4 Tasks To Complete Before The End Of The Financial Year

By Nishant | March 30, 2022

Here are a few things you may have pending as FY 21-22 ends. Read on to ensure that you wrap things up and start FY 22-23 on a good note!

5 Benefits Of Filing Income Tax Returns

What a year it’s been for money. With COVID-19 still looming over us, it certainly hasn’t been easy. Lots of highs and lows across industries. How did you handle your finances? Amidst all the chaos, if you missed something important, we’re here for you. It’s the end of FY 21-22 and here are 4 things you have to complete by 31st March, 2022:

File Income-Tax Returns

The deadline to file late or revised ITR for FY 21-22 is March 31st, 2022. It’s a simple process and is completely online. Just go on to the official Income Tax website and get it done. You can avail an assisted-filing service from websites that provide this service. Why should you not miss the deadline? The penalty for filing a later ITR might be up to Rs. 5,000. For taxpayers with an income of less than Rs. 5 lakh in a financial year, the penalty is up to Rs. 1,000. Unless you want to waste your hard-earned money in paying a penalty, best to just get it done right away!

Additional Reading: Why Make Paperless A Norm?

PPF Account Minimum Contribution

Do you hold a PPF account? If you do not want it to become dormant, you have to deposit a minimum amount of Rs. 500. This account could be in the names of your children or spouse. Nonetheless, a minimum contribution has to be made each year. A dormant account can be activated by paying just a small fee but why spend even that, eh? Go ahead and check!

Additional Reading: 5 Sure-Shot Ways to End Up with More Cash After Retirement

Linking Your PAN & Aadhaar

Very important! The govt. has made it mandatory to link your PAN and Aadhaar by March 31st, 2022. Failure to do so will render your PAN inactive. You will also be charged a penalty. The penalty amount hasn’t been announced yet.

This also impacts your ITR filing as you cannot proceed unless your Aadhaar and PAN are linked. Go ahead and get this done right now if you haven’t already.

Post Office Savings & Bank Account To Be Linked With Small Savings Account

Do you have a post office time deposit? The Department of Post has recently announced that you have to link it either to your post office savings account or bank account by March 31st, 2022

What happens if you fail to do so? You won’t get any interest earned. From 1st, April 2022, any interest earned on these schemes will only be credited to the investor’s post office savings account or bank account linked with the scheme.

If you haven’t done this already, now is the time. Why miss out on your hard-earned interest?

Additional Reading: Personal Finance 101: Save More Money Without Even Realising It

This isn’t the definitive checklist that covers everything. It is, however, a reminder to check on things that may have eluded you. Hope it helps. Do you know what else has deadlines? Pre-approved offers on Credit Cards! We’ve got your back for this one too. Simply click the link below and get started:

 

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