The final month of the fiscal year 2022–23 has begun.
March is a more significant month in terms of personal finance because some important tasks must be completed by March 31st, 2023. Failure to complete the tasks may lead to more tax outgo, the levying of penalties, or some other financial consequences.
Let's take a look at some important financial tasks you must complete on or before March 31, 2023:
Link PAN Card To Aadhar Otherwise It Will Become Inoperative
India's Income Tax Department had, in December 2022, sent a reminder that those PAN (permanent account numbers) that are not linked with Aadhaar by the end of March 2023 will become "inoperative".
"As per the Income-tax Act, 1961, it is mandatory for all PAN holders who do not fall under the exempt category to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative." a tweet by Income tax department said.
Tax Saving For FY2022-23
Just like every financial year, taxpayers need to make tax saving investments for current financial year 2022-23, which ends on March 31st 2023. The deadline for tax-saving investments for FY2022-23 will end on March 31, 2023.
If you fall into taxable income category and have not yet done any tax saving for the soon to be concluded FY 2022-23, then do it as soon as possible to reduce your total tax liability. Some of the popular tax saving options are PPF, tax saver bank fd, life and health insurance premium, home loan interest and principal repayment, donations to eligible charitable institutions, amongst many more.
Advance Tax Payment For FY 2022-23
The last date to pay final installment of advance tax payment for financial year 2022-2023 is March 15, 2023.
By this date 100 percent of advance tax liability has to be paid by taxpayers. As per income tax department, if the estimated tax liability of the taxpayer is Rs. 10,000 or more, then he has to discharge his tax liability in the form of advance tax. Also, any tax paid till 31st March will be treated as advance tax .
Investing In Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana (PMVVY) was introduced in 2019 to provide a regular stream of income to senior citizens. Applications for this are being accepted till 31 March, 2023. This scheme is offered by LIC and has a tenure of 10 years with a guaranteed monthly income.
Anyone above the age of 60 years can participate in the scheme, and there is no maximum entry age. The policy has a tenure of 10 years from the date of issue. The total amount for all the policies held under the PMVVY scheme by a senior citizen cannot exceed Rs.15 lakh.
Courtesy - India Times
Link - https://www.indiatimes.com/worth/news/personal-finance-tasks-march-2023-deadline-594552.html