With March coming to an end, a lot of money-related deadlines would end along with the current financial year FY2021-22. While March 31 is the last date to make your tax-saver investments for the financial year, the ideal time to kick off the exercise is in April, right at the beginning of the year. March becomes very important for tax planning. Besides these, from the last day of filing belated income tax returns to linking your PAN-Aadhaar, the month of March has some other crucial deadlines for your money matters as well. Here are some key deadlines that are likely to affect your finances this month.
Tax Planning Before March 31
The deadline for tax-saving investments for FY2021-22 ends on March 31, 2022. That leaves barely a couple of weeks for all those late risers. Remember that if you do not make the tax-saving investments and expenditures by this month, your tax burden for the fiscal year 2021-22 would be higher. As March 31 is the last day of the fiscal year, make sure you have deposited the required amount in tax-advantaged accounts like the Public Provident Fund. The accounts will become dormant if the minimum amount is not deposited.
Belated ITR filing
The deadline for belated ITR filing for AY2021-22 is 31st March 2022. Therefore, an earning individual who failed to file their ITR by the given due date are advised to file their belated ITR by the given last date i.e. 31st March 2022.
Likewise, the last date for filing belated or revised ITR for FY2020-21 is 31st March 2021. In case, an earning individual has filed their late ITR online, he or she can still edit it on or before 31st March 2022. So, being a taxpayer, if you notice any mistake in your e-filed ITR, you can still edit that mistake by the given deadline of 31st March 2022.
KYC Update for Bank Accounts
On account of the rising Omicron threat at the end of the year 2021, the Reserve Bank of India (RBI) had to extend the deadline for bank account KYC updates from 31st December 2021 to 31st March 2022. So, bank account holders are advised to complete their KYC update by 31st of March 2022 otherwise their bank account might get freezed.
Last Date to Update Bank KYC
The RBI has extended the deadline for completing KYC in bank accounts till March 31, 2022, from the former deadline of December 31, 2021. Bank customers are expected to submit their most recent information, including PAN, address proof (such as Aadhaar, passport, etc.), and any other information requested by the bank. It is mandatory for regulated entities to collect KYC information from their customers under the provisions of The Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
PMAY Housing Subsidy
The Ministry of Housing and Urban Poverty Alleviation (MoHUPA) launched the Credit Linked Subsidy Scheme (CLSS) in June, 2015 under the Pradhan Mantri Awas Yojana (PMAY- Urban)- Housing for All initiative. The final of the three phases of the PMAY scheme ends on March 31, 2022.
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