March 31: Filing late or revised tax returns
The deadline for filing a late ITR for AY 2021-22 is March 31, 2022. The penalty for a late ITR under Section 234F of the Income Tax Act 1961 could be up to at 10,000 rupees. Also, the maximum late filing penalty is Rs 1,000 for taxpayers whose total income is less than Rs 5 lakh in a financial year.
The deadline to file a late or revised return for the 2020-21 fiscal year is March 31, 2022. If you electronically file your late ITR on March 31, 2022, you can still amend it online on the last day (March 31, 2022). March 2022 at or before 12:00 p.m.) if an error is identified after electronic filing.
What is a late tax return?
If a person does not file their tax return by the due date, they may file a late return under Section 139(4) of the tax code.
March 31: PAN-Aadhaar Liaison
Linking Aadhaar with PAN is now possible until March 31, 2022 after the government extended the deadline to September 30, 2021. Linking your PAN and Aadhaar number is required under applicable laws. In addition, your Aadhaar number must be provided when submitting an income tax return (ITR), applying for a new PAN and receiving government benefits such as a pension, scholarship or grant. LPG.
If you fail to bind the two documents before the deadline and your PAN becomes inactive, you may be liable to a penalty of Rs 10,000 under Section 272B of the Income Tax Act . It will be assumed that you have not provided your PAN as required by law.
How to bind
You can simply send an sms in a specific format using a keyword to 567678 or 56161.
The format is: UIDPAN
For example, if your Aadhaar number is 111122223333 and PAN is AAAPA9999Q. Then you need to text 567678 or 56161 as
UIDPAN 111122223333 AAAPA9999Q.
March 31: KYC update in your bank accounts
Due to an increase in the Omnicron strain of the coronavirus in the country, the deadline has been extended. The Reserve Bank of India (RBI) has extended the deadline for completing KYC in bank accounts till March 31, 2022, from December 31, 2021.
A bank customer is supposed to submit their latest details which include their PAN, proof of address such as Aadhaar, passport and other information desired by the bank. The Prevention of Money Laundering Act 2002 and the Prevention of Money Laundering (Records Maintenance) Rules 2005 require regulated entities to collect KYC information from their consumers.
March 15: last installment payment
The withholding tax is paid in four installments as the money is generated, rather than at the end of the financial year. It is considered a barometer of economic sentiment. The first payment, ie 15% of the withholding tax, is due before June 15, the second (30%) before September 15, the third (30%) before December 15 and the balance before March 15.
According to the IT department, “According to Section 208, anyone whose estimated tax liability for the year is Rs. In this part, you will be able to acquire knowledge on the various provisions relating to the payment of withholding tax by a taxpayer.
March 31: Have the PMAY grant
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 (Urban) – Housing for All.
The PMAY program took place in three phases, the first two of which have already been completed. The final phase, which began on April 1, 2019 and will end on March 31, 2022, is currently underway. So, if you want to enjoy the Pradhan Mantri Awas Yojana, this is the time.
March 31: Full tax savings
If you have not yet completed your tax savings exercise for the 2021-22 fiscal year, you should do so as soon as possible before the deadline. Remember that if you don’t make the tax-saving investments and expenses by this month, your tax burden for the 2021-22 fiscal year would be higher.
As March 31 is the last day of the fiscal year, make sure you have deposited the required amount in tax-advantaged accounts such as the Public Provident Fund. Accounts will become inactive if the minimum amount is not deposited.
If you are short on cash and cannot invest in tax-saving instruments in time, certain expenses qualify for deductions under the Income Tax Act. School fees for children, as well as repayment of the principal of a home loan, are examples. In addition, interest paid on a home loan is tax deductible.