PPF to PAN-Aadhaar Link: 8 Money Tasks You Must Complete by March 31 | Job Binary


By the end of March 2022, the deadline for various money-related tasks will also expire. Pan-Aadhaar linking, revised or late ITR filing, bank account KYC update, minimum investment in small savings schemes like Public Provident Fund (PPF), National Pension System (NPS) are required. Complete on or before 31st March 2022.

Here we list 8 important money tasks that an earner should complete on or before 31st March 2022:

1]Late or revised Income Tax Return (ITR) submission: The deadline for late ITR filing for AY2021-22 is 31st March 2022. Thus, taxpayers who failed to file ITR by the specified date are advised to file their belated income tax return by 31st March 2022.

Similarly, the last date for filing late or revised ITR for FY2020-21 is 31st March 2021. If a taxpayer has filed his late ITR online, he or she can edit it on or before 31st March 2022. So, as a taxpayer, if you notice any mistake in your e-filed ITR, you can still correct that mistake within the given deadline of 31st March 2022.

2]Pan-Aadhaar Linking: The deadline for seeding one’s PAN with Aadhaar card is 31 March 2022. Failure to meet this deadline will result in one’s PAN card becoming inactive or invalid. Under Section 272B, carrying an invalid PAN card can result 10,000 fine. Also, TDS on one’s bank deposit interest is doubled.

3]Bank Account KYC Update: Regarding the increasing Omicron threat towards the end of 2021, the Reserve Bank of India (RBI) has extended the deadline for bank account KYC update from 31st December 2021 to 31st March 2022. Hence, the bank account holders should complete their KYC renewal within the new deadline before their bank account can be frozen.

4]Investments to reduce income tax outgo: The current financial year will also end at the end of March. Hence, taxpayers are advised to look into one’s tax saving investments and ensure that they maximize their investment in tax saving instruments like Public Provident Fund (PPF), National Pension System (NPS), ELSS mutual funds. While some scope remains for tax saving investment, they have to take advantage of this possibility by March 31, 2022.

5]Linking Small Savings Scheme with Bank Account/Post Office Savings: The Department of Posts has notified that from 1st April 2022, interest on MIS/SCSS/TD accounts will be credited to account holder’s PO savings account or bank account only. This means that one has to link one’s small savings plan accounts with a post office account and a bank account to continue getting interest credit on time.

The latest circular states, “”With effect from 01.04.2022 interest on MIS/SCSS/TD accounts will be credited to account holder’s PO savings account or bank account only. If the account holder is not able to link his savings account till 31.03.2022 with MIS/SCSS/TD accounts and MIS/SCSS/TD sundry office accounts interest will be credited, the outstanding interest should be paid by credit in PO savings account or by check only. Interest is not payable in cash Allowed from MIS/SCSS/TD Sundry Office Accounts, outstanding interest is to be paid by credit in PO savings account or by check only. Payment of interest in cash from MIS/SCSS/TD Sundry Office account will not be allowed from 01.04.2022. “

6]PM Kisan KYC Update: E-KYC is mandatory for PM Kisan registered farmers. Therefore, registered PM Kisan farmers should update their KYC online or offline before 31 March 2022. Failure to meet this deadline will result in non-reimbursement of the next PM Kisan installment.

7]Maintaining minimum contribution in PPF, NPS account: To reduce the income tax outgo, the earner invests in PPF and NPS account. But, before the end of March 2022, it has to be ascertained whether the minimum required funds have been invested in a single financial year or not. Minimum annual deposit in PPF account 500 but minimum annual deposit required in Tier-1 NPS account 1,000 in a single financial year.

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

Catch all business news, market news, breaking news events and latest news updates on LiveMint. Download Mint News app to get daily market updates.

More or less



Source link