6 things to do before March 31
Financial planning should begin at the beginning of each year. It is crucial to plan ahead to avoid financial risk or peril. However, if you haven’t planned all year and waited until the last minute to complete crucial financial tasks, here is a checklist of things you need to do.
Invest to save tax
File tax returns
The deadline for linking Aadhaar to the Permanent Account Number (PAN) has been extended to March 31. If this is not done, your PAN card will become inoperative and you may not be able to perform financial transactions that require PAN.
Advance tax return
Under the Indian Income Tax Act, a person whose tax is over Rs 10,000 is required to pay a tax advance in four instalments by March 15. If you are a salaried employee, your employer may have already deducted it for you. For freelancers and freelancers, it is mandatory to pay a tax advance. If the tax is not paid by the deadline, a penalty of 1% interest per month for deferral of deposit is charged.
Update KYC with bank
The deadline for completing KYC in bank accounts has been extended to March 31. A customer must submit their most recent information, including PAN, proof of address, and other information desired by the bank.
Refund pending tax
Under the Vivad se Vishwas program, anyone with tax appeals or pending petitions can get full relief from interest or penalties if they pay their disputed taxes by March 31, 2022. resolve any disputes and refund the taxes.
(Edited by : Thomas Abraham)