The financial year 2021-22 is coming to an end on Thursday, 31 March 2022. We all have things to do before the end of the financial year. You must complete a few tasks before the end of the financial year. Here are a few things you should get done before 31 March 2022.
1. Aadhaar-PAN Linking
Everyone must note that the last date to link your Permanent Account Number (PAN) with your Aadhaar card is 31 March 2022.
People who do not get their PAN cards linked to their Aadhaar cards will be charged a penalty and their PAN may also get deactivated. The penalty will be charged using section 234H of the Income Tax act. The amount of penalty has not been announced but it shall not exceed Rs 1,000 if you get it linked after the said date.
If not done on time, your Demat and trading accounts can get ceased too.
2. Complete KYC in Bank Accounts
The RBI had extended the date for completing the KYC in bank accounts from 31 December 2021 to 31 March 2022. You can do so by submitting your PAN card, Aadhaar card details, address proof, etc. The banks are compelled to take their consumers' information as per the Prevention of Money-laundering Act 2022 and the Prevention of Money-laundering Rules, 2005 (Maintenance of Records).
3. Link the Small Savings Account to PO Savings
The Department of Post made it mandatory for people to link their post office term deposit to their savings bank account if they want to get the interest credited to their account.
The latest notification of Department of Post said, "Interest on MIS/SCSS/TD accounts will be credited only in account holder’s PO Savings Account or Bank Account with effect from 01.04.2022. In case an account holder is not able to link his/her Savings Account with MIS/SCSS/TD accounts up to 31.03.2022 and interest is credited in MIS/SCSS/TD sundry office accounts, the outstanding interest should be paid only through credit in PO Savings Account or by Cheque. Interest payment in cash shall not be allowed from MIS/SCSS/TD sundry office account w.e.f. 1.04.2022."
4. Get KYC Updated in PM Kisan
Eligible farmers must update their KYC by 31 March 2022 in order to receive their next installment. They can get this done either by online or offline methods.
The notification of the PM Kisan website reads as follows, "eKYC is MANDATORY for PMKISAN Registered Farmers. Pls. click eKYC option in Farmer Corner for Aadhar based OTP authentication and for Biometric authentication contact nearest CSC centers."
5. Maintaining a PPF Account
If you have a PPF account by your name or your spouse's name, it must be kept active by making an annual deposit of Rs. 500. If not done, the account can go dormant. A dormant account can get reactivated by paying a small fee and continuing the annual deposit of Rs 500.
6. KYC for Demat & Trading Account
The guidelines issued by SEBI in April 2021 made it mandatory for the depositories, i.e., NSDL and Central Depository Services Ltd (CDSL) to ensure that the KYC details are updated in the Demat and trading accounts. These details include name, address, PAN, mobile number, email id, and income range.
7. Avail the PMAY Housing Subsidy
The Ministry of Housing and Urban Poverty Alleviation had established the credit linked subsidy scheme in June 2015 as the part of the Pradhan Mantri Awas Yojana- Housing for all. The third phase of the project shall come to an end on 31 March 2022. Make sure to avail to the scheme if you want to receive the subsidy.
8. File Your Revised Income Tax Returns
The last date to file the ITR for the financial year 2021-22 is 31 March 2022. The fine for late filing of ITR can be up to Rs 5,000 as per Section 234F under the Income Tax Act, 1961. The fine for people with an income up to 5 lakhs is Rs 1,000.