Due to the end of the fiscal year and the numerous deadlines for reports and investments, March is an important month for finances. If you wait until after March, you can lose out on tax-saving investments for FY 2022–23 and you might get fined for missing deadlines. Before March 2023 ends, let’s talk about some impending financial deadlines you might want to know about.
PAN-Aadhaar linking before it becomes inoperative
Permanent Account Numbers (PANs) that are not linked with Aadhaar by the end of March 2023 will become “inoperative,” the Indian Income Tax Administration had warned in a December 2022 notice. If the PAN card is not linked to your Aadhaar by the deadline then it might cost you Rs. 1,000.
Updating ITR forms for FY19-20
For FY 2019–20, the amended income tax return (ITR) deadline is March 31, 2023. Taxpayers can therefore file a revised ITR or ITR-U if they failed to file for the relevant financial year or if they failed to disclose any income.
(Also Read: EPFO higher pension scheme: Know how to get Rs 18,857 pension after retirement)
Tax saving investments
The deadline for FY2022-23 tax-saving investments is March 31, 2023. While the primary goal is to reduce tax liability and increase savings, tax planning is one of the crucial components of financial planning.
Pradhan Mantri Vaya Vandana Yojana investment
Investments in the Pradhan Mantri Vaya Vandana Yojana, an insurance-cumulative pension plan to provide senior persons with guaranteed annuities in their retirement, are accepted till March 31, 2023. Investors in this plan receive a guaranteed pension for ten years at a rate of 7.4 per cent, which can range from Rs 1,000 to Rs 9,250 per month.