PAN-Aadhaar linking, ITR filing, bank account KYC: 5 important money tasks to complete before March 31

Here is a list of list important money-related tasks that tax payers and earning individuals should complete on or before March 31, 2022 to avoid penalties.
Carrying an invalid PAN card may lead to <span class='webrupee'>₹</span>1,000 penalty.((Bloomberg/File))
Carrying an invalid PAN card may lead to 1,000 penalty.((Bloomberg/File))
Updated on Mar 29, 2022 02:45 PM IST
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By, New Delhi

The current financial year is coming to an end on March 31 and so are deadlines for several money-oriented tasks. Deadlines for belated or revised income tax return (ITR) filing, PAN-Aadhaar link, bank account KYC, and KYC of demat and trading account also end on March 31, 2022, and earning individuals are advised to complete the same on or before the deadline.

Read more: What happens if you miss March 31 deadline to file returns

To make sure that earning individuals do not miss out on the deadlines, we have created a list of top five tasks that one should complete on or before March 31, 2022:

1. Belated or revised ITR filing: The deadline for filing belated income tax return for FY 2020-21, or AY 2021-22 is March 31. Tax payers will not be able to file the same after the deadline has passed.

Read more: How to file income tax return | Step-by-step guide, documents needed

2. PAN-Aadhaar linking: If you do not want your PAN, or permanent account number, to be inoperable or invalid, you are advised to link your PAN card with Aadhaar card before March 31, 2022. Carrying an invalid PAN card may lead to 1,000 penalty.

3. KYC update of bank account: On account of rising omicron threat, the Reserve Bank of India (RBI) extended the last date for bank account KYC update from December 21, 2021 to March 31, 2022, Livemint reported. Bank account holders can avoid the risk of their accounts being frozen by completing their KYC update on or before March 31.

4. Linking small savings schemes with bank account/post office savings: The Department of Post recently issued a circular that interest on MIS/SCSS/TD accounts shall be credited only in account holder’s PO Savings Account or Bank Account from April 2022. Account holders will have to link their small savings scheme accounts with a post office account and bank account by the end of this financial year to continue getting interest credit on time.

5. KYC of demat and trading account: As per the SEBI circular issued in April 2021, share depositories NSDL and CDSL are required to ensure that name, address, PAN, valid mobile number, valid e-mail ID and income range are updated in the existing demat and trading accounts. The deadline for KYC of demat and trading account is also March 31.

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Tuesday, June 28, 2022