New Delhi: The fiscal year closes on March 31 and therefore many financial related issues have to be finalized. With one month left for this fiscal year to shut down and you have not completed the necessary tasks, now is the time to do so.
Here are 5 major financial things to do before the end of March 31.
The Central Board of Taxes (CBDT) has extended the deadline for linking the Permanent File Number (PAN) card with the Aadhaar card to March 31, 2022. If you do not connect your PAN with Aadhaar, you may be charged. new income tax. web site and complete the process before the end of this month.
Prepare all of your tax-saving investments made during the current fiscal year 2021-22. If you haven’t invested in any savings investments, just this month to do so. The most important tax-saving investment for taxpayers is under the 80C section for which a deduction of Rs 1.5 lakh is allowed.
Submit Form 12B
Form 12B is a tax return form that needs to be provided by each paying individual if you join any new organization in the middle of the year. If you have changed jobs during the 2021-22 financial year, provide income details using Form 12B. Your new team will be able to actually remove the TDS based on the information provided in Form 12B before March 31.
Belated ITR or revised ITR
The deadline for late ITR registration for FY 2020-21 or AY 2021-22 is 31 March 2022. So if you lose your ITR registration for any reason, you can do so at the end of this month.
KYC for Banks
The Reserve Bank of India has extended the deadline for KYC bank account from 31 December 2021 to 31 March 2022. RBI letter on KYC Periodic Update – Restrictions on Accounting Performance for Compliance said widespread due to the new. variant of Covid-19, the rest provided in the aforementioned letter is now extended until March 31, 2022.