March ending signifies the deadline to fulfil many financial tasks under personal finance. It includes government notifications, bank instructions and then income tax returns.
Here is a reminder of the important financial tasks to be accomplished before the year ends
- Link Aadhaar number to PAN Card
It is now mandatory to submit your Aadhaar Card details while filing income tax returns. As per the government’s notification, individuals must link their Aadhaar Number to their PAN card by March 31. Your PAN will become inactive if not linked with your Aadhaar number. Moreover, as per Section 234H of the Income-tax Act, individuals will be charged a heavy penalty.
If you are yet to link your Aadhaar with PAN, tap on the link below
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar
- Update Bank KYC
Bank customers must update their PAN number and address proof such as an Aadhaar Card, passport, or electricity bill with their bank as per the Reserve Bank of India (RBI) guidelines.
- Linking Term Deposits with PO Saving Accounts
The Department of Post recently notified its customers to link their post office term deposit with their post office savings account. The department has decided to directly credit the interest earned on fixed deposits to savings accounts from April 1, 2022. “
- Update KYC to your Demat/trading accounts
If you hold a Demat account, you must update the following details as a part of KYC as per the instructions issued by SEBI.
Demat/trading account holders are required to update the following:
a) Name
b) Address
c) PAN
d) Valid mobile number
e) Valid email ID
f) Income range
- File late ITR
Considering covid pandemic induced difficulties, the Central Board of Direct Taxes had extended the ITR filing dates for FY 2020-21 from November to March 2022. As a result, the last date to file pending income tax is on March 31. So if you are yet to file your returns for the last fiscal year, hurry up!
- Update KYC in PM Kisan
Farmers eligible to receive the next instalment under PM Kisan must update their details under KYC before March 31, 2022.
