March 31 Deadline: If you do not do these things in time, then you may miss out on taking advantage of tax benefits or any other big benefit.
March 31 Deadline: There are only a few days left for the financial year 2021-22. In such a situation, there are many income tax and other investment related tasks which you should settle before 31 March 2022. If you want to save tax in the next financial year, then planning from now is necessary for this. If you do not do these things in time, then you may miss out on taking advantage of tax benefits or any other big benefit. So, make sure that you complete these important Income Tax and Personal Finance related tasks before 31.03.2022. Let us know what works you should do before March 31.
Pradhan Mantri Awas Yojana – EWS/ LIG category
The objective of Pradhan Mantri Awas Yojana – Urban (PMAY-U) is to provide urban housing to the people of EWS/LIG and MIG categories. The last date to apply for this under EWS/LIG category is March 31, 2022. For those who are eligible for this category, home loans are available under the Government’s Credit Linked Subsidy Scheme (CLSS) at a concessional rate of interest.
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Last date for linking PAN-Aadhaar
The last date for linking Aadhaar with PAN is March 31, 2022. Earlier, the last date for linking PAN card with Aadhaar was September 30, 2021. You should get this work done before 31st March. Failure to do so may not only result in you having to pay a fine, but your PAN card may also become completely inoperative.
Last date to activate PPF, NPS, SSY account
Some investments like PPF, NPS, Sukanya Samriddhi Account (SSY) require a minimum amount to be deposited in the account every financial year to keep them active. Failure to deposit the minimum amount in PPF, SSY, NPS will result in closure of accounts and will have to be regularized or unfreezed before making new investments. Reactivating the account may take time and you may also have to pay a fine. To avoid this, the minimum amount should be deposited in the account in time.
The minimum annual contribution for a PPF account in a financial year is Rs 500. Failure to do so may result in closure of the account and further withdrawal will not be allowed. It is mandatory for NPS account holders to make a minimum contribution of Rs 1,000. Similarly, to keep the Sukanya Samriddhi account active, it is necessary to deposit a minimum of Rs 250 in every financial year.
Additional deduction on home loan
The benefit of additional deduction of Rs 1.5 lakh for homebuyer interest paid on home loan (exceeding Rs 2 lakh under section 24 of the Income Tax Act) under section 80EEA of the Income Tax Act is available up to March 31, 2022. If you are eligible for a home loan under Section 80EEA, you should avail it before the scheme ends.
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Last date to save tax for the financial year 2021-22
If you still haven’t completed tax planning or haven’t exhausted the section 80C limit of Rs 1.5 lakh or haven’t availed any other tax benefit yet, then you need to hurry as the last date for this is March 31, is 2022. This is especially for those who opted for the old tax regime and did not agree to go with the new tax regime. Under the old tax regime, you can get income tax benefits available under Chapter VI A of the Income Tax Act. There are many options to choose from from PPF, Life Insurance, ELSS to NSC, Tax Saving Bank Deposit etc.
Even if you have already exhausted the section 80C limit, you can still save tax by holding a health insurance policy. The premium you pay for the parents is also eligible for deduction. At present, the limit is Rs 25,000 for those below 60 years of age, while it is Rs 50,000 for senior citizens. The premium paid for any of these schemes is deducted from the gross income under section 80D.
Last date for filing belated return
The last date for filing belated returns for the financial year 2020-21 or assessment year 2021-22 is March 31, 2022. If you fail to file ITR by this date, there may be a fine of up to Rs 10,000, while those whose annual income is less than Rs 5 lakh may have to pay a fine of Rs 1000.
Pradhan Mantri Vaya Vandana Yojana
If you want to deposit funds for regular monthly income, then you can invest in Pradhan Mantri Vaya Vandana Yojana. PMVVY is available only with LIC India and for the financial year 2021-22 the PMVVY scheme provides an assured pension of 7.40% per cent payable monthly. This assured rate of pension will be payable for the full policy term of 10 years for all policies purchased up to March 31, 2022.
(Article: Sunil Dhawan)
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