Every year new rules & regulations come into implementation. In the upcoming April month, new rules will get executed, as the financial year ends on March 31st and starts on April 1st. It is the time when everyone should take care of their financial planning. By the end of the financial year, as a part of financial planning, everyone should complete their duties to prevent future difficulties financially. So, let’s see the terms and conditions to follow.
Tax Refund.
This financial year, under the 80c section, there is a scope for schemes like Public Provident Fund, National Pension Scheme, Sukanya Samridh Yojan, ELSS to reduce the taxes.
Under section C, if the limit of 150000 doesn’t complete, then appropriate investment schemes are selected. If you have not yet invested in any PPF, NPS, and SSY schemes, it is advisable to invest at least a minimum amount by March 31.
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Aadhaar-Pan link
If you have not yet linked your Pan number with your Aadhaar number, you can do till March 31, 2022. If not, your Pan number may become inactive, and you will have to pay a fee of ₹10000. If your Pan number does not work, you will not be able to invest in financial transactions such as shares, mutual funds, or other securities. Also, you may not even get any loans.
ITR filling
If you have not yet filed your IT return for the financial year 2020-2021, you have another chance until March 31, 2022, to file a late return. Failure to do so may result in difficulties in later transactions. According to section 234F of 1961, in case an IT return is not filed, there is a possibility of imposing a fine of up to ₹10000.
KYC update.
Complete KYC for your bank account, PAN, Aadhaar address verification, and other details requested by the bank by March 31.
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