Complete these important tasks by March 31 – PAN Adhaar Link

The Financial Year 2021-22 is coming to its end. However, before its end, we all have a few tasks to do. Below is the list of those tasks which you should complete by 31 March 2022.

Aadhaar-PAN Linking

• • Those who haven’t linked their PAN cards with their Aadhaar cards will be charged a penalty and their PAN cards will also get deactivated. The penalty will be charged under section 234H of the Income Tax act. The amount of penalty has not been announced but it shall not exceed Rs 1,000 if you get it linked after the said date. If not done on time, your Demat and trading accounts can get ceased too.
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• • The National Stock Exchange or NSE warned that if the investor has not yet linked his PAN card with the Aadhar card, then after March 31, 2022, he/she will not be able to do a new deal. Apart from this, the investor will not even be able to cut his open position because March 31 is the last date to link a PAN card with Aadhaar. In such a situation, the problems of investors without a link may increase later.
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How to Link Adhaar with PAN Card

• Step 1: Visit incometax.gov.
• Step 2: Login or Register yourself
• Step 3: Click on ‘Link Aadhaar’
• Step 4: Fill in the details and submit
• Step 5: After this the Income Tax Department will start the process of your link.

Complete KYC in Bank Accounts

• The RBI had extended the date for completing the KYC in bank accounts from 31 December 2021 to 31 March 2022. You can do so by submitting your PAN card, Aadhaar card details, address proof, etc. The banks are compelled to take their consumers’ information as per the Prevention of Money-laundering Act 2022 and the Prevention of Money-laundering Rules, 2005 (Maintenance of Records).
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Link the Small Savings Account to PO Savings

• The Department of Post made it mandatory for people to link their post office term deposit to their savings bank account if they want to get the interest credited to their account. The latest notification from the Department of Post said, “Interest on MIS/SCSS/TD accounts will be credited only in account holder’s PO Savings Account or Bank Account with effect from 01.04.2022. In case an account holder is not able to link his/her Savings Account with MIS/SCSS/TD accounts up to 31.03.2022 and interest is credited in MIS/SCSS/TD sundry office accounts, the outstanding interest should be paid only through credit in PO Savings Account or by Cheque. Interest payment in cash shall not be allowed from MIS/SCSS/TD sundry office account w.e.f. 1.04.2022.”
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Get KYC Updated in PM Kisan

• Eligible farmers must update their KYC by 31 March 2022 in order to receive their next installment. They can get this done either by online or offline methods. The notification of the PM Kisan website reads as follows, “eKYC is MANDATORY for PMKISAN Registered Farmers. Pls. click the eKYC option in Farmer Corner for Aadhar based OTP authentication and for Biometric authentication contact nearest CSC centers.”
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Maintaining a PPF Account

• If you have a PPF account by your name or your spouse’s name, it must be kept active by making a minimum annual deposit of Rs. 500. If not done, the account can go dormant. A dormant account can get reactivated by paying a small fee and continuing the annual deposit of Rs 500.
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KYC for Demat & Trading Account

• The guidelines issued by SEBI in April 2021 made it mandatory for the depositories, i.e., NSDL and Central Depository Services Ltd (CDSL) to ensure that the KYC details are updated in the Demat and trading accounts. These details include name, address, PAN, mobile number, email id, and income range.
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Avail the PMAY Housing Subsidy

• The Ministry of Housing and Urban Poverty Alleviation had established the credit-linked subsidy scheme in June 2015 as part of the Pradhan Mantri Awas Yojana- Housing for all. The third phase of the project shall come to an end on 31 March 2022. Make sure to avail of the scheme if you want to receive the subsidy.
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File Your Revised Income Tax Returns

• The last date to file the ITR for the financial year 2021-22 is 31 March 2022. The fine for late filing of ITR can be up to Rs 5,000 as per Section 234F under the Income Tax Act, 1961. The fine for people with an income up to 5 lakhs is Rs 1,000.
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