The fiscal year ends on April 1 and March is the last month. In Spring, there are a few undertakings which individuals normally need to do consistently to set aside some cash and get monetary advantages. This includes things like IT returns and investments.
As the current fiscal year 2022-23 comes to an end on March 31, there are five crucial tasks that need to be completed:
The government has made it required to link PAN (Permanent account number) with Aadhaar throughout the previous few years. However, many individuals have not yet completed the procedure. Therefore, you should link it before March 31 if you have not already. You must pay a Rs 1,000 fine. Your PAN will cease to be valid on April 1 if you do not link it to your Aadhaar.
Nomination for mutual funds
If you invest in mutual funds, you must submit your nomination by March 31. Investors who don’t follow this rule won’t be able to trade in their investments and will have their investments frozen.
Section 80C tax exemption:
You can invest before March 31 in multiple investment schemes to qualify for Section 80C tax exemptions. To avoid paying taxes, one can put money into PPF, ELSS, and other similar schemes.
PM Vaya Vandana Yojana
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an insurance policy-cumulative retirement plan. Speculations up to Rs 15 lakh can be made by a person in the plan.
Seniors can take advantage of the program’s current annual interest rate of 7.40%. This plan’s investments must be made by March 31, 2023.
High-premium LIC policy:
If you want to get a tax break on a high-premium LIC policy, you have to buy it before March 31 to get it. The exemption will not be available beginning on April 1, 2023.