Important news for NPS, PPF account holders. In fact, according to a recent update, it is being said that this account holder should settle this work before March 31, otherwise he may have to pay a heavy fine.
The date for linking PAN with Aadhaar (Pan-Aadhar Link) is ending on 31 March 2023. Along with this, the current financial year will also end on March 31 and the new financial year will start from April 1.
That’s why people have to settle many financial tasks before 31st March. This includes work ranging from Income Tax Return to Investment. Therefore, before the end of the month of March, you should complete these four tasks related to finance as soon as possible.
PAN-Aadhaar Link-
The last date to link PAN card with Aadhaar is 31 March 2023. After this date, such PAN cards will be deactivated, which will not be linked to Aadhaar. The Income Tax Department has clearly said that if someone does not link his PAN and Aadhaar by March 31, 2023, his PAN card will become inoperative.
Every time the date for linking PAN with Aadhaar was extended, but the Income Tax Department is not in the mood to extend the deadline this time. The Central Board of Direct Taxes (CBDT) has fixed a late fine of Rs 1000 for linking PAN with Aadhaar after June 30.
Updated ITR-
The last date for filing updated income tax return for FY 2019-20 or Assessment Year 2020-21 is March 31, 2023. If any taxpayer feels that the discrepancy mentioned in the e-verification is correct, then he can send a reply to the Income Tax Department for the same. Along with this, taxpayers can also file updated returns.
Investment in savings scheme-
The current financial year is about to end in a few days. So if you are a taxpayer, complete the work of investing in savings schemes to save tax. Under Section 80C of Income Tax, a rebate of up to Rs 1.50 lakh is available on investment. You can avail tax deduction by investing in Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, Public Provident Fund and National Pension Scheme. Apart from this, you can also invest in tax saving fixed deposit scheme.
On the other hand, if you have already invested in these schemes, then the last date for annual deposit is also March 31, 2023. In savings schemes, the amount has to be deposited once a year. Therefore, the fixed amount should be deposited before the end of the financial year.
LIC policy with high premium-
If you want to avail tax deduction on LIC policy with high premium, then it has to be subscribed before 31st March. After March 31, 2023, there will be no exemption on this. According to the new income tax rules applicable from April 1, 2023, income from life insurance policies above the annual premium of Rs 5 lakh will be taxable.
But, if you buy an insurance policy with an annual premium of more than Rs 5 lakh before March 31, 2023, it will not come under the new income tax rule.
