IN JUST a few days from now, the financial year, FY 2023 will come to an end in India. Unlike other countries, in India, the fiscal year or the financial year commences on April 1 and ends on March 31. As the new year is about to begin companies have a cumbersome task to complete their financial activities including the preparation of balance sheets and income statements by this month’s end.
However, for ordinary people also the date March 31 holds special importance as they need to complete their important financial tasks before this deadline, any failure of which will cost them additional expenses in the form of a penalty.
Listed below are certain important financial things that you must finish by the March 31, 2023 deadline:
1. Aadhaar-pan linking: Individuals are required to link their Aadhaar with their PAN by March 31, 2023. If you so far not linked your Aadhaar with a permanent account number (PAN), then you should do this at the earliest. If this is not done within the due date, your PAN card will become inactive.
If you miss the deadline, you will have to pay a fine of Rs 1,000 to link the two documents.
2. Complete KYC in bank accounts:
The Reserve Bank of India (RBI) has extended the deadline to March 31 for the completion of the KYC in bank accounts. Thus, to avoid disruption in your transactions, account holders need to update the KYC with the bank.
Bank customers are expected to submit their most recent information, including PAN, address proof like Aadhaar, passport, and other information as required by the bank.
3. Updated Income-Tax Return Filing: The deadline to file an updated return (ITR-U) for Assessment Year (AY) 2020-2021 (FY20) is March 31, 2023.
This deadline is for those taxpayers who missed reporting an income while filing their Income Tax Return or failed to file the income tax returns for the given financial year.
4. LIC Pradhan Mantri Vaya Vandana Yojana: PMVVY is an insurance policy-cum-pension scheme that aims to provide retirement benefits to senior citizens. In this scheme, a senior citizen can invest up to Rs 15 lakh. PM Vaya Vandana Yojana provides an interest of 7.4% per year with a monthly payout option
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The scheme will be open for investment only till March 31, 2023. The PMVY scheme allows a subscriber to receive the pension on a monthly, quarterly, half-yearly, or annual basis.
5. Tax-Saving Investments: The deadline for tax-saving investments for FY2022-23 is March 31, 2023. Tax planning enables you to get a tax benefit and save more. The lesser your tax payment is, the more disposable income you will have with you. Thus, to save extra money you should leverage existing tax-saving options.