PAN-Aadhaar link, tokenization of debit / credit cards, other monetary deadlines to be respected in 2022
Here is an overview of the 12 financial deadlines to know in 2022.
- RTI verification deadline for fiscal year 2019-2020: February 28, 2022
The Income Tax Service offered a one-time relief to taxpayers who filed an ITR for the 2019-20 fiscal year (YY 2020-21) but did not verify their tax returns due to non-submission of the RTI-V physically or through the electronic verification method. . As a one-time relief, these taxpayers can verify their ITRs by February 28, 2022.
Also read: Relief for taxpayers who haven’t yet audited the ITR for last year
Also read: 6 ways to verify the tax return
- Deadline for filing the life certificate for retirees: February 28, 2022
The government has extended the deadline for submitting life certificates for retirees to February 28, 2022, from the previously extended deadline of December 31, 2021. It is important that government retirees submit the life certificate before the expiration of the due date to ensure the continuation of the pension. If the certificate of life is not presented, the pension of the retiree will be stopped. There are five ways that an annual life certificate can be presented.
Also read: 5 Ways to Submit Retiree Life Certificate
- Deadline for early payment of taxes for the 2020-2021 fiscal year: March 15, 2022
March 15, 2022 is the last date to make advance tax payments for the 2021-2022 fiscal year. Tax prepayments are applicable if income tax payable less than TDS exceeds Rs 5,000 in a fiscal year. On this date, an individual must ensure that he has paid 100% of the amount of withholding tax. If an individual does not pay withholding tax by that date, interest under Articles 234A / 234B will apply.
Thus, if you have received income from dividends on shares and / or capital gains on shares, debt UCITS, you may be liable for withholding tax. Keep in mind that the elderly are exempt from paying tax in advance.
- PAN Aadhaar link deadline: March 31, 2022
If you still have not linked your PAN with your Aadhaar number, then it is important that you do so before March 31, 2022. If your PAN is not linked to your Aadhaar number on that date, then not only your PAN will become inoperative, but you will be required to pay a fee of up to Rs 1,000 to bind the same after the due date.
You should know that once your PAN becomes inoperative (due to non-linking with Aadhaar), you will no longer be able to perform financial transactions such as investing in stocks, mutual funds, etc.
- Late / revised ITR filing deadline: March 31, 2022
If you missed the filing deadline for the original income tax return (RTI) (December 31, 2021 for the 2020-2021 fiscal year), you must file your income tax return no later than March 31, 2022. Income tax return filed between January 1, 2022 and March 31, 2022 will be qualified as a late RTI. A late filing fee of Rs 5,000 (Rs 1000 for total income up to Rs 5 lakh) will be charged for late RTI filing.
If an error is discovered after filing and verifying the original ITR, you can file a revised ITR under subsection 139 (5) of the Income Tax Act, 1961. The revised ITR must be filed no more than late March 31, 2022.
- Full tax saving exercise for fiscal year 2021-22: March 31, 2022
If you have opted for the old tax regime for the 2021-2022 fiscal year, then make sure you have completed your tax saving exercise before March 31, 2022. This would mean that you have to make sure that ‘they took advantage of the deductions available under different sections of the Income Tax Act, 1961 to reduce their tax liability. Commonly available deductions include section 80C up to Rs 1.5 lakh, the tax benefit of Rs 50,000 under section 80CCD (1b) for NPS contributions, up to Rs 25,000 or Rs 50,000 on medical insurance premium, etc.
- KYC bank account closing date: March 31, 2022
The Reserve Bank of India (RBI) has extended the KYC completion deadline from the earlier deadline of December 31, 2021 to March 31, 2022, due to a new variant of the coronavirus pandemic. The extended deadline will provide relief to people who have to go to their bank’s branch and go through the KYC process. During the extended period, the bank will not impose restrictions on bank accounts such as cash withdrawal etc. to relieve customers.
- Deadline for making the first tax installment payment for the 2022-2023 fiscal year: June 15, 2022
With the start of the new financial year for the 2022-2023 fiscal year, an individual is required to pay the first advance tax payment before June 15, 2022. An individual is required to make the payment of 15% withholding tax to this date. If this date is not met, interest under sections 234B and 234C will be charged, as the case may be. The Reserve Bank of India (RBI) extended the deadline for tokenization of debit and credit card details by six months from January 1, 2022 to June 30, 2022. The extension came after banks sent e -mails and SMS to their customers. saying that their registered card details will be removed from merchant websites like Amazon, Flipkart, etc.
From July 1, 2022, the customer will either need to type in 16 digits of the card each time an online purchase is made or tokenize the card details. The decision to tokenize the card is taken to avoid fraud.
- RTI filing deadline for the 2021-2022 fiscal year: July 31, 2022
July 31, 2022 is the last date for filing the tax return for the 2021-2022 fiscal year. (AJ 2022-23). Unless this deadline is extended by the government, if an individual (whose accounts should not be verified) does not file his income tax return, he will then be liable to pay a fine of up to Rs 5,000.
- Deadline for making the second tax installment payment: September 15, 2022
September 15, 2022 is the deadline for the payment of the second withholding tax installment for the 2022-2023 fiscal year. On this date, an individual is required to pay 45% of the amount of withholding tax.
- Deadline for making the third tax installment payment: December 15, 2022
December 15, 2022 is the last payment date of the third advance tax installment for the 2022-2023 fiscal year. 75% of the amount of the advance tax must be paid before this date, failing which interest will be charged if applicable.