From ITR to KYC, it is important to do this work before 31st March, know the update

Publish Date: 29 Mar, 2022 |

In a few days the new financial year is starting, before March 31, you should do several important tasks, which can save you from the run of paperwork and many types of fines. Let’s take a look at some of these works.

Filing Income Tax Return

Deadline for belated income tax return or ITR filing for AY2021-22 is 31st March 2022. Hence, an earning individual who couldn't file its ITR by the given due date should file its belated ITR by 31st March 2022.

PAN-Aadhaar link

Aadhaar PAN link last date is 31st March 2022. If you fail to link your PAN with you Aadhaar card, then in that case your PAN card will inoperative or invalid. Under section 272B, carrying an invalid PAN card may lead to ₹10,000 penalty. 

Update KYC with Bank

The deadline to complete KYC in the bank account has also been extended to March 31st. Account-holders should update their KYC as soon as possible to avoid any transaction disruption. Also, note you will require PAN card for this process.

KYC of demat and trading account 

As per the SEBI circular issued in April 2021, NSDL and CDSL are required to ensure that 6 KYC attributes which are name, address, PAN, valid mobile number, valid e-mail ID and income range are updated in the existing demat and trading accounts. The deadline for KYC of demat and trading account is also falling on 31st March 2022.

Advance tax filing

Under the Income Tax Law of India, people with a tax liability of more than Rs 10,000, are supposed to pay advance tax in four installments before March 15. If you are a salaried employee, your employer may have already deducted the tax from your salary.





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