8 money tasks that you should complete by 31st March

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With the end of March 2022, deadline for various money-related tasks will also end. PAN-Aadhaar linking, revised or belated ITR filing, bank account KYC update, minimum investment required in small saving schemes like Public Provident Fund (PPF), National Pension System (NPS), etc are some of the important money tasks that one needs to complete on or before 31st March 2022.

Here we list out 8 important money task that an earning individual must complete on or before 31st March 2022:

1] Belated or revised income tax return (ITR) filing: Deadline for belated ITR filing for AY2021-22 is 31st March 2022. Thus, taxpayers who failed to file ITR by the given due date are advised to file their belated income tax return by 31st March 2022.

Similarly, last date for filing belated or revised ITR for FY2020-21 is 31st March 2021. In case, a taxpayer has filed its late ITR online, he or she can still edit it on or before 31st March 2022. So, being a taxpayer, if you notices any mistake in your e-filed ITR, you can still edit that mistake by the given deadline of 31st March 2022.

2] PAN-Aadhaar linking: Deadline for seeding one’s PAN with Aadhaar card is 31st March 2022. Failing to meet this deadline will lead to one’s PAN card becoming inoperative or invalid. Under section 272B, carrying an invalid PAN card may lead to 10,000 penalty. Also, one’s TDS on bank deposit interest will get doubled.

3] Bank account KYC update: On rising Omicron threat at the end of year 2021, the Reserve Bank of India (RBI) extended the deadline for bank account KYC update from 31st December 2021 to 31st March 2022. So, bank account holders should complete its KYC update by new deadline otherwise their bank account might get freezed.

4] Investments to reduce income tax outgo: End of March will be end of current financial year as well. So, a taxpayer is advised to look at one’s tax saving investments and ensure that they have maximised their investment in tax saving instruments like Public Provident Fund (PPF), National Pension System (NPS), ELSS Mutual funds, etc.. If there still some scope left for tax saving investment, they need to take advantage of this possibility by March 31st, 2022.

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

The latest circular says, ““Interest on MIS/SCSS/TD accounts will be credited only in account holder’s PO Savings Account or Bank Account with effect from 01.04.2022. In case an account holder is not able to link his/her Savings Account with MIS/SCSS/TD accounts up to 31.03.2022 and interest is credited in MIS/SCSS/TD sundry office accounts, the outstanding interest should be paid only through credit in PO Savings Account or by Cheque. Interest payment in cash shall not be allowed from MIS/SCSS/TD sundry office accounts, the outstanding interest should be paid only through credit in PO Savings Account or by Cheque. Interest payment in cash shall not be allowed from MIS/SCSS/TD sundry office account w.e.f. 01.04.2022.”

6] PM Kisan KYC update: e-KYC has become mandatory for PM Kisan registered farmers. So, registered PM Kisan farmers must update their KYC either online or offline before 31st March 2022. Failing to meet this deadline will lead to non-repayment of next PM Kisan installment.

7] Maintaining minimum contribution on PPF, NPS account: For reducing income tax outgo, an earning individual invests in PPF and NPS account. But, before end of March 2022, one needs to ensure whether it has invested minimum required money in a single financial year or not. Minimum annual deposit in PPF account is 500 whereas minimum annual deposit required in Tier-1 NPS account is 1,000 in single financial year.

8] KYC for demat and trading account: According to the SEBI circular issued in April 2021, NSDL and CDSL are required to ensure that six KYC attributes — name, address, PAN, valid mobile number, valid e-mail ID and income range — are updated in the existing demat and trading accounts.

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