactions at bank branches, SBI ATMs, or from other banks&rsquo; ATM beyond 4 free cash withdrawals. Cheque books beyond 10 leafs will also be chargeable
Axis Bank:&nbsp;Will charge customers 25 paise for every SMS alert subject to a maximum of&nbsp;₹25 a month.&nbsp;
Milk Price Hike: Amul has hiked its milk prices,by&nbsp;₹&nbsp;2 per litre.In Ahmedabad, Amul Gold will now cost&nbsp;₹&nbsp;58 per litre, Amul Taaza&nbsp;₹&nbsp;46 per litre

The only relief to finances is that the govt&nbsp;has kept interest rates on small savings schemes, including NSC and PPF, unchanged. This is the fifth quarter (ending September 30, 2021) in a row that the finance ministry has retained the interest rate on various small savings schemes.

Big changes on July 1: LPG Prices, TDS Norms, Bank Charges to Milk Prices check out all the announcements

July 1 the day of changes: LPG Prices, TDS Norms, Bank Charges to Milk Prices check out all the announcements that affect your finances

What all has changed on July 1

Latest LPG cylinder rates (Indane - non-subsidised 14.2 kg): Delhi -- ₹ 834.50 Kolkata -- ₹861 Mumbai -- ₹ 834.50 Chennai -- ₹ 850.50

New quarter kickstarts a host of changes in prices and charges, sharp hike in LPG&nbsp;prices to increased banking charges.&nbsp;

July 1 marks the start of a new quarter and with it a host of changes that affect your finances and budgeting. Here are the big changes you need to take note of-:
<ul>
<li>LPG&nbsp;Cylinder Price hike:&nbsp;Price of domestic LPG cylinder with subsidy increased by&nbsp;₹25.50 per cylinder. Domestic cylinder weighing 14.2 kg will now cost&nbsp;₹834.50 in Delhi.&nbsp;</li>
<li>TDS Norm Change: Government will impose a higher TDS for those who are yet to file their income tax returns (ITR) in the last two financial years. This new rule will come under the purview of the Finance Act, 2021 and it will also apply to taxpayers whose TDS deductions exceed Rs 50,000 per year. Taxpayers will be given time to file their TDS for the last quarter of FY20-21. The deadline for this is July 15.</li>
<li>SBI&nbsp;ATM&nbsp;withdrawal charge: Bank to charge Rs 15 plus GST per cash withdrawal for transactions at bank branches, SBI ATMs, or from other banks&rsquo; ATM beyond 4 free cash withdrawals. Cheque books beyond 10 leafs will also be chargeable</li>
<li>Axis Bank:&nbsp;Will charge customers 25 paise for every SMS alert subject to a maximum of&nbsp;₹25 a month.&nbsp;</li>
<li>Milk Price Hike: Amul has hiked its milk prices,by&nbsp;₹&nbsp;2 per litre.In Ahmedabad, Amul Gold will now cost&nbsp;₹&nbsp;58 per litre, Amul Taaza&nbsp;₹&nbsp;46 per litre</li>
</ul>
The only relief to finances is that the govt&nbsp;has kept interest rates on small savings schemes, including NSC and PPF, unchanged. This is the fifth quarter (ending September 30, 2021) in a row that the finance ministry has retained the interest rate on various small savings schemes.

As the second wave wipes out economic recovery in Apr-Jun the Finance Ministry is likely to announce an economic relief package in the next two weeks as per reports.&nbsp;Sources told CNBC TV-18 that the new measures that may include a scheme to promote health infrastructure in tier 2 cities, and an increased Emergency Credit Line Guarantee Scheme (ECLGS) limit of Rs 4.5 lakh crore.The govt has already announced measures totalling Rs 29 lakh&nbsp;crore&nbsp;as per the statements made by&nbsp;Finance Minister in November 2020.&nbsp;

Covid relief package on the anvil, Govt may announce economy stimulus soon

With fears of a third wave rising the Govt prepares&nbsp;Covid relief package, may announce economy stimulus soon. Here is a sneak peak into what you can expect.&nbsp;

<ul>
<li>Govt likely to&nbsp;announce another economic relief package</li>
<li>Economic recovery halted due to second wave, local lockdowns</li>
<li>Govt to focus health infrastructure in tier 2 cities in stimulus</li>
<li>Fin Min may increase&nbsp;ECLG&nbsp;scheme&nbsp;limit of Rs 4.5 lakh crore </li>
</ul>

