ITR, Aadhaar, Tax Planning: 5 Important Deadlines To Observe In 2022ITR, Aadhaar, Tax Planning: 5 Important Deadlines To Observe In 2022
With a new year comes new financial responsibility. There are a number of deadlines that must be met each year in order not to be punished by the authorities.
At the beginning of 2022, we take a look at important dates in the future that warrant action by those who affect them. It’s also important to make money-related changes that will either be enforced or will be enforced in the future.
Submission of life certificate
Entitlement deduction for TDS for FY22
March 31: If you opted for the old tax system for the 2021-22 fiscal year, make sure that tax planning is completed by March 31, 2022. All taxpayers must invest a portion of their income to claim income tax deductions under Section 80C, 80CCD (1B) to encourage savings.
Submission of the life insurance certificate
February 28: State pensioners are required to provide proof of life or certificate of life each year in order to continue receiving pension payments from the government. The deadline for submitting the life certificate has been extended from December 31 to February 28.
“In view of the ongoing Covid-19 pandemic in various states and in view of the vulnerability of the older population to the corona virus, it has now been decided to extend the existing deadline to December 31, 2021 for the submission of life certificates for all age groups of retirees . Now all pensioners can submit a certificate of life to the central government by 02/28/2022. During this extended period, the pension will continue to be paid uninterruptedly by the PDAs, ”said an official statement from the Department of Pension and Pensioners’ Welfare.
It should be noted that all state pensioners must present the Certificate of Life or Jeevan Praman Patra by February 28th. During this extended period, the pension will continue to be paid uninterruptedly by the Pension Payment Authorities (PDAs).
February 31: The deadline for filing the income tax return for the 2020-21 assessment year was December 31, 2021, but the electronic review was extended to February 31, 2022 The Board of Direct Taxes (CBDT) announced on Sunday, that it has granted a one-time relaxation for the review of electronically filed ITRs that are pending electronic review. The decision was made based on complaints about breakdowns in the Income Tax Office’s e-filing portal.
“The Central Board of Direct Taxes (CBDT) has provided a one-time relaxation for the review of electronically submitted ITRs for AY2020-21 that are pending review due to failure to submit the ITR-V form or pending electronic review.” in a tweet with followed by a circular. This review must be completed by February 28, 2022. These returns will be processed by June 30th, followed by a refund.
March 15: The last day for advance tax payments on income generated in the 2021-22 financial year is March 15, 2022. Under the Income Tax Act, advance tax is payable if the income tax liability exceeds Rs 5,000 net At the Source (TDS) deducted in a given fiscal year.
Employees who have no other source of income do not have to worry about this deadline as employers are already deducting TDS for them. However, salaried employees are liable to tax if total income from other sources such as rent from a property or capital gains or interest on bank deposits that are not explained to employers exceeds Rs 10,000 per year.
For example, if you are an employee who earns dividends or has made significant capital gains by selling stocks, this is the deadline to keep in mind.
March 31: The government has extended the final date for linking the Aadhaar number to the PAN to March 31, 2022 in light of the difficulties arising from the COVID-19 pandemic. In the Finance Act 2021, recently passed by the Lok Sabha, the government introduced an amendment that requires a person to pay a late fee of up to 1,000 rupees if PAN is not linked to aadhaar.