The current financial year is coming to an end on March 31 and so are deadlines for several monetary tasks. Deadlines ranging from linking PAN to Aadhaar, paying advance tax to filing updated Income Tax Return (ITR) will end on March 31, 2023. If you miss these deadlines, you will have to face some consequences in the form of penalties etc.
Here’s the list of the financial tasks to be accomplished by March 31.
1. PAN-Aadhaar linking: The Centre has made it mandatory to link Permanent Account Number (PAN) to Aadhaar, before March 31. The deadline to link PAN with Aadhaar has been extended several times before. However, if the current deadline is missed, then PAN will become ‘inoperative’ from April 1, according to an advisory by the Income Tax Department. After the deadline, taxpayers can link the two by paying a fine of ₹1,000.
2. Filing updated Income-Tax Return (ITR): The deadline for filing the revised income tax return for FY 2019-2020, or AY 2020-21 is March 31. Tax payers will not be able to file the same after the deadline is passed.
3. Advance tax payment: According to the IT department, the deadline to submit the final installment of the advance tax payment for the fiscal year 2022–2023 is March 15, 2023. In case of any default in payment of advance tax, the taxpayer would have to pay the respective penalties. As per the Income-Tax Act, an individual with an estimated tax due of ₹10,000 or more after Tax Deducted at Source (TDS) deduction is required to pay advance tax.
4. Tax-Saving investments: The taxpayers who opted for the old tax regime must finish their tax-saving investments before March 31, 2023, for the fiscal year 2022–23. In the old tax regime, taxpayers could deduct a variety of expenses related to their investments.
5. Pradhan Mantri Vaya Vandana Yojana: The Pradhan Mantri Vaya Vandana Yojana (PMVVV) is an insurance policy-cum-pension scheme that provides senior citizens with regular income. An individual can invest up to ₹15 lakh in the scheme. Investments in this plan must be made by March 31, 2023.