HIGHLIGHTS:
- Linking of PAN-Aadhaar by March 31, 2022
- From December 31, 2021, the Reserve Bank of India (RBI) has extended the deadline
- Update KYC in PM kisan
There are several crucial financial duties you need to perform before the financial year ends on March 31, 2022. Here are five financial tasks to perform before March 31.
1) Linking of PAN-Aadhaar
Your PAN will become inactive and you will be assessed a penalty if you do not link it to your Aadhaar number by March 31, 2022. The penalty will be imposed under Section 234H of the Income Tax Act. The highest price for integrating PAN with Aadhaar after the prescribed period would not exceed Rs 1,000, while the government has not yet set the penalty amount.
Furthermore, beginning of April 1, 2019, it is also necessary to quote and attach an Aadhaar number when filing income tax forms, unless specifically exempted. According to chartered accountants, an individual cannot submit an ITR without first linking the two.
Ensure that your PAN and Aadhaar numbers are linked so that your trading and demat accounts are not suspended.
2) Know Your Customer (KYC) in Bank Accounts
From December 31, 2021, the Reserve Bank of India (RBI) has extended the deadline for completing KYC in bank accounts till March 31, 2022.
A bank customer is required to present his most recent information, which includes his PAN, proof of address like as Aadhaar, passport, and any other information requested by the bank. The Money Laundering Prevention Act of 2002 and the Money Laundering Prevention (Maintenance of Records) Rules of 2005 require regulated organisations to gather KYC information from their customers.
3) Make a link between these tiny savings accounts and your PO savings/bank account
Individuals should link their post office time deposit to their post office savings account or bank account, according to a recent notification from the Department of Post. Interest earned on these schemes will only be credited to the investor’s post office savings account or bank account linked to the scheme beginning April 1, 2022, according to the agency.
“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, according to the Department of Post’s recent circular.” If an account holder is unable to link his or her Savings Account with MIS/SCSS/TD accounts by 31.03.2022 and interest is credited to MIS/SCSS/TD miscellaneous office accounts, the outstanding interest must be paid solely by credit in a PO Savings Account or by Cheque. With effect from April 1, 2022, cash interest payments from the MIS/SCSS/TD miscellaneous office account would be prohibited.”
4) Update KYC in PM kisan
To receive the next instalment before March 31, 2022, eligible farmers must update their KYC using online or offline methods.
According to the website of Prime Minister Kisan, “For PMKISAN Registered Farmers, eKYC is required. Please use the eKYC option in Farmer Corner for Aadhar-based OTP authentication, then contact the nearest CSC centre for biometric authentication.”
5) Contributing the bare minimum to a PPF account
If you have a PPF account in your name, or in the names of your children or spouse, you must make a minimum annual deposit of Rs 500 to preserve the account from becoming dormant. A inactive account can be reactivated for a modest cost and a yearly contribution of Rs 500.
