With the end of March, many money-related deadlines would end along with the current fiscal year FY2021-22. While March 31 is the last date to make your tax-saving investments for the fiscal year, the ideal time to start the exercise is in April, right at the beginning of the year. March is going to be very important for tax planning. Besides these, from the last day of filing late income tax returns to linking your PAN-Aadhaar, the month of March also has some other crucial deadlines for your money matters. Here are some key deadlines that are likely to affect your finances this month.
Tax planning before March 31
The tax-saving investment deadline for FY2021-22 ends on March 31, 2022. That leaves barely a few weeks for all those late risers. Keep in mind that if you don’t make the tax-saving investments and expenses this month, your tax burden for fiscal year 2021-22 will be higher. Since March 31 is the last day of the fiscal year, make sure you have deposited the required amount into tax-advantaged accounts such as the Public Provident Fund. The accounts go dormant if the minimum amount is not deposited.
Late ITR declaration
The deadline for late ITR application for AY2021-22 is March 31, 2022. Therefore, an earning individual who has not submitted their ITR by the specified due date is advised to submit their late ITR before the specified latest date, which is March 31, 2022 .
Likewise, the last date to submit late or revised ITR for FY2020-21 is March 31, 2021. In the event that an earning individual has submitted their late ITR online, he or she can still edit it on or before March 31, 2022. a taxpayer, if you notice an error in your electronically filed ITR, you can still edit that error by the specified deadline of March 31, 2022.
KYC update for bank accounts
Due to the increasing Omicron threat at the end of the year 2021, the Reserve Bank of India (RBI) had to extend the deadline for updating bank account KYC from December 31, 2021 to March 31, 2022. Bank account holders are thus advised to complete their KYC update before March 31, 2022, otherwise their bank account may be blocked.
Last date to update Bank KYC
The RBI has extended the deadline for completing KYC on bank accounts to March 31, 2022, from the former deadline of December 31, 2021. Bank customers are expected to submit their most recent information, including PAN, proof of address (such as Aadhaar, Passport, etc. .), and any other information requested by the bank. It is mandatory for regulated entities to collect KYC information from their clients under the provisions of the Money Laundering Prevention Act, 2002 and the Money Laundering Prevention (Data Maintenance) Rules, 2005.
PMAY Housing Grant
The Ministry of Housing and Urban Poverty Reduction (MoHUPA) launched the Credit Linked Subsidy Scheme (CLSS) in June 2015 under the Pradhan Mantri Awas Yojana (PMAY-Urban) – Housing for All initiative. The final of the three phases of the PMAY scheme will expire on March 31, 2022.
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