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4 Income Tax Related Tasks To Finish Before 31st March 2022

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As the financial year draws to a close on March 31, 2022, the Income Tax Department has identified three important income tax-related tasks that must be completed by the end of the month.

 

File belated ITR for AY 2021-22
 

File belated ITR for AY 2021-22

The Income Tax Department on 24th March 2022 has Tweeted that Missed the due date to file your ITR? You can file belated ITR for AY 2021-22 within the extended due date of 31st March, 2022." The deadline for filing a belated ITR is March 31, 2022, and failing to do so would result in a late fine of Rs 1000 or Rs 5000, as per Section 234F of the Income Tax Act of 1961.

The deadline for submitting the income tax return (ITR) for the Assessment Year (AY) 2021-21, was December 31, 2021. However, you can still file a late return until March 31, 2022. According to the Income Tax (I-T) department, an assessee who fails to file an income tax return by the deadline can file a belated return. The deadline for submitting the income tax return (ITR) for the Assessment Year (AY) 2021-21, was December 31, 2021.

However, you can still file a late return until March 31, 2022. According to the Income Tax (I-T) department, an assessee who fails to file an income tax return by the deadline can file a belated return before the deadline. Belated returns can be filed before the end of the assessment year (AY)2020-21. As a result, belated ITRs can be up to the 31st of March of the assessment year.

Must file ITR for AY 2021-22 on or before 31st March 2022

Must file ITR for AY 2021-22 on or before 31st March 2022

The Income Tax Department today has said via a Tweet that "Not filing ITR can result in higher TDS next year. The last date to file ITR for AY 2021-22 is 31st March, 2022." If a taxpayer fails to file an ITR for the fiscal year 2021-22, the TDS rate that applies to him or her may be increased. In addition to higher TDS, failure to file ITR may result in a penalty or late fee of Rs 1000 or Rs 5000, as per Section 234F of the Income Tax Act 1961. On June 21, 2021, the income tax department released a circular explaining that if a person submits an ITR for FY 2020-21, his/her name would be erased from the list and higher TDS/TCS. As a result, once you've submitted your ITR for FY 2020-21, make sure it's validated to confirm you've filed the correct ITR.

Check your AIS or 26AS & file your ITR for AY 2021-22

Check your AIS or 26AS & file your ITR for AY 2021-22

The Annual Information Statement (AIS) is a comprehensive summary of details for a taxpayer that is shown in Form 26AS. AIS incorporates new information such as interest, dividends, securities transactions, mutual fund transactions, foreign remittance and so on. As a result, taxpayers preparing to file an ITR for the fiscal year 2021-22 should double-check or validate their AIS.

Because the deadline for filing ITR for AY 2021-22 is March 31, 2022, one should not hold up verifying his or her AIS. Log in to the income tax e-filing portal at www.incometax.gov.in and navigate to 'Services'>'Annual Information Statement' to access your Annual Information Statement. The Income Tax Department on 22nd March 2022 has said "Dear taxpayers, Pl check your AIS or 26AS & file your ITR for AY 2021-22. The last date to file ITR for AY 2021-22 is 31st March, 2022."

Link your Aadhaar & PAN

Link your Aadhaar & PAN

The Income Tax Department has said via a Tweet that "Link your PAN & Aadhaar to enable quick & easy e-verification of ITRs. The due date to link your Aadhaar & PAN is 31st March, 2022." It is the most important task to conduct for all individuals, including taxpayers. If a person fails to link his or her PAN to an Aadhaar number by March 31, 2022, his or her PAN will become inactive, and the individual would be penalised with Rs 1000 under Section 234H of the Income-tax Act.

Linking PAN with Aadhaar is a must-do activity for filing ITR for AY 2021-22, and failure to do so will not only result in a penalty, but you will also be prevented from submitting ITR, and TDS/TCS deduction would incur a higher rate in case PAN is not present. A penalty of Rs10,000 is also levied under section 234F of the IT Act for failure to file income tax returns.

By visiting the Income Tax portal you can link your PAN to Aadhaar. SMS function can also be used to link your PAN to your Aadhaar. Individuals must send an SMS from their Aadhaar-registered mobile number to 567678 or 56161 in the format UIDPAN(12-digit Aadhaar Number)(10-digit PAN). According to Section 139AA of the Income Tax Act of 1961, everyone who is eligible for an Aadhaar and possesses a PAN must link both documents by March 31, 2022.

Read more about: income tax financial
Story first published: Friday, March 25, 2022, 12:20 [IST]
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