Income Tax Return: Those who have missed the deadline can submit the belated ITR between January 1, 2022, and March 31, 2022. The penalty for late filing can range from Rs 1,000 to Rs 5,000.
New Delhi: It’s 2022 and like every year, there are personal finance deadlines that one needs to comply with. As of now, there are 12 deadlines that one needs to remember in order to avoid penalties. These include tasks like linking PAN and Aadhaar card, submission of belated ITR and submission of life certificate for pensioners. Here is a complete list of 12 personal finance deadlines:
Submitting Belated ITR
The last date for submission of ITR for the year 2020-21 (AY 2021-22) was December 31, 2021. Those who have missed the deadline can submit the belated ITR between January 1, 2022, and March 31, 2022. The penalty for late filing can range from Rs 1,000 to Rs 5,000.
Apart from this, the revised ITR can also be filed till March 31, 2022.
Submitting Life Certificate For Pensioners
The submission of life certificates for pensioners was on December 31, 2021, earlier. It was extended by the government and now pensioners can submit their life certificates till February 28, 2022.
The submission of a life certificate is necessary to ensure the continuation of pension. It is taken as proof that the person is still alive. The pension stops if a life certificate is not submitted.
PAN-Aadhaar Linking
The last date to link the PAN-Aadhaar card is March 31, 2022. If the numbers/ cards are not linked, it may lead to the PAN number becoming inoperable. The person will not be allowed to conduct financial transactions or invest in shares etc.
Also, late fees of Rs 1,000 will be applicable if a person misses the deadline.
Completing Bank KYC
The deadline to complete the bank account KYC was extended from December 31, 2021, to March 31, 2022, by the Reserve Bank of India (RBI). The banks have allowed transactions and withdrawals during the entended period, as a relief to the customers.
Verification Of ITR For 2019-20
Those who could not complete the ITR-V verification for 2019-20 can do it by February 28, 2022. The one-time relaxation was provided by RBI towards the end of 2021.
Making Advance Tax Payments For 2020-21
The last date for making advance tax payments for FY 2020-21 is March 15, 2022. By this date, 100 per cent of the advance tax must be paid. The advance tax must include the dividend income from shares, mutual funds etc. Senior citizens, however, are exempted from making advance tax payments.
Debit Card/ Credit Card Tokenisation
The deadline related to card tokenisation was extended by the Reserve Bank of India to June 30, 2022. This deadline was January 1, 2022, earlier. After June 30, 2022, the customers will be asked to input their 16-digit card number every time they make an online purchase. The step has been taken to step-up the data privacy.
Submitting ITR For 2021-22 (AY 2022-23)
The last date to file the income tax for the year 2021-22 is July 31, 2022. After the deadline, those who fail to file the ITR will have to pay a penalty of up to Rs 5,000.
Completing Tax Saving Exercise
The tax saving exercise has to be completed by March 31, 2022. Various deductions like medical insurance premium, NPS contribution etc can be availed by taxpayers to reduce their tax liabilities.
Advance Tax Payments For 2022-23
Taxpayers can submit the first instalment of advance tax for the year 2022-23 by June 15, 2022. People have been allowed to submit 15 per cent of the advance tax till the above-mentioned date. After the due date, interest will be charged from the taxpayers.
Second Instalment Of Advance Tax Payment For 2022-23
For the advance tax payment of the year 2022-23, the last date for submitting the second instalment is September 15, 2022. The individuals are required to submit 45 per cent of their advance tax by this date.
Third Instalment Of Advance Tax Payment For 2022-23
The last date for the third instalment of advance tax for the year 2022-23 is December 15, 2022. 75 per cent of the advance tax needs to be paid till the due date.
