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Complete These Tasks Before March 31, 2022

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There are a slew of personal finance-related duties that must be accomplished on time and the March is the month that requires all this. You might face a heavy fine as well as punishment if you don't complete these financial tasks. As March 2022 approaches its end, so does the financial year, and with it, various personal finance operations have a March deadline. There are 06 such financial duties that you should be aware of this month, March 2022, to complete.

 
Complete These Tasks Before March 31, 2022

1. PAN-Aadhaar Linking

If you haven't yet connected your PAN to your Aadhaar number, you have until March 31, 2022, to do so. If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000. You will not be allowed to invest in financial transactions such as shares, mutual funds, or other securities after your PAN is deleted.

 

2. ITR Filing

If you didn't file or missed your ITR for the fiscal year 2020-21 on December 31, 2021, here is your opportunity. You have until March 31, 2022, to file the late return. A delayed ITR is an income tax return filed between January 1, 2022, and March 31, 2022. A late filing fee of Rs 5,000 will be charged if the ITR is not filed on time (Rs 1000 for total income up to Rs 5 lakh).

3. Tax Saving Exercise for FY 2021-22

If you've chosen the previous tax system for the fiscal year 2021-2022, make sure you've finished your tax planning by March 31, 2022. This would imply that taxpayers must guarantee that they have taken advantage of all available deductions. According to the law, typically available deductions include up to Rs 1.5 lakh under section 80C, Rs 50,000 tax benefit for NPS contributions under section 80CCD (1B), Rs 50,000 tax benefit on medical insurance premiums, and so on.

4. Last Date to Complete or update Bank Account KYC

The deadline for completing KYC has been extended by the Reserve Bank of India (RBI) from December 31, 2021, to March 31, 2022. The Reserve Bank of India has recommended financial institutions not take any KYC-related action till the conclusion of the current fiscal year 2021-22. Customers must update their PAN card, address (such as Aadhaar), passport, and other documents as part of KYC. In addition, recent pictures and other details are required.

5. Mutual Fund- Aadhaar linking

Mutual funds must now be linked to investors' Aadhaar numbers, thanks to a 2017 modification to the PMLA Rules.

Asset management companies will be required to gather people's Aadhaar numbers, validate the information with the UIDAI, and connect all mutual funds to Aadhar. Any of the ways indicated above - online, offline, SMS, and e-mail - can be used to link one's Aadhar with mutual funds.

6. Tax Saving Opportunity and investments

The current fiscal year 2021-22 is set to finish on March 31, 2022. This is the last chance to take advantage of numerous tax breaks. Despite being aware of the deadline, most investors put off tax planning until the last possible moment. If you haven't already done so, prepare your tax-saving investments as soon as possible to prevent typical investing blunders. One must ensure that it has been put in tax-advantaged funds such as the Public Provident Fund (PPF), ELSS mutual funds, and the National Pension System (NPS), among others. Financial planning includes tax planning.

Read more about: aadhaar pan itr mutual fund
Story first published: Saturday, March 19, 2022, 10:14 [IST]
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