AMA: Financial Year End Checklist '22

As the financial year is drawing to a close, everybody wants to know if they have missed out on any of the important things. We have listed them down here. Feel free to ask a question regarding what should be kept in mind before the end of the Financial Year here, we would love to answer and help you out. :blush:

1. Can I still file my ITR for F.Y 2020-21?
A: Yes, you can file a belated return by 31st March 2022.
However, it comes with consequences:

  • Interest Penalty u/s 234A
  • Late Filing Fees u/s 234F
  • Inability to carry forward losses (except house property loss)

If you have already filed your ITR & want to make amends to it, you can file a revised return by 31st March 2022 as well.

2. I want to make tax-saving investments for F.Y 2021-22. Can I still do that?

Yes, you can make tax-saving investments for F.Y 2021-22 by 31st March 2022.
Also, if you are a salaried individual, make sure to submit your investment proofs to your employer by 31st march 2022 as well to optimise your TDS deducted.

3. By when should I link my PAN to Aadhaar?

31st March 2022 is the due date to link your PAN to Aadhaar. So make sure to do it before that.

4. Is it too late for me to do Tax Loss Harvesting?

Absolutely not. In fact, since the price of securities keep changing every day, it is best to practise Tax Loss Harvesting towards the end of the Financial Year. However, make sure that you are done with it before 31st March 2022.