Last Update: March 21, 2023, 11:47 AM IST
Important financial tasks to complete before April 1
Income Tax Department has declared the last date to link your PAN card with Aadhaar is March 31, 2023
We are nearing the end of FY23 and FY24 will start from 1st April. Around this time, most of us are busy making new investment plans. March 2023 is important from personal finance point of view as there are some important tasks to be completed in the month from PAN-Aadhaar linking to planning taxes, Missing these means you have to pay penalty or face other consequences.
Link your PAN with your Aadhaar Card
The Income Tax Department has declared the last date for your linking as March 31, 2023. pan card with aadhar, PAN and Aadhaar can now be linked with a fine of Rs 1000. If you do not link both the ID cards before the last deadline, your PAN will become inactive. The last date to link PAN and Aadhaar without penalty was June 30, 2022.
Updated ITR
The last date for submission of updated ITR for FY20 or Assessment Year 2020-21 (AY21) is March 31. Taxpayers should file updated ITR if they have omitted some income details or made any error while filing ITR in FY20. Even if ITR was not filed in FY 20, it can be filed. However, those with nil or negative returns cannot file an updated ITR.
Form 12BB
The last date for filing Form 12BB is also March 31. A salaried employee has to submit this form to the employer to claim tax benefits or exemptions on his investment. It came into force on June 1, 2016. Some of the things that must be included in the form are House Rent Allowance (HRA), Leave Travel Concession (LTC) and interest on the home loan.
tax saving investment
Investments made before March 31, 2023 will be available for claiming deduction under the old income tax regime while filing ITR for FY23. Under Section 80C of the Income Tax Act, taxpayers can claim a deduction in the old tax regime with a limit of Rs 1.5 lakh. Investment options that can be looked at for this are Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS) and National Pension Scheme (NPS).
pay advance tax
Every taxpayer having a tax liability of more than Rs 10,000 has to pay advance tax, It is paid in four instalments. 15 per cent of the tax due is to be paid by June 15, another 30 per cent by September 25, another 30 per cent by December 15 and the remaining 25 per cent by March 15 of the current financial year.
If the person has changed his job or has additional income, he needs to calculate and pay additional tax in advance by March 31. If there is a delay, the taxpayer will have to pay 1 per cent interest per month on the due amount.
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