The last day of March marks the end of a financial year. With the new fiscal year beginning from April 1, it is important that we complete necessary financial tasks to get some much-needed benefits. As the financial year is coming to an end, here are the five things you must finish before it is too late.
Mutual funds nomination
According to a circular by the Securities and Exchange Board of India (SEBI), it is important for mutual fund investors to submit nomination for the existing folios by March 31. This includes jointly-held folios while the new unit holders should either submit the nomination form or the declaration stating that they are opting out of the nomination.
According to the SEBI note, an individual mutual fund unit holder can nominate a person to claim funds or the nomination proceeds in case of his/her demise.
Seven days are left before this financial year ends. You still have time to claim your income tax exemption under Section 80C. You can do this through investments in Public Provident Fund (PPF), equity linked saving schemes (ELSS), Sukanya Samriddhi Yojana etc.
The last date to link your Permanent Account Number (PAN) and Aadhaar is March 31. You still have five days to complete the process. According to the Central Board of Direct Taxes (CBDT), failure to link PAN and Aadhaar will lead to the former being inoperative on April 1.
In case you wish to avail tax exemption benefits on high-premium LIC policy, then you have a little over a week for buying a policy before the deadline. From April 1, this exemption is not available.
It is an insurance policy and pension scheme which allows investments up to ₹15 lakh. The PMVVY provides senior citizens with regular income at an interest of 7.40 per cent per annum. The last day for investing in this scheme is March 31, 2023.