PPF to PAN-Aadhaar Link: 8 Money Tasks You Must Do by March 31| Roadsleeper.com

Here we list 8 important money tasks that a high-income person should do on or before March 31, 2022:

1]Filing of late or revised Income Tax Return (ITR): Last date for late filing of ITR for AY2021-22 is 31 March 2022. Thus, taxpayers who are unable to file their ITR within the stipulated time are advised to file their belated income tax returns by March 31, 2022.

Similarly, the last date for filing delayed or revised ITR for FY 2020-21 is March 31, 2021. In case the taxpayer files delayed ITR online, he can amend it on or before March 31, 2022. So, as a taxpayer, if you notice any mistake in your e-filed ITR, you can correct that mistake by March 31, 2022.

2]PAN-Aadhaar Link: Last date for seeding PAN card with Aadhaar card is 31 March 2022. If this deadline is not met, the PAN card will become invalid or invalid. Under Section 272B, carrying an invalid PAN card can result in ₹10,000 fine. Also, TDS on bank deposit interest is doubled.

3]Bank Account KYC Update: In late 2021, as the Omicron threat intensified, the Reserve Bank of India (RBI) extended the bank account renewal deadline from 31 December 2021 to 31 March 2022. Hence, bank account holders should complete its KYC update before the new deadline. their bank account may be frozen.

4]Investments to reduce income tax expense: The end of March will also be the end of the current financial year. Thus, the tax payer is advised to consider tax saving investments and they are Public Provident Fund (PPF), National Pension Scheme (NPS), ELSS Mutual Funds etc. As there is some scope left for tax-saving investment, they should avail this opportunity by March 31, 2022.

5]Linking Small Savings Scheme with Bank Account/Postal Savings: The Department of Posts has issued a notification that interest on MIS/SCSS/TD accounts will be credited to account holder’s PO Savings Account or Bank Account only from April 1, 2022. This means you need to link your small savings scheme with your post account. and a bank account to continue receiving the interest loan on time.

The latest circular states: “”Interest on MIS/SCSS/TD accounts will be credited to account holder’s PO Savings Account or Bank Account only. 01.04.2022. In case the account holder is unable to link his Savings Account. With MIS/SCSS/TD Accounts upto 31.03.2022 and interest is credited to various office accounts of MIS/SCSS/TD, outstanding interest should be paid by credit of PO Savings Account or check only. Where MIS/SCSS/TD is sanctioned from various office accounts, outstanding interest should be paid by credit of PO Savings Account or check only. Payment of interest in cash is not allowed from any office account of MIS/SCSS/TD 01.04.2022. “

6]PM Kisan KYC Update: e-KYC has become mandatory for PM Kisan registered farmers. So, registered PM Kisan farmers have to update their KYC online or offline by 31 March 2022. If this deadline is not met, the next PM Kisan installment will not be paid.

7]Maintaining minimum contribution in PPF, NPS account: To reduce the income tax expense, an earner invests in PPF and NPS account. However, by the end of March 2022, he has to verify whether he has deposited the minimum required amount in a financial year. Minimum Annual Deposit in PPF Account ₹500, while a minimum annual deposit is required in a Tier-1 NPS account ₹1000 per financial year.

8]KYC for Demat and Trading Account: According to the SEBI circular issued in April 2021, NSDL and CDSL will have to ensure that six KYC attributes – name, address, PAN, valid mobile number, valid email ID and income range – are updated in existing demat and trading accounts. .