The financial year 2021-22 is coming to a close and there are several income tax and other investment related tasks that you may have to complete before March 31, 2022.
The financial year 2021-22 is coming to a close and there are several income tax and other investment related tasks that you may have to complete before March 31, 2022. In failing to do so, you may not only lose income tax benefits that you could have availed but also end up making some of your investments in an inactive state. Make sure you do complete these important income tax and investments related tasks before 31.3.2022.
1. PMAY – EWS/ LIG category
Pradhan Mantri Awas Yojana – Urban (PMAY-U) is aimed at urban housing shortage among the EWS/ LIG and MIG category. The last date to apply under EWS/ LIG category is March 31, 2022. For those who are eligible for this category, the home loan comes at a subsidised interest rate under the Credit Linked Subsidy Scheme (CLSS) of the government.
2. Last date to link PAN-Aadhaar
The last date for linking Aadhaar with PAN is March 31, 2022. Earlier, the last date to link a PAN card with Aadhaar was September 30, 2021. Make sure you have linked your PAN with Aadhaar, else the PAN will become ‘inoperative’.
3. Last date to keep PPF, NPS, SSY account active
Certain investments such as PPF, NPS, Sukanya Samriddhi Account (SSY) require a minimum amount to be put into the account in each financial year in order to keep them active. Failing to deposit a minimum amount in PPF, SSY, NPS will make those accounts inactive and one will have to regularize or unfreeze it before making fresh investments. The process of reactivating may be time-consuming and may also involve a penalty. In order to avoid this, make sure you have invested the minimum amount before the financial year ends.
The minimum annual contribution for the PPF account in a financial year is Rs 500 failing which the Account gets a discontinued status and withdrawal will not be allowed, and no loans can be taken against it. For NPS account holders, it is mandatory to make a minimum contribution of Rs 1,000. A minimum deposit of Rs 250 in each financial year is required to keep the Sukanya Samriddhi Account active.
4. Additional deduction on home loan
The benefits of additional deduction of Rs. 1.5 Lakh for the homebuyer’s interest paid on home loan (over and above Rs. 2 Lakh under section 24 of Income Tax Act) is available up to 31st March, 2022 under Section 80EEA of the Income Tax Act. If you are eligible for the home loan under Section 80 EEA, make sure you avail …….