Know 5 Financial Income Tax Deadlines to Remember in March 2022

Know 5 Financial Income Tax Deadlines to Remember in March 2022

As we already know that March is the last month of the existing financial year 2021-22 which has many money deadlines. 

 Here are some key deadlines that are likely to affect your finances this month.

File belated or revised income-tax returns by March 31, 2022

After several extensions due to COVID, the last date for Income Tax Returns (ITR) filing for FY 2020-21 or AY 2021-21 ended on December 31, 2021. However, a taxpayer can still file a belated return till March 31, 2022. While filing a belated return, the taxpayer has to pay some fines and penalties for missing the deadline and also has to pay additional taxes. A belated income tax return attracts a late filing fee under Section 234F of the IT Act of Rs 1,000 in case the Gross Total taxable income during the financial year does not exceed Rs 5 lakh, or Rs 5,000 otherwise.

PAN-Aadhaar linkage by March 31, 2022

The last date to link your Permanent Account Number (PAN) with their Aadhaar card by March 31, 2022. If not done by the given deadline, the PAN card can become invalid and a fee of Rs 1,000 may be required for linking the PAN card with Aadhaar thereafter. If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.

How To Link Your PAN & Aadhar?

You can simply send an SMS in a specific format using a keyword to either 567678 or 56161. 

The format is: UIDPAN<12 digit Aadhaar><10 digit PAN> 

For example, if your Aadhaar number is 111122223333 and PAN is AAAPA9999Q. Then you are required to send sms to 567678 or 56161 as 

UIDPAN 111122223333 AAAPA9999Q. 

Update KYC in your bank accounts by March 31

KYC update in your bank account is another important deadline that will end in March. The RBI had earlier last year extended the last date for KYC in bank accounts till March 31, 2022, from the previous deadline of December 31, 2021. If the customer misses the last date for updating the KYC, then the bank would freeze the account. For KYC update in bank accounts, a customer has to visit their bank branch along with a set of self-attested documents, which include proof of identity and proof of address. Due to the COVID pandemic, the RBI has also allowed video-KYC and submission of electronic documents through Digi-locker to the bank for verification.

Advance Tax Instalment

An advance tax is paid by an individual whose estimated tax liability for the year is Rs 10,000 or more. The advance tax has to be paid in four instalments in the financial year itself. The last date for paying the fourth instalment of advance tax is March 15, 2022. All taxpayers including salaried, freelancers and businesses have to pay advance tax. However, a resident senior citizen, not having income from business or profession is not liable to pay advance tax. Failure to pay correct advance tax on time or short payment of tax attracts penal interest.

 Avail PMAY Subsidy By March 31

The Pradhan Mantri Awas Yojana is an initiative that was introduced by Prime Minister Narendra Modi in the year 2015. Through this scheme, the Government of India aims to provide affordable housing to the urban poor population in India by 2022. Under the tagline “Housing for all”, this scheme focuses on slum rehabilitation, Credit Linked Subsidy Scheme (CLSS), making housing affordable for all, and offer a subsidy for survey-led independent house construction or renovation.

The last date for homebuyers of MIG-I and MIG-II categories, wishing to avail of the subsidy under the PMAY CLSS, is March 31, 2021. This is unless the government extends it further for the benefit of home buyers. The other category of LIG/EWS, however, has its last date of March 31, 2022.

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