Want to save big on taxes? This work must be completed by March 31

Financial Deadlines: Everything must be completed within this month, to avoid the big danger that you have to do the work immediately

In just ten days, a new financial year will begin. Budget estimates for next year have already been released by the central and state governments. The fuss about that information is still high. In some places, the increase in prices has raised eyebrows, in some places, people have breathed a sigh of relief after getting a little savings. Even in the present time, the urge to link has been going on for years. Banks and cybercafés are flooded with multiple cards related to personal documents, and links between them. Among them, the month of March is the time to complete all the calculations of the previous year. As a result, it is very important to do several things quickly at this time, otherwise you may face a big danger. Find out which financial tasks must be completed by March 31.

PAN and Aadhaar Card Link –
Currently, there is a discussion about this issue everywhere. How to link from a portal, what problems can be faced if not linked, how much money is fine etc. So this matter must be done before the start of the new financial year i.e. by 31st March, it is not worth saying again. If it is not linked within a certain period, the PAN card may be deactivated, and without the PAN card you cannot deposit income tax in any way. Due to this the refund of your income tax return will also be blocked. Income tax may be deducted from your account several times more than the amount of income tax you had to pay so far.

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Tax savings for FY2022-23

As in every financial year, the tax saving investment for 2022-23 has to be made in the current financial year as well, and the deadline for this is March 31. If you don’t complete the work in the meantime, you may also face a big financial loss. The tax-saving investment period for FY2022-23 ends on March 31, 2023.

If your income falls under the category of taxable income and you have not yet submitted tax saving documents for the current financial year, do so soon. Only then can you reduce the total amount of tax payable. These tax saving options can be PPF, Tax Saver Bank FD, Life and Health Insurance Premium, Home Loan Interest and Principal Repayment, Donation to Eligible Charities and several other methods.

Payment of advance tax for the financial year 2022-23

The last date for deposit of final installment of advance tax for the financial year 2022-23 was March 15, 2023. Taxpayers were required to pay 100 percent advance tax liability by this date. According to the Income Tax Department, if the estimated tax liability of the taxpayer is 10,000 or more then he has to pay his tax liability in the form of advance tax. Also, any tax paid till 31st March will be treated as advance tax

The official document further informs, that in case of default in advance tax payment, the taxpayer will be penalized under Sections 234B and 243C of the Income Tax Act, 1961. However, if the bank is closed on the day of installment of advance tax payment, the taxpayer can pay the advance tax on the next working day.

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Investment in Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched in 2019 to provide regular income stream to senior citizens. The last date of application for this has been fixed on March 31, 2023. Pradhan Mantri Vaya Vandana Yojana is an insurance and pension scheme that provides security to senior citizens. This pension plan is offered by LIC.

Anyone above 60 years of age can participate in this scheme, there is no upper age limit for applying in this scheme. Under this scheme, a senior citizen can invest up to 15 lakh rupees. The policy is ten years from the date of issue. The PMVY scheme is said to offer 7.4 percent interest for 10 years. Subscribers under this scheme can get this pension on monthly, quarterly, half-yearly or yearly basis.

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