6 issues to do earlier than March 31

By CNBCTV18.com ist (printed)


Are you on prime of your tax planning and invested in tax saving devices? If not, this is how one can go about it. The final date for submitting earnings tax return is close to.

Monetary planning ought to start originally of yearly. Planning is necessary to keep away from monetary threat or threat. Nonetheless, if you have not deliberate for a complete 12 months and waited till the final minute to tackle necessary monetary duties, here’s a guidelines of issues it is advisable do.

make investments to save lots of tax

Take the time to evaluate your earnings for the 12 months and learn the way a lot you’ll need to put money into tax-saving devices underneath Part 80C. In case you have already invested in tax saving schemes like Public Provident Fund, Nationwide Pension Scheme, Sukanya Samriddhi Yojana and so on., then it is advisable make minimal contribution earlier than thirty first March to maintain these accounts energetic.

file earnings tax return

The final date for submitting earnings tax return for AY 2021-22 has been prolonged until March 15. Ensure you have filed your earnings tax return earlier than the final date to keep away from penalties.

aadhar-pan hyperlink

The deadline for linking Aadhaar with Everlasting Account Quantity (PAN) has been prolonged until March 31. If this isn’t completed, your PAN card will turn out to be inactive, and you could not be capable to do monetary transactions that require PAN.

advance tax submitting

Beneath the Revenue Tax Legislation of India, an individual with a tax legal responsibility of greater than Rs 10,000 is liable to pay advance tax in 4 installments earlier than March 15. In case you are a salaried worker, your employer could have already deducted it for you. It’s obligatory for freelancers and self-employed to pay advance tax. If the tax isn’t paid on or earlier than the deadline, a penalty of 1 per cent curiosity per thirty days is levied for deferment of installment.

Replace KYC with Financial institution

The deadline for finishing KYC in financial institution accounts has been prolonged until March 31. The shopper has to submit his newest info together with PAN, proof of tackle and different info as desired by the financial institution.

pay pending tax

Beneath the Vivad Se Vishwas scheme, individuals who have pending tax appeals or petitions can get full waiver of curiosity or penalty on paying their disputed taxes on or earlier than March 31, 2022. It’s advisable to resolve any dispute and make fee. do.

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