The deadlines for a number of financial duties are approaching as the current fiscal year comes to a conclusion on March 31. By March 31, 2023, all deadlines will end, including those for tying PAN to Aadhaar, paying advance tax, and submitting updated Income Tax Returns (ITR). If you miss these deadlines, you will have to deal with penalties and other repercussions.
Essential Financial Tasks Must be Completed by March 31
Here are some essential financial tasks we must complete before the 31st of March 2023. These tasks include advance tax, updated income tax return, PAN-Aadhaar linking, etc.
- Linking your PAN-Aadhaar: Before June 30, the Permanent Account Number (PAN) must be linked to Aadhaar by the government. Many times before, the PAN and Aadhaar linkage date was postponed. According to a warning from the Income Tax Department, PAN would stop being “operational” on July 1 if the present deadline is missed. Taxpayers who link the two after the cutoff date must incur a Rs 1,000 fee.
- Updated ITR Filing: The updated income-tax return for FY 2019–2020, or AY 2020–21, must be submitted by March 31. The same cannot be filed by taxpayers after the deadline has gone.
- Payment of the Advance Tax: The last instalment of the advance tax payment for the fiscal year 2022–2023 must be submitted by March 15, 2023, according to the IT department. The taxpayer would be responsible for paying the appropriate penalties in the event of any advance tax payment default. According to the Income-Tax Act, a person must pay advance tax if their projected tax liability is Rs 10,000 or more after Tax Deducted at Source (TDS) deductions.
- Investments in Tax-Saving: During the fiscal year 2022–2023, taxpayers who choose the former tax system must complete their tax-saving investments before March 31, 2023. Taxpayers may deduct a number of costs connected to their assets under the previous tax regime.
- PMVVV Scheme: An insurance policy-cum-pension scheme called the Pradhan Mantri Vaya Vandana Yojana (PMVVV) gives older persons a steady income. A person may contribute up to 15 lacks to the scheme. By March 31, 2023, investments must be made in this plan.
