March 31st is Coming: Do these few things before the deadline or you may face problems…

Before the end of March 2022, many things need to be done. By the end of this month, the current fiscal year FY2021-22, as well as many money-related deadlines will expire.

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The fiscal year 2021-22 is coming to an end. Before the end of March 2022, many things need to be done. By the end of this Financial Year, many money-related deadlines will expire. 
Therefore all the income taxpayers are advised to cross-check their important money deeds and other things such as PAN-Aadhar linking or filing Income Tax returns. 
This includes some important functions related to small savings schemes like PAN-Aadhaar linking, revised or delayed ITR filing, bank account KYC update, Public Provident Fund (PPF), National Pension System (NPS), etc. Here we are going to talk about some of the money-related work that must be done before 31st March.  
  • PAN card linking with Aadhar: The last date of linking PAN with Aadhar Card is 31 March 2022. If it is not done before the deadline, the PAN card will be disqualified or get invalid. Under section 272B, the use of an invalid PAN card can result in a fine of up to Rs 10,000. At the same time, TDS on bank deposits will double.

  • Updating KYC of bank account: Due to the growing threat of Corona at the end of 2021, the Reserve Bank of India (RBI) has extended the deadline for bank account KYC update from December 31, 2021, to March 31, 2022. It is therefore important to work before this date or the account may be frozen.

  • Filing Income Tax Returns (ITR): The date for filing late ITR of the annual year 2021-22 has been extended to 31 March 2022, so that those who have not been able to file their ITR can do so up to this date. 

  • Pradhan Mantri Kisan Sanman Nidhi Yojana: To avail of the benefits of Pradhan Mantri Kisan Sanman Nidhi Yojana, e-KYC is mandatory for farmers. That should be done on or before March 31. Failure to meet this deadline will result in non-payment of the next Prime Minister Kisan installment.
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  • Minimum balance in PPF and NPS: The minimum annual deposit in a PPF account is Rs.500 whereas in a Tier-1 NPS account the minimum annual deposit in a financial year is Rs.1,000. Minimum balance required to be maintained in PPF and NPS account before the end of March 2022. 
  • Demat and Trade accounts updated: According to Sebi's circular issued in April 2021, NSDL and CDSL need to ensure that there are six KYC features - name, address, PAN, valid mobile number, valid email ID and income limit - current Demat and trade accounts are updated.