KYC Updating in your Bank Accounts
The government has made the Know Your Customer (KYC) process mandatory. The initial deadline was 31 December, 2021, The KYC has been made mandated in order to avoid money laundering. So, if you have not yet done your KYC, do it as early as possible
| Belated/ Revised Income Tax Returns Filing Deadline Due date |
The deadline for ITR filing for FY 2020-21 was 31 December, 2021. If someone missed out this extended deadline, they can still file a belated return till March 31, 2022 with late fee , to avoid Income Tax scrutiny / Notice. It should be noted that in this instance, the taxpayer is responsible for fines and penalties as per the law for missing the deadline.
Advance Tax Payment Due date 15th March 2022
Advance tax payment needs to be paid in 4 instalment (quarterly) in year ( if applicable), rather than once at the end of the fiscal year. It needs to be paid before the due date of the respective quarter. after 3 instalment (quarterly payment) the remaining amount of the income tax needs to be paid on or before 15 March, 2022.
Plan Your Taxes on or before 31st March
It’s the last chance for taxpayers to take advantage of numerous tax benefits. Before the end of march 2022 deadline, a majority of investors put off tax preparation until the last minute. If you haven’t planned your tax-saving investments yet, do it as early as possible
