Financial Work Before 31 March 2023: Balance sheets and income statements of companies are prepared by organizations around the world over a period of one year. The financial year in India begins on 1 April and ends on 31 March. This period of income generation is known as the financial year. March 31 is an important date for completing financial transactions. Finish these five tasks before March 31
1. Link Aadhaar-PAN Card
All people will have to link Aadhaar with PAN by March 31, 2022. If you have not yet linked in both the documents, you should do so as soon as possible. After the deadline, the PAN cards of those who have not yet linked it will become inactive.
2. Update KYC with Bank
The deadline for completing KYC has also been extended till March 31. Hence, account holders need to update KYC to avoid disruption of their transactions.
3. Advance Tax Filing
As per the Income Tax Law of India, there is a provision for advance tax on the basis of presumptive income. If the tax liability on the basis of presumptive income exceeds Rs 10,000, then such taxpayer is required to pay advance tax.
- 1st installment June 15 15%
- 2nd installment September 15 45%
- 3rd installment December 15 75%
- Fourth installment March 15 100%
4. Invest to save tax
To save tax, one has to invest in tax saving schemes like Public Provident Fund, National Pension Scheme, Sukanya Samriddhi Yojana to avail tax saving benefits under section 80C. One needs to invest in such schemes to save tax. This will help them to save some amount through this.
5. Pay pending tax
If the person is eligible to pay tax, the arrears of tax should be resolved by making the pending payment at the earliest.
