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Complete these five works by March 31, otherwise there will be a big loss.

new Delhi Holi can also be over. The month of March can also be about to go. There are solely about one and a half weeks left for this month to finish. With this, the monetary yr 2021-22 will finish and the brand new monetary yr 2022-23 will begin from April 1. Earlier than the start of the brand new monetary yr, March 31 is just not solely the final day of any monetary yr, however it is usually the deadline for finishing many monetary works.
If these monetary works usually are not accomplished on time then there could also be drawback within the subsequent monetary yr. You will be fined and the Revenue Tax Officer may even ship you to jail. At present we’re going to inform you about some such essential works, which you must take care of on or earlier than 31 March 2022.
aadhar-pan hyperlink
The final date for linking Aadhaar and PAN quantity is 31 March 2022. When you have not finished so but, then you possibly can hyperlink Aadhaar and PAN earlier than March 31. Failure to take action will make the PAN quantity invalid. You may hyperlink the 2 by sending e-filing web site or UIDPAN to 567678 or 56161. It can be linked offline via PAN service facilities of Nationwide Securities Depository Restricted (NSDL) and UTIITSL.
Billed or Revised ITR
In view of the pandemic, the final date for submitting ITR for the monetary yr 2020-21 has been prolonged a number of occasions. The Revenue Tax Division had final set its deadline as 31 December 2021. Nonetheless, for those who couldn’t file ITR by that point, then you possibly can file your return until March 31, 2022. However, taxpayers should pay further taxes together with penalty whereas submitting belated IT return.
Financial institution Account KYC
RBI has prolonged the deadline for finishing KYC from 31 December 2021 to 31 March 2022. RBI has suggested monetary establishments to not take any motion for updating KYC until the tip of the present monetary yr 2021-22. Underneath KYC, the financial institution asks the shoppers to replace their PAN card, deal with equivalent to Aadhaar, passport and so forth. Together with this, current images and different info are additionally sought.
tax saving planning
When you have opted for the outdated tax regime for the monetary yr 2021-22, then you’ll have to do your tax saving planning by March 31, 2022. This might imply that taxpayers must be sure that they’ve availed the deduction obtainable underneath all sections. As per the foundations, the widely obtainable deductions embody as much as Rs 1.5 lakh underneath part 80C, Rs 50,000 tax profit underneath part 80CCD (1B) for NPS contribution, Rs 50,000 tax profit on medical insurance coverage premium, and so forth.

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