With the financial year coming to an end on March 31, it is important to tick off your personal finance checklist and complete all the critical financial tasks pending for the year.
Here is a list of things on your personal finance list which you need to take care of before March 31.
1. Link PAN Card with Aadhaar
The date for linking PAN card with Aadhaar card has been extended to March 31, 2022. If you don’t do so, your PAN card will become inoperative, and you may not be able to perform financial transactions that require PAN. Under section 272B, carrying an invalid PAN card may attract a Rs 10,000 penalty.
2. Submit Form 12B
Form 12B is an income tax form that needs to be furnished by the salaried individual if the person joins any new organisation in the middle of the year. If you have changed job during the financial year 2022, you must provide the details of your income using Form 12B. Your new organisation will be able to deduct exact TDS based on the details provided in Form 12B before March 31.
3. Invest for saving taxes
You can save tax on an investment of up to Rs 1.5 lakh under Section 80C. You can invest in tax saving schemes such as Public Provident Fund, National Pension Scheme, Sukanya Samriddhi Yojana, etc.
4. Update KYC with bank
The deadline for completing KYC in bank accounts has been extended to March 31. A customer must submit his/ her most recent information including PAN, address proof, and other information desired by the bank. Failing to meet the deadline may lead to freezing of your bank account.
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5. Pay off pending tax
Under the Vivad se Vishwas scheme, all those who have tax appeals or petitions pending can get a complete waiver of interest or penalties if they pay their disputed taxes on or before March 31, 2022. It is advisable to resolve any disputes and pay off the taxes.
6. Revised income tax returns
The last date for filing late income tax returns is March 31, 2022. Those earning individuals who missed to file their ITR by the given due date are advised to file their income tax return by the given last date for ITR filing. If a taxpayer notices any mistake in one’s e-filed ITR, he/ she can still correct that mistake online on or before March 31, 2022.
7. Advance tax installment
As per Section 208 of the Income Tax Act, every taxpayer whose estimated tax liability is Rs 10,000 or more, can pay advance tax, which is paid in …….