Income Tax Update: Complete These 4 Tasks Before March 31, They Will Be In Profit

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This financial year is going to end in a few days. The new financial year 2022-23 will start from April 1. We are telling you about 4 such important works, which would be good to finish before 31st March. 

You have to check once that which of these you have done. If there is any left, then you can complete it by 31 March.

Investing for Tax-Saving

You are allowed to take advantage of tax exemption by investing Rs 1.5 lakh annually. Section 80C of Income Tax mentions those instruments in which investment will get tax exemption. 

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These include life insurance, PPF, tax saving schemes of mutual funds. If you have already invested Rs 1.5 lakh under this section, then you can invest Rs 50,000 in National Pension Scheme. 

Tax exemption is available on investment in pension scheme under section 80CCD. You can also claim tax exemption under section 80D on the premium of a mediclaim policy.

2. File Income Tax Return for the financial year 2020-21

If you have not filed income tax return before the stipulated deadline. Or if you want to revise the income tax return for the financial year 2020-21, then you can do it before March 31, 2022. 

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After this you will not get the facility to file or revise ITR for the financial year 2020-21. Failure to file income tax return or showing less income could result in a penalty.

3. Link PAN with Aadhaar

If you have not linked your PAN with Aadhaar, then do this work by March 31. 

The limit for linking Aadhaar with PAN has already been raised several times. Failure to do so may render your PAN inoperative. 

The Income Tax Department can also take action against you.

4. Pay Advance Tax

If you make tax more than Rs 10,000 then you are required to pay advance tax. If you have income from interest, capital gains or rent, then you need to calculate your tax liability for the financial year 2021-22. 

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If the tax on you is more than Rs 10,000, then it will be fine to pay the advance tax by 31st March. 

Advance tax is deposited four times in a financial year. The deadline for this is 15 June, 15 September, 15 December and 15 March. 

If you do not pay 90% of your advance tax by March 31, then you will have to pay additional interest.

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