As we enter the last month of the current financial year 2021-22. From the last day of filing delayed income tax return to linking your PAN-Aadhaarmonth of procession There is some important deadline for your money matters. Here are some of the major deadlines that may affect your finances this month.
Last month for tax planning
This is the last chance for the taxpayers to maximize the tax benefits under various sections. Despite being aware of this time frame, most investors postpone their income tax planning till the last minute. If you haven’t planned your tax-saving investments yet, do so as soon as possible and avoid common investment mistakes.
Last date for filing delayed return
The deadline for filing Income Tax Return (ITR) for the Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. But you can still file delayed return till March 31, 2022. However, for filing late returns, you may have to pay a penalty and additional interest on taxes. In addition, there are some limitations to late returns. Read more to understand.
A belated return is a return that is filed after the due date specified in the Income Tax Rules. A late income tax return attracts a late fee of Rs 1,000 under section 234F of the Income Tax (IT) Act in case the gross total taxable income during the financial year does not exceed Rs 5 lakh; or Rs.5,000 otherwise.
PAN-Aadhaar Linking
Last date to link your Permanent Account Number (wok) with their Aadhar card by March 31, 2022. If this is not done by the given time limit, the PAN card may become invalid and thereafter a fee of Rs 1,000 may be charged for linking the PAN card with Aadhaar. If PAN card is not linked with Aadhaar, then a person will not be able to invest in mutual funds, stocks or even open a bank account as in all those cases it is necessary to present PAN card.
You can link them through e-filing website by sending SMS to 567678 or 56161 and typing UIDPAN or do it offline through PAN service centers of National Securities Depository Limited (NSDL) and UTIITSL.
KYC update in your bank accounts
Customers need to update KYC by March 31, 2022. The Reserve Bank of India (RBI) had extended the KYC deadline in bank accounts to March 31, 2022 from the previous deadline of December 31, 2021. Time limit has expired. Due to the increase in the Omnikron version of the coronavirus in the country, it has been increased again.
Customers need to visit their bank branch with a set of self-attested documents, which include proof of identity and proof of address. RBI has now permitted the use of digital channels for periodic updating of KYC details of customers. This includes submission of electronic documents for verification purposes to financial institutions through Video-KYC and Digi-Locker.
Some major banks, such as State Bank of India (SBI), also allow customers to submit their documents to update their KYC details via email or post. If the customer misses the last date for updating KYC, the bank will freeze the account.
advance tax installment
The last date for filing advance tax is approaching. Any person whose estimated tax liability for the year is Rs 10,000 or more is required to pay advance tax. Advance tax has to be paid in four installments in the financial year itself. The last date to pay the fourth installment of advance tax is March 15, 2022.
This applies to all taxpayers, salaried, freelancers and businesses. However, a resident senior citizen (person aged 60 years or more), who does not have income from business or profession, is not liable to pay advance tax. A salaried person, who has no income other than salary, need not pay advance tax installments, as employers are required to deduct applicable tax from monthly salary and pay to the department. Non-payment of correct advance tax on time or short payment of tax attracts penal interest.
read all breaking news, today’s fresh news And Assembly Election Live Updates Here.