New Delhi. The month of March is always considered very important, because the financial year ends on the last date of this month. In such a situation, there are many such very important works whose deadline has been fixed on 31 March.
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If you do not complete these works before the given deadline, then you may have to pay heavy penalty. The Central Government has extended the deadline to follow various schemes and various rules till March 31, 2022. So let us know which works are necessary to be done before March 31.
1. Verify ITR for FY 2019-20
According to the Income Tax Department, those who have not yet done the e-verification date of their Income Tax Return for the financial year 2019-20. Those taxpayers can do e-verification of their ITR by 28 February 2022.
2. Submit Life Certificate before this date
The government has extended the last date for submission of life certificate for pensioners from December 31, 2021 to February 28, 2022. Now pensioners can submit their life certificate till February 28, 2022. Let us tell you that Life Certificate is an important document for pensioners across the country to get their monthly allowance i.e. pension without any hassle or break.
3. Last date for making advance tax payment for the financial year 2020-21
The last date for making advance tax payment for the financial year 2021-22 is 15 March 2022. If you fall in the income tax bracket, then you have to pay your tax on time. At the same time, if a person does not make advance tax payment by this date, then interest under section 234A/234B will be applicable. Note that senior citizens are exempted from paying advance tax.
4. Link PAN with Aadhaar
If you have still not linked PAN with your Aadhaar number (PAN Aadhaar liking deadline), then you must do it before March 31, 2022. If your PAN is not linked with your Aadhaar number by this date, not only will your PAN become inactive, but you will also have to pay a fine of Rs 1,000.
5. Billed ITR Filing
If you missed to file your ITR for FY 2020-21 on 31st December 2021, then you have a chance now. You can file the belated return by the due date March 31, 2022. Actually, income tax return filed between January 1, 2022 and March 31, 2022 will be called as delayed ITR. Late filing of ITR will attract a late fine of Rs 5,000 (Rs 1000 for total income up to Rs 5 lakh).
6. Tax Saving Exercises for FY 2021 22
If you have opted for the old tax regime for FY 2021-22, make sure you have completed your tax saving exercise by March 31, 2022. This would mean that taxpayers will have to ensure that they have availed the deduction available under all sections. As per the rules, the generally available deductions include up to Rs 1.5 lakh in section 80C, Rs 50,000 tax benefit under section 80CCD (1B) for NPS contribution, Rs 50,000 tax benefit on medical insurance premium, etc.
7. Bank KYC
The Reserve Bank of India (RBI) has extended the deadline for completion of KYC from December 31, 2021 to March 31, 2022. RBI has advised financial institutions not to take any action for updating KYC till the end of the current financial year 2021-22. Under KYC, the bank asks the customers to update their PAN card, address such as Aadhaar, passport etc. Along with this, recent photographs and other information are also sought.
