From PAN-Aadhaar linking to KYC update in bank accounts: Financial deadlines to meet in March 2022

March is the end of the 2021-22 financial year which also means that many deadlines will also be lined up which, if not duly followed, can lead to fines or disturbances in personal finance. 

From PAN-Aadhaar linking to KYC update in bank accounts - here are the deadlines you should meet by the end of March. 

Belated ITR filing 

Given the Covid-19 pandemic, the Income Tax department extended the last date for ITR filing for FY 2020-21 several times. The last deadline was set at December 31, 2021, however, if someone missed that deadline, they can file the returns till March 31, 2022. 

While filing the belated IT returns, the taxpayer will also have to pay a certain fine for missing the deadlines, along with added taxes. 

Late filing fee - Rs 1,000 in case the Gross Total taxable income during the financial year does not exceed Rs 5 lakh, or Rs 5,000 otherwise.

PAN-Aadhaar card linking 

The last date to link PAN to Aadhaar is set at March 31, 2022. Anyone who will miss the deadline will have to pay a penalty of Rs 1,000 and will also risk their PAN becoming invalid. There are several ways to link your PAN-Aadhaar;

Visit the e-filing website 
Send UIDPAN to 567678 or 56161
Offline through PAN services centers of National Securities Depository Limited (NSDL) and UTIITSL.

KYC Update in Bank Accounts 

The Reserve Bank of India (RBI), in 2021, extended the last date to complete the KYC in bank accounts till March 31, 2022. In case you miss out on the deadline for a KYC update, your bank account might get frozen. 

Advance Tax Installment 

The last date for the payment of the fourth installment of advance tax is March 15, 2022. All taxpayers including salaried, freelancers, and businesses are required to pay advance tax.