PAN-Aadhaar linking, belated ITR filing, tax planning: 5 big financial deadlines expiring on March 31

The fiscal year is closing on March 31 and hence various finance related matters have to be completed.

With just a month remaining for this fiscal year to close and if you still have not completed the important tasks, now is the time to do so.

Here’s looking at 5 major financial things to do before the end of March 31.
PAN-AADHAAR Linking

The Central Board of Direct Taxes (CBDT) has extending the deadline for linking of Permanent Account Number (PAN) card with Aadhaar card to March 31, 2022. If you have not linked your PAN with Aadhaar, you could go to the new income tax website and complete the process before the end of this month.

Tax Saving Investments

Prepare all your tax saving investments made during the current financial year 2021-22. Incase you have not invested in any saving investments, you have just this month to do so. The most important Tax Saving Investment for salaried tax payers comes under section 80C for which a deduction of Rs 1.5 lakh is allowed.

Submit Form 12B

Form 12B is an income tax form that needs to be furnished by the salaried individual if he joins any new organisation in the middle of the year. If you have changed job during the financial year 2021-22, provide the details of 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.

Belated ITR or revised ITR

The last date for filing belated ITR for FY 2020-21 or AY 2021-22 is 31 March 2022. So if you have missed filing your ITR for some reason, you can do so by the end of this month.

KYC for Banks

The Reserve Bank of India had extended the deadline for bank account KYC from 31 December 2021 to 31 March 2022. RBI circular on Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance had said that In view of the prevalent uncertainty due to new variant of Covid-19, the relaxation provided in the aforementioned circular is hereby extended till March 31, 2022.