As the current financial year (FY 21-22) is coming to an end on March 31, there are several deadlines that one needs to meet when it comes to money. March is an important month as it contains several filing and investment-related deadlines. So, here are five important finance-related tasks that you should complete this month.
1. Aadhaar-PAN link: The deadline to link PAN with Aadhaar is March 31, 2022. In case, a PAN cardholder does not link it by then, the PAN card will become invalid.
Quoting the PAN is mandatory for opening bank accounts, buying shares or mutual funds, etc. Further, most financial institutions ask customers for their PAN for KYC purposes. A penalty of Rs 10,000 may also apply under Section 272B of the Income Tax Act for failure to link the two documents before the deadline.
2. File a belated or revised ITR
The deadline for filing belated or revised ITR for FY2020-21 is March 31, 2022. Earlier, the deadline to file this ITR was December 31, 2021. If an earning individual has e-filed late ITR, there is a chance to edit it on or before March 31, 2022.
The penalty for late filing/belated filing of an income tax return could be up to Rs.10,000 under Section 234F of the Income Tax Act.
3. Bank account KYC update
The earlier deadline for bank account KYC was December 31, 2021. However, owing to the threat of Covid-19 cases, the Reserve Bank of India (RBI) extended the deadline for bank account KYC update from December 31, 2021, to March 31, 2022. In case of failing to meet the deadline, it may lead to freezing of bank account.
4. Tax saving investments
March is the last month to make tax-saving investments for the financial year 2021-22 to reduce your overall tax burden. One needs to assess their investments in tax saving instruments such as Public Provident Fund (PPF), ELSS mutual funds, National Pension System or NPS, etc.
5. Avail of the PMAY subsidy benefit
Pradhan Mantri Awas Yojana (PMAY) is a government initiative that provides affordable housing to the Low Income Group (LIG)/Economically Weaker Section (EWS) segments. Beneficiaries can avail of 20-year loans at 6.5% per annum.
Launched in 2015, the PMAY program consists of three phases. The first two phases have already concluded, and the final phase will end on 31st March 2022. Hence, the last date to avail of the PMAY credit-linked subsidy scheme (CLSS) benefits for LIG and EWS categories is March 31, 2022.
