As the end of this financial year is drawing close, individuals must complete these 8 financial tasks before March 31, 2022, so as to smoothly carry out transactions and avoid any penalties.
Here’s a look at 8 money tasks to complete before March 31.
1) PAN-Aadhaar linking
Not linking the PAN Card to your Aadhaar by March 31, 2022, will make the former inactive and you will be charged a fine. Moreover, you will also be unable to carry out any further transactions. You will also not be able to submit an ITR without first linking the two. Section 234H of the Income-tax Act will be used to levy the penalty.
Though the government has not yet announced the penalty amount, the maximum fine for integrating PAN with Aadhaar after the deadline will not go beyond Rs 1,000.
2) KYC in bank accounts
The earlier deadline to complete bank KYC was December 31, 2021, which was extended by the RBI to March 31, 2022. For the same, a bank customer is expected to submit his most recent information, which includes his PAN, address proof such as Aadhaar, passport, and other information as desired by the bank.
3) Link small savings account to PO savings/bank account
In a recent notification, the Department of Post said that individuals must link their post office time deposit to their post office savings account or bank account to get interest amount. From April 1, 2022, interest earned on these schemes will only be credited to the investor’s post office savings account or bank account.
4) Update KYC in PM kisan
Farmers eligible for the PM Kisan Yojana are also required to update their KYC (online or offline) to get the next instalment before March 31, 2022. According to the PM Kisan website, "eKYC is MANDATORY for PMKISAN Registered Farmers. Pls. click eKYC option in Farmer Corner for Aadhar based OTP authentication and for Biometric authentication contact nearest CSC centres."
5) Making minimum contribution to PPF account
To save your PPF account from going dormat, remember to make a deposit of at least Rs 500 each year. If the account has become dormant anyway, it can be made active by paying a small fee and contributing Rs 500 each year.
6) KYC deadline for demat, trading accounts
As per a Sebi circular issued in April 2021, the depositories, i.e., NSDL and Central Depository Services Ltd (CDSL) are required to ensure that 6 important KYC attributes are updated in the existing demat, trading accounts.
a) Name
b) Address
c) PAN
d) Valid mobile number
e) Valid email ID
f) Income range
7) Availing PMAY housing subsidy
Individuals who wish to avail the subsidy must apply now as the last of the 3 phases of the PMAY scheme ends on March 31, 2022. The Ministry of Housing and Urban Poverty Alleviation (MoHUPA) launched the Credit Linked Subsidy Scheme (CLSS) in June, 2015 under the Pradhan Mantri Awas Yojana (PMAY- Urban)- Housing for All initiative.
8) File belated or revised income-tax returns
March 31, 2022, is the last date to file a belated income tax return for AY 2021-22. In case an individual fails to do this on time, they could be fined Rs 10,000 according to Section 234F of the Income-tax Act. The deadline to file a belated or revised ITR for FY 2020-21 is also March 31
Used here for educational purposes as it not a commercial blog but potpourri of important collection of infomration for students.
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