The PAN-Aadhaar linking deadline is set to expire on March 31, 2023, which means if you fail to link your PAN card with your 12-digit Unique Identification Number, your PAN will become inactive from next month . Apart from this, the end of March will also mean the end of the current financial year. Hence, there are several other financial tasks such as filing of updated Income Tax Return (ITR) for AY 2020-21, advance tax payment and tax saving investments, which need to be completed by the end of this month. In fact, the last date for advance tax payment is March 15, 2023 and needs to be done on an urgent basis.
Here we list the top 5 money tasks that you must complete in March 2023 with the given deadlines:
1]PAN-Aadhaar Link: After giving a series of extensions in the Aadhaar-PAN linking deadline, the Income Tax Department has set March 31, 2023 as the new deadline for linking the two important KYC document. According to the Income Tax Department, any Pan Card Will be inactive from 1st April 2023, if it is not associated with any Aadhar card, PAN-Aadhaar linking is free till March 31, 2023, while PAN-Aadhaar linking will be charged from April 1, 2023. 1,000.
2]Submission of updated ITR: The last date for submission of updated ITR for FY 2019-20 or Assessment Year 2020-21 is March 31, 2023. 2023.
3]Advance Tax Payment: As per the Income Tax Department, the last installment of advance tax for FY23 has to be deposited by March 15, 2023. Income tax Act, a person has to pay advance tax if his estimated tax liability is 10,000 or more after deducting Tax Deducted at Source (TDS).
4]Tax Saving Investment: The end of March also means the end of the financial year, an earning individual whose annual income is more than the basic income in the income tax slab, is eligible to invest in public provident funds (PPF), ELSS mutual funds, tax saving bank FDs, etc. Need to see the way. etc.
5]Tax Saving Insurance: Tax and investment experts always suggest an earning individual to take life insurance other than investment options as this is done for your dependents when you are not present to take care of your family members. Therefore, life insurance should be considered as a separate investment option. However, insurance helps an earning individual to claim income tax exemption. However, as per the new income tax rule applicable from 1st April 2023, the income from life insurance policies is higher than the annual premium 5 lakh will be taxable. But, if you buy a higher priced insurance policy 5 lakh annual premium on or before March 31, 2023 will not come under the new income tax rule.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.