The Most Important Things To Do Before 31 March? How To Be Done?

Most important March 31, last date of the financial year in India. All the businessmen, employees and citizens of India have to complete all the work of the financial year before this date, today we will discuss about the important works to be completed  before 31 March 2022.

 KYC With The Bank

Reserve Bank Of India(RBI) has finalized 31st March is the last date of KYC updation of any account holder in all the banks, so any person should go to the bank before this date and ensure KYC updated. mobile number and email id should be updated so that can avoid fraud

 Adhaar PAN Card Linking

It is necessary for the people of India to link Adhaar with PAN by March 31, 2022, so if you have not linked  Aadhaar with PAN till date, then you must do it till March 31. According to the guidelines of the Government of India, those who have not linked their PAN with Adhaar by March 31, their PAN will be inactive. After PAN is inactive transactions of more than 50k amount cannot be done.

Investment Proof

It is the responsibility of the employer to deduct TDS if his employee’s income exceeds the tax exemption limit. So if you are also an employee then submit proof/receipt of investment in section 80G, 80D, 80C etc with the employer so that your TDS will not be deducted.

Minimum Contribution In Tax Saving Schemes

every person has to make tax saving investments for saving tax in India. Many of these investments like Public Provident Fund, National Pension Scheme, Sukanya Samriddhi etc. are such that some amount has to be transferred at least once in a whole financial year to avail tax benefits. For example, If you have invested in PPF for tax saving then you need to deposit the minimum amount 1000 / – in the financial year to keep your PPF account running and you have not deposited it yet in this financial year, then you should deposit it before 31st March So that your PPF account can remain active and you can get tax benefits

 Advance Tax Filing

If the tax of a person in the current financial year is more than Rs 10000 / – then according to the income tax law, tax amount more than 10000 / – should be deposited as advance tax before 15th March. If a person is an employee, then it is the responsibility of the employer to deduct the tax from the salary exceeding the tax exemption limit and deposit it in the Income Tax Department.

Long Term Capital Gains

According to the income tax law, investment made in share market or mutual funds will be taxed 2 types of tax.
1 Short Term Capital Gains Tax
2 Long Term Capital Gains Tax

first type of tax levied on a profit of investment in share market or mutual fund when profit booked in short term i.e. less then 1 year and the tax liability is 15% of profit

The Second type of tax levied on a profit of investment in share market or mutual fund when profit booked in long term i.e. more than 1 year.
long term capital gain tax is exempt if booked profit is less then 100000/- in a year and if profit exceed 100000 then tax rate is 10%