From ITR Filing To PAN-Aadhaar Link — Check 5 Financial Tasks To Complete This Month

One needs to assess their investments in tax saving instruments such as Public Provident Fund (PPF), ELSS mutual funds, National Pension System or NPS by March 31, 2022

Financial Tasks in March 2022 | Representational Image: Getty

New Delhi: With the financial year coming to end in March, there are several deadlines that one needs to meet when it comes to money. Some of them include filing belated or revised income tax returns (ITR), PAN-Aadhaar link to Bank account KYC, and more. It becomes important for individuals to take note of the deadline and complete them to avoid any fine or losing out on deductions.

Check 5 important financial tasks to complete in March

Aadhaar-PAN link: The deadline to link PAN with Aadhaar is March 31, 2022. Those who have not linked PAN and Aadhaar are advised to link it by the given deadline. In case, a PAN cardholder does not link it by then, the PAN card will become invalid leading to monetary losses and penalties. Also, note that carrying an invalid PAN card may lead to a Rs 10,000 penalty under section 272B.

Bank account KYC update: The earlier deadline for bank account KYC was December 31, 2021. However, owing to the threat of Omicron cases, the Reserve Bank of India (RBI) extended the deadline for bank account KYC update from December 31, 2021, to March 31, 2022. In case of failing to meet the deadline, it may lead to freezing of bank account.

Advance tax installment: Going by Section 208 of the income tax act, those taxpayers whose estimated tax liability is Rs 10,000 or more, can pay advance tax. It can be paid in four installments. The deadline for the first installment falls on June 15, the second on September  15, the third on December 15, and the fourth on March 15 in every fiscal. Hence those who filed advance tax installments in previous quarters should take of the deadline for filing the last installment of advance tax is 15th March 2022.

Tax saving investments: Also, most importantly taxpayers have to initiate their tax-saving exercise. One needs to assess their investments in tax saving instruments such as Public Provident Fund (PPF), ELSS mutual funds, National Pension System or NPS, etc.

Belated or revised ITR:  The deadline for filing belated or revised ITR for FY2020-21 is March 31, 2022. If an earning individual has e-filed late ITR, there is a chance to edit it on or before March 31, 2022.