The individual taxpayers must note that March 31 is the last date to make your tax-saver investments for the financial year.
New Delhi: As just a few days left for this month to come to an end, a series of crucial financial tasks needs to be completed by the individual taxpayers. Starting from filing belated Income Tax Returns to updating KYC at the respective banks and Tax saving investment planning, these assignments need to be completed before March 31. The taxpayers must note that March 31 is the last date to make your tax-saver investments for the financial year. Apart from all these, PAN-Aadhaar linking also needs to be done before this month comes to an end. Hence, March is crucial for all as this month has some major deadlines for your money matters. Check these key deadlines that are likely to affect your finance this month.
Read More: ITR Last Date: What Happens If You Do Not File Your ITR By March 31? Know Here
Tax-saving investment planning: The taxpayers must note that the deadline for tax-saving investments for FY2021-22 ends on March 31, 2022. If you do not make tax-saving investments and expenditures by this month, your tax burden for the fiscal year 2021-22 would be relatively higher. Before March 31, make sure you have deposited the required amount in tax-advantaged accounts like the Public Provident Fund, otherwise, the accounts will become dormant if the minimum amount is not deposited.
Belated ITR filing: Another important task for the individuals is filing belated ITR for AY2021-22 for which the deadline is March 31, 2022. The individual who have already failed to file their ITR by the due date are advised to file their belated ITR by the given last date – March 31. In case, anyone has filed late ITR online, they can still edit it on or before 31st March 2022
Updating bank KYC: Due to COVID pandemic, the Reserve Bank of India (RBI) had to extend the deadline for bank account KYC updates from 31st December 2021 to 31st March 2022. So, bank account holders need to complete their KYC update of the bank by 31st of March 2022.
Read More: How to file income tax return: Step-by-step guide, documents needed
PMAY Housing Subsidy: Homebuyers your attention please. The Ministry of Housing and Urban Poverty Alleviation (MoHUPA) had launched the Credit Linked Subsidy Scheme (CLSS) in June, 2015 under the Pradhan Mantri Awas Yojana (PMAY- Urban)- Housing for All initiative. Notably, the final of the three phases of the PMAY scheme ends on March 31, 2022.
