FINANCE

The income tax department has asked taxpayers to check their Annual Information Statement (AIS) or Form 26AS (Tax Credit) to see whether they need to file Income Tax Returns (ITR) or not. “Don’t delay, file a belated ITR no,” the Income Tax department said. ITR LAST DATE The last date to file ITR for AY 2021-22 is March 31, 2022. “Dear taxpayers, Pl check your AIS or 26AS & file your ITR for AY 2021-22. The last date to file ITR for AY 2021-22 is 31st March, 2022,” Income Tax India tweeted. ITR LATE FEE If a taxpayer fails to file ITR for AY 2021-22 before March 31, 2022, then he or she needs to pay a late fee of Rs 1,000 or Rs 5,000. The late fee will be applicable as per section 234F of the Income Tax Act, 1961. AADHAAR-PAN LINK Taxpayers need to link Aadhaar and PAN under the Income Tax Act, 1961. “Link your PAN & Aadhaar to enable quick & easy e-verification of ITRs. The due date to link your Aadhaar & PAN is 31st March, 2022,” Income Tax India tweeted. ...

4 most important things you should finish before 31st March’22 1️⃣ Planning your #TaxSavingInvestments u/s 80C - 80U 2️⃣ Filing Belated or Revised ITR for AY 21-22 3️⃣ Aadhar & PAN linking  4️⃣ Updating #BankAccount KYC 1️⃣ Planning your Tax Saving investments u/s 80C - 80U Action: Invest/spend before this March’22 to become eligible for claiming deductions under respective sections. Consequence for default: Deductions cannot be claimed. 2️⃣ Filing Belated or Revised ITR for AY 21-22 Action: Use this last opportunity to file your belated or revised ITR. Consequence for default: ITR for AY 21-22 CANNOT be filed, unless you show genuine reasons for such default. 3️⃣ Aadhar & PAN linking  Action: Make sure to link them to avoid PAN becoming invalid.  Consequences for default: PAN becomes Invalid, Penalty upto Rs. 10,000 u/s 272B & late fee u/s 234H upto Rs. 1,000 4️⃣ Updating Bank Account KYC Action: Make use of this extended due date by RBI Consequences for defa...

As FY21-22 comes to an end, here’s a checklist of financial tasks you need to get done Invest to save tax If you haven’t made tax-saving investments so far, there is no option for you but to do it now Find time to assess your income for the year and figure out how much you will need to invest in the tax saving instruments. Collect all the documents related to your big purchases, such as a house, during the year, as well as any investments you might have made, then calculate how much more you need to invest. Once you have a number, you can figure out where to invest. It is important to avoid falling prey to mis-selling and investing in products which are not in line with their asset allocation, risk appetite or goals. So before buying that life insurance policy, investing in that five-year fixed deposit or equity-linked savings scheme, check their suitability to your needs and risk appetite. “Detailed suitability and risk profiling will help investors find out their tolerance and select...

This just happened to me. INSANE. Some idiot used my Pan to take a 2000 RS loan and FCK’d my CIBIL score and @IVLSecurities did nothing to help sort. HOW DOES INDIA BULLS ALLOW THIS @ibhomeloans @CIBIL_Official” That was a tweet from Sunny Leone (later deleted) posted on the 17th of February Wait, why are we talking about Sunny Leone? Well, in case you haven’t heard, a loan fraud is doing the rounds in India. And it’s wreaking havoc on credit scores. It has all the markings of identity theft. You know when some dubious individual gets his hands on an unsuspecting person’s unique identity number and then uses the information to commit financial frauds. For instance, take Sunny Leone’s case. Someone used her identity, took out a loan of about ₹2,000 and then defaulted on payments. When you default on payments your credit score goes for a toss. And that can impact so many things. Banks may refuse to dole out new loans. You may be asked to pay a higher interest rate. And you may even have...