March is an important month for finances because it is the end of the fiscal year and there are many deadlines for reports and investments. You could miss out on tax-saving investments for FY 2022–23 if you wait until after March, and you could be fined for missing deadlines. Let’s talk about some upcoming financial deadlines you might want to know about before March 2023 ends.
PAN-Aadhaar linking before it becomes inoperative
The Indian Income Tax Administration issued a notice in December 2022 warning that Permanent Account Numbers (PANs) that are not linked with Aadhaar by the end of March 2023 will become “inoperative.” It could cost you Rs if the PAN card is not linked to your Aadhaar by the deadline. 1,000.
Form updates for FY19-20
The amended income tax return (ITR) deadline is March 31, 2023, for FY 2019–20. If a taxpayer fails to file for the relevant fiscal year or fails to disclose any income, they can therefore file a revised ITR or ITR-U.
Tax-saving investments
Tax-saving investments must be made by March 31, 2023, for the fiscal years FY2022-23. Tax planning is one of the most important aspects of financial planning, despite the fact that the primary objective is to lessen tax obligations and increase savings.
Investment in the Pradhan Mantri Vaya Vandana Yojana
The Pradhan Mantri Vaya Vandana Yojana is an insurance-cumulative pension plan designed to provide senior citizens with guaranteed annuities upon retirement. Investments in the scheme are accepted until March 31, 2023. This plan guarantees its participants a ten-year pension at a rate of 7.4%, ranging from Rs 1,000 to Rs 9,250 per month.
