Important Financial Tasks Should Be Completed Before Mar 23

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.
Arpit Kulshrestha

Arpit Kulshrestha seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of SAG infotech which provides taxation and IT software. Writing from observations and researching makes his articles virtuous.

Recent Posts

No GST Returns Will Be Accepted If Filed More Than 3 Years Past Their Due Date

An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…

6 hours ago

Delhi HC: Two Judgment Orders Against One SCN Cannot Be Accepted for the Same Period

It was cited by the Delhi HC that the two adjudication orders against one SCN…

8 hours ago

CBDT Allows Electronic Filing of Forms 3CEDA and 3C-O Via Notification No. 5/2024

The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…

9 hours ago

October 2024 Records the 2nd Highest GST Collection, Driven by Domestic Sales

In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…

11 hours ago

UP AAR: GST Will Be Levied on the Installation of Electricity Distribution Systems by DISCOMs

Goods and Services Tax (GST) is to get paid on the procurement of materials and…

2 days ago

Bombay HC Quashes Rejection Order for Voluntary GST Cancellation Due to Lack of Stated Reasons

The Bombay High Court carried that as the revocation orders for the registration cancellation on…

3 days ago