March 31 is not only the last day of the financial year 2022-23, but many rules related to taxpayers are also going to end on this day. Because of this, it is also considered a very important month. It is being said that there are 5 tax rules, whose deadline is March 31, 2023. For this reason, it is important to know these rules to avoid any kind of delay or penalty.
1. Income Tax Return Filing
If taxpayers want to file income tax return without any penalty then this is the last time for FY 2019-20. Also, if it has been filed, but there is a mistake in it, then the taxpayer should fix it before March 31, 2023. For this, the government launched a new ITR form called ‘ITR U’, in which defaults on ITR can be rectified up to two years from the end of the assessment year.
2. Payment of Advance Tax
The deadline to pay advance tax for the financial year 2022-23 is also March 31, 2023. Explain that if the assessee’s estimated tax during a year is Rs 10,000 or more then the taxpayers are required to pay advance tax during that financial year. Under section 234B, interest is levied for default in payment of advance tax if the taxpayer fails to pay it by March 31.
3. Tax Saving Investments
Taxpayers resort to various tax saving investments to save tax in the financial year. In such a situation, this will be the last chance to avoid tax for the financial year 2022-23. Taxpayers who have opted for the old tax regime are required to complete their tax-saving investments before March 31, 2023, for the current financial year.
4. PAN and Aadhaar Linking
For the convenience of the people, the government has been increasing the deadline for linking PAN and Aadhaar for a long time, but now it is being abolished. March 31, 2023 is the last date to link PAN and Aadhaar. Individuals who have not yet linked PAN and Aadhaar together, must compulsorily link their Aadhaar and PAN before the specified deadline. Those who fail to do so, their PAN will become inoperative from April 1.
5. Interest Benefit on Electric Vehicles
As of now, a deduction of Rs 1.5 lakh can be claimed on the interest paid on an electric vehicle purchased on loan for personal or business use under Section 80EEB of Income Tax. However, this benefit will not be available after March 31. This benefit given on electric vehicles has been introduced from April 1, 2019 to March 31, 2023.
