5 Key Financial Deadlines in 2022 You Must Not Forget

With the advent of the New Year 2022, taxpayers and citizens have to adhere to a few changes related to their tax, aadhar, pension and other money-related transactions. The Central Government has also issued deadlines so that one can avoid getting penalised by authorities.

5 Key Financial Deadlines in 2022 One Must Not Miss

Claim deduction for TDS for FY21-22

For the financial year, 2021-22 ensure that you complete your tax planning exercise by March 31, 2022. Make sure you invest a portion of earnings in order to claim income tax deductions given by the government under Section 80C, 80CCD(1B) of the Income Tax  Act.

Life insurance certificate submission

The deadline for the submission of the life certificate has been extended from December 31 to February 28 for government pensioners. The proof of life certificate is a must to receive pension payments. “In view of the ongoing Covid-19 pandemic in various states and keeping in view of the vulnerability of the elderly population to Coronavirus, it has now been decided to extend the existing timeline of 31.12.2021 for submission of Life Certificate for all age group of pensioners. Now, all Central Government pensioners may submit Life Certificate till 28.02.2022. During this extended period, the pension will be continued to be paid by the Pension Disbursing Authorities (PDAs) uninterrupted,” said an official statement from the Department of Pension and Pensioners’ Welfare.

It is to be noted that all government pensioners need to submit the life certificate or Jeevan Praman Patra by February 28. During this extended period, the pension will be continued to be paid by the Pension Disbursing Authorities (PDAs) uninterrupted.

Income Tax Returns (ITR) verification

The deadline for filing Income Tax Return for the Assessment Year 2020-21 was extended from December 31, 2021, to February 31, 2022. The Central Board of Direct Taxes (CBDT) on Sunday said it has given one-time relaxation for the verification of e-filed ITRs, which are pending e-verification. The decision was taken amid complaints of glitches in the e-filing portal of the income tax department.

“The Central Board of Direct Taxes (CBDT) has provided a one-time relaxation for verification of e-filed ITRs for AY2020-21 which are pending for verification due to non-submission of ITR-V form or pending e-Verification,” the board said in a tweet followed by issuing a circular. Such verification must be completed by February 28, 2022. These returns will be processed by June 30 followed by the issuance of a refund.

Advance tax payments

The last date to make advance tax payments for the income earned during the financial year 2021-22 is March 15, 2022. As per Income Tax Act, advance tax is required to be paid if income tax liability exceeds Rs 5,000 net of Tax Deducted at Source (TDS) in a particular financial year.

Linking Aadhaar with PAN Card

The  Government has further extended the last date for linking of Aadhaar number with PAN to March 31, 2022, considering the extension of the COVID-19  and Omicron situation. In the Finance Bill, 2021, passed by the Lok Sabha recently, the government has introduced an amendment under which a person will be liable to pay a late fee of up to Rs 1,000 in case of non-linking of PAN with Aadhaar.

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