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If you’re a tax payer, March 31 is related so that you can full just a few essential issues earlier than that date.
The continued Monetary 12 months 2021-22 is coming to an finish on March 31, 2022. In contrast to 31 December, which is broadly celebrated the world over as finish of a yr and other people welcome the brand new yr, many individuals don’t even care if it’s thirty first March—finish of the monetary yr. However if you’re a tax payer, March 31 may be very related for you. Be sure as an assessee you full just a few essential issues earlier than March 31.
Hyperlink Aadhaar Card with PAN Card (if not accomplished)
An assessee ought to essentially hyperlink the Aadhar card with the pan card earlier than thirty first March 2022 , if not accomplished but. Failure to take action will result in the inactivation of PAN playing cards and a penalty of Rs. 10,000. It’s a easy course of and might be accomplished on-line by logging on to the revenue tax web site.
Re – KYC of all lively accounts with Monetary Establishments
As per RBI pointers – Re KYC of each checking account and all related accounts with Monetary Establishments or Companies like Demat Account, Share Buying and selling Firm and so forth needs to be accomplished in each two years to maintain account lively. This yr deadline to finish the KYC has been prolonged to thirty first March 2022.
Cost of Advance Tax
An assessee with revenue apart from the wage, if anticipated to have a tax legal responsibility of greater than Rs. 10,000 in the course of the monetary yr should clear advance tax dues earlier than 31 March. The final instalment was due on fifteenth March 2022. As per revenue tax guidelines, in case of salaried particular person, the employer are mandatorily required to deduct the tax from their wage as per the revenue tax slab, this is named TDS (Tax Deducted at Supply). If the assessee is self-employed skilled or has acquired revenue from different sources, then he would want to compute the tax payable on the revenue earned from all of the sources taking all deductions into consideration and if the tax legal responsibility is greater than Rs 10,000 – he would want to pay the advance tax.
Make investments To Save Tax
Investing in numerous devices that qualifies for deduction beneath numerous revenue tax part corresponding to beneath Sec 80C with a most restrict of Rs 1,50, 000 assessee can save tax upto Rs 46,800. Supplied the assessee do all of the investments earlier than thirty first March, then solely he can declare the tax profit. Nonetheless, earlier than you select devices to avoid wasting taxes, be certain it suits into your portfolio or requirement. Bear in mind, tax saving needs to be incidental and never the primery cause behind deciding on a product to put money into.
File Belated Tax Return
An assessee for the monetary yr 2020-21 was imagined to file their tax returns by thirty first December 2021 (prolonged due date). If the deadline has been missed, then a belated return might be filed by thirty first March 2022. On this regard u/s 234F of IT Act as this will likely be late submitting a penalty of Rs. 1,000 is levied in case if gross revenue above Rs 2,50,000 and is under Rs. 5,00,000. If the gross revenue exceeds Rs. 5,00,000 then the penalty levied is Rs.10,000 however as a result of hanging of pandemic a tax reduction has been given and the penalty charged is Rs. 5,000. You need to nonetheless file belated return if in case you have any refund due – by paying the late submitting payment or penalty.
(By Deepak Jain, Chief Govt, TaxManager.in – Tax e-Submitting and Compliance Administration Portal)
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