With the start of a new year comes a fresh set of financial responsibilities. Every year, there are a number of dates that must be met in order to avoid being penalised by authorities.<\/p>\n\n\n\n
Every individual has financial commitments in the form of tax commitments or official requirements that must be met each year. As the year 2022 starts, here are 5 important deadlines that you must consider in order to avoid any kind of action. Also, it is advisable to review any financial changes that have been implemented or will be implemented in the near future.<\/p>\n\n\n\n
Life insurance certificate submission<\/strong><\/p>\n\n\n\n February 28 Due to the ongoing Covid-19 pandemic in many states and the vulnerability of the elderly population to Corona Virus, the deadline for submitting Life Certificates for all age groups of pensioners has been extended from December 31, 2021. All Central Government pensioners can now submit a Life Certificate until February 28, 2022. According to an official statement from the Department of Pension and Pensioners’ Welfare pension will continue to be paid by the Pension Disbursing Authorities (PDAs) uninterrupted over this extended period.<\/p>\n\n\n\n All government pensioners must submit a life certificate, or Jeevan Praman Patra, by February 28. The pension will be paid in full by the Pension Disbursing Authorities (PDAs) for this extended term.<\/p>\n\n\n\n ITR verification<\/strong><\/p>\n\n\n\n February 31 For AY2020-21, the Central Board of Direct Taxes (CBDT) has granted a one-time relaxation for verification of e-filed ITRs that are pending for verification due to non-submission of ITR-V form or pending e-Verification,” the board said in a tweet, followed by a circular. By February 28, 2022, such verification must be completed. By June 30, these returns will be processed, and a refund will be issued.<\/p>\n\n\n\n Advance tax payments<\/strong><\/p>\n\n\n\n March 15 Salaried people with no other source of income do not need to be concerned about this deadline because their employers already deduct TDS on their behalf. Salaried professionals, on the other hand, are obliged to pay advance tax if their total income from other sources, such as rent from a property, capital gain, or interest from a bank deposit, exceeds Rs 10,000 per year and is not declared to their employers.<\/p>\n\n\n\n For example, if you are a salaried professional who has received dividend income or made substantial capital gains by selling shares, then you need to take care of this deadline.<\/p>\n\n\n\n Life certificate submission<\/strong><\/p>\n\n\n\n Claim deduction for TDS for FY22<\/strong><\/p>\n\n\n\n March 31
<\/strong>In order to continue receiving government pension benefits, government pensioners must provide proof of life or a life certificate every year. The deadline for submitting a life certificate has been extended to February 28 from December 31.<\/p>\n\n\n\n
<\/strong>The deadline for filing the Income Tax Return for Assessment Year 2020-21 was December 31, 2021; however, individuals who have failed to finish the e-verification process have been permitted until February 31, 2022, to do so. The Central Board of Direct Taxes (CBDT) said on Sunday that it has granted a one-time waiver for the verification of e-filed ITRs that have yet to be verified digitally. The move was made in response to reports of problems with the IRS’s e-filing portal.<\/p>\n\n\n\n
<\/strong>The deadline to pay advance tax for income generated in the fiscal year 2021-22 is March 15, 2022. If your income tax liability exceeds Rs 5,000 net of Tax Deducted at Source (TDS) in a given financial year, you must pay advance tax under the Income Tax Act.<\/p>\n\n\n\n
<\/strong>If you’ve chosen the old tax system for the fiscal year 2021-2022, make sure to finish your tax preparation by March 31, 2022. To claim the income tax deductions provided by the government under Section 80C, 80CCD(1B), all taxpayers must invest a portion of their profits.<\/p>\n\n\n\n