As the second wave wipes out economic recovery in Apr-Jun the Finance Ministry is likely to announce an economic relief package in the next two weeks as per reports.&nbsp; Sources told CNBC TV-18 that the new measures that may include a scheme to promote health infrastructure in tier 2 cities, and an increased Emergency Credit Line Guarantee Scheme (ECLGS) limit of Rs 4.5 lakh crore. The govt has already announced measures totalling Rs 29 lakh&nbsp;crore&nbsp;as per the statements made by&nbsp;Finance Minister in November 2020.&nbsp;

The govt has approved strategic sale of stakein&nbsp;IDBI&nbsp;bank to handover the charge to a new promoter.&nbsp;The government holds 45.48 per cent in&nbsp;IDBI Bank&nbsp;while LIC holds 49.24 per cent. It was however not clarified how much stake each would sell.&nbsp;A govt official told Business Standard "A new buyer acquiring the government&rsquo;s entire stake in the bank would have still left LIC as a co-promoter or a majority shareholder, affecting key decisions. DIPAM will now scout for a buyer that will have to meet the RBI&rsquo;s fit and proper criteria"LIC&nbsp;had invested into IDBI&nbsp;in 3 tranches&nbsp;in FY19 at an average cost of Rs 60/share, the current market price for the company is significantly lower which will lead to a hit to the insurers investment.&nbsp;

LIC & Govt to sell stakes in IDBI Bank, LIC to take hit on investment

The govt has approved strategic sale of stakein&nbsp;IDBI&nbsp;bank to handover the charge to a new promoter.&nbsp;The government holds 45.48 per cent in&nbsp;IDBI Bank&nbsp;while LIC holds 49.24 per cent. It was however not clarified how much stake each would sell.&nbsp; A govt official told Business Standard "A new buyer acquiring the government&rsquo;s entire stake in the bank would have still left LIC as a co-promoter or a majority shareholder, affecting key decisions. DIPAM will now scout for a buyer that will have to meet the RBI&rsquo;s fit and proper criteria" LIC&nbsp;had invested into IDBI&nbsp;in 3 tranches&nbsp;in FY19 at an average cost of Rs 60/share, the current market price for the company is significantly lower which will lead to a hit to the insurers investment.&nbsp;

<ul>
<li>Cabinet gives not to stake in IDBI&nbsp;Bank</li>
<li>Govt and LIC to sell stake in IDBI&nbsp;Bank from current 95%</li>
<li>LIC&nbsp;as per IRDAI&nbsp;mandate has to reduce stake &lt; 15%</li>
<li>LIC&nbsp;currently holds 49% stake in IDBI&nbsp;Bank&nbsp;</li>
<li>LIC&nbsp;would likely remain co-promoter in bank&nbsp;</li>
<li>LIC&nbsp;had invested in IDBI&nbsp;@ Rs 60/average&nbsp;</li>
</ul>

The govt has approved strategic sale of stakein&nbsp;IDBI&nbsp;bank to handover the charge to a new promoter.&nbsp;The government holds 45.48 per cent in&nbsp;IDBI Bank&nbsp;while LIC holds 49.24 per cent. It was however not clarified how much stake each would sell.&nbsp; A govt official told Business Standard "A new buyer acquiring the government&rsquo;s entire stake in the bank would have still left LIC as a co-promoter or a majority shareholder, affecting key decisions. DIPAM will now scout for a buyer that will have to meet the RBI&rsquo;s fit and proper criteria" LIC&nbsp;had invested into IDBI&nbsp;in 3 tranches&nbsp;in FY19 at an average cost of Rs 60/share, the current market price for the company is significantly lower which will lead to a hit to the insurers investment.&nbsp;

Ahead of the Union budget, the government may further slash the number of items in the highest slab of 28% GST. While some states have pressed for an urgent pruning, to address the demand slowdown, reports indicate the finance ministry may focus more on the state of the economy, as a longer slowdown will in any case impact revenues. The GST Council may meet on the 20th of June, ahead of the budget in July. 

Ahead of the Union budget, the government may further slash the number of items in the highest slab of 28% GST. While some states have pressed for an urgent pruning, to address the demand slowdown, reports indicate the finance ministry may focus more on the state of the economy, as a longer slowdown will in any case impact revenues. The GST Council may meet on the 20th of June, ahead of the budget in July. 

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