31 March 2023 Deadline: From a financial standpoint, the month of March is significant because it marks the end of the fiscal year. There are a few things that need to be done before the fiscal year ends. Before the March 31, 2023 deadline, important tasks like linking PAN and Aadhaar, investing in the PM Vaya Vandana Yojana, and tax planning should be completed.
It is essential to link your PAN and Aadhaar card before March 31, 2023, if you have not already done so. You won’t be able to file your income tax return after this date because your PAN will no longer work. Those who fail to link their PAN and Aadhaar card by the deadline will face a fine of Rs 10,000.
Before March 31, 2023, senior citizens who wish to invest in the PM Vaya Vandana Yojana must do so. There have been no announcements from the government regarding the expansion of this program. As a result, you can only invest in the scheme after the deadline.
The individuals who have not yet arranged their charges for the monetary year 2022-23 can do as such with maybe some time to spare. PPF, Sukanya Samriddhi Yojana, ELSS, and other similar investments within this time frame will enable you to qualify for tax exemption.
If you want to get a tax break on a high-priced LIC policy, you have to buy it before March 31st in order to get it. The exemption will not be available beginning on April 1, 2023.
In addition, it is essential to finish the nomination process for mutual funds before the March 31 deadline. This deadline has been set by all fund houses, and if you don’t complete the nomination process, your mutual fund account may be frozen.