These are five significant financial tasks that need to be completed by March 31.
The fiscal year will end in the next two weeks, i.e. on March 31. Thus a number of financial-related tasks must be finished. If you still haven’t finished the crucial chores, now is the time to do so with just over a week before current fiscal year ends.
The deadline for linking a Permanent Account Number (PAN) card with an Aadhaar card has been extended by the Central Board of Direct Taxes (CBDT) to March 31, 2023. You can visit the new income tax website and finish the process before the end of this month if you haven’t linked your PAN with Aadhaar.
Also Read : Bank Of Baroda Asks Customers To Complete KYC Before March 24
Tax Saving Investments
Compile all of your tax-saving investments from the current fiscal year 2022–2023 in one place. If you haven’t made any investments in savings, you only have this month. For salaried tax payers, section 80C offers the most significant tax savings opportunity, for which a deduction of Rs 1.5 lakh is permitted.
Submit Form 12B
Form 12B is an income tax form that needs to be given by the salaried individual if he joins any new organisation in the middle of the year. If you changed jobs during the fiscal year 2022–2023, use Form 12B to report your new income. Based on the information given in Form 12B before March 31, your new organisation will be able to deduct exact TDS.
Belated ITR or revised ITR
The last date for filing belated ITR for FY 2021-22 is 31 March 2023. So if you have missed filing your ITR for some reason, you can do so by the end of this month.
Special FD scheme by SBI, HDFC Bank, Indian Bank, IDBI bank and Punjab & Sind Bank
Some banks including SBI, HDFC Bank, Indian Bank, IDBI bank and Punjab & Sind Bank had announced special FD scheme or limited period FD Schemes for its customers which are all ending on 31 March 2023. The Special FDs include SBI Amrit Kalash Deposit FD Scheme, HDFC Bank Senior citizen Care FD, Indian Bank IND SHAKTI 555 DAYS FD Scheme, IDBI Bank Naman Senior Citizen Deposit and Punjab & Sind Bank Special FD Scheme –PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit and PSB-Utkarsh 222 Days.
KYC for Banks
The Reserve Bank of India had extended the deadline for bank account KYC to 31 March 2023. So you must update your details if you haven’t done it so far.
Also Read : Income Tax: How Advance And Self-Assessment Taxes Are Calculated And Paid?
Long-term capital gains
The final day for people wishing to use section 54 GB to avoid paying long-term capital gains (LTCG) tax has been extended by the Central Board of Direct Taxes (CBDT). According to the circular, anyone who sold a house or other capital asset and received LTCG now has until March 31, 2023 to invest the LTCG in specified instruments (typically a residential property or specified bonds) in order to reduce their tax liability between April 1, 2021 and February 28, 2022 (both dates inclusive). On January 6, 2023, the CBDT published a circular regarding this.