With the end of March, many silver-related deadlines would end with the current fiscal year FY2021-22. While March 31 is the deadline to make your tax investments for the year, the ideal time to start the year is in April, at the very beginning of the year. Mars becomes very important for tax planning. In addition to this, from the last day of late filing of tax returns to binding your PAN-Aadhaar, March also has other crucial deadlines for your financial matters. Here are some key deadlines that may affect your finances this month.
Tax planning before March 31
The deadline for tax-saving investments for the 2021-22 fiscal year ends March 31, 2022. That barely leaves a few weeks for all those late risers. Remember that if you don’t make the tax-saving investments and expenses by this month, your tax burden for the 2021-22 fiscal year would be higher. As March 31 is the last day of the fiscal year, make sure you have deposited the required amount in tax-advantaged accounts such as the Public Provident Fund. Accounts will become inactive if the minimum amount is not deposited.
Late filing of the ITR
The deadline for late filing of the ITR for AY2021-22 is March 31, 2022. Therefore, an employee who has not filed their ITR by the due date indicated is invited to file their late ITR before the last date indicated, i.e. March 31, 2022.
Similarly, the last date for filing the late or revised ITR for the 2020-21 fiscal year is March 31, 2021. In the event that a winner has filed their late ITR online, they can still modify it no later than March 31, 2022. So, being a taxpayer, if you notice an error in your electronically filed ITR, you can always amend that error before the March 31, 2022 deadline.
KYC update for bank accounts
Due to the growing threat of Omicron in late 2021, the Reserve Bank of India (RBI) had to extend the deadline for KYC updates of bank accounts from December 31, 2021 to March 31, 2022. Thus , bank account holders are advised to complete their KYC update before March 31, 2022, otherwise their bank account may be frozen.
Deadline to update Bank KYC
The RBI has extended the deadline for completing KYC in bank accounts till March 31, 2022, from the old deadline of December 31, 2021. Bank customers must submit their latest details including PAN , proof of address (like Aadhaar, passport, etc.), and any other information requested by the bank. It is mandatory for regulated entities to collect KYC information from their customers under the provisions of the Prevention of Money Laundering Act 2002 and the Prevention of Money Laundering (Maintenance of Records) Rules 2005 ).
Housing assistance PMAY
The Ministry of Housing and Urban Poverty Alleviation (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 diet ends on March 31, 2022.
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