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With the end of the financial year 2022-23 (FY23) on March 31, the deadline for various financial tasks will also end for Indian taxpayers. From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses. So, it is necessary to keep track of these tasks.
Five financial tasks that must be completed before March 31, 2023
The Income Tax Department (I-T Dept) has fixed March 31, 2023, as the deadline for linking PAN and Aadhaar. If the Aadhaar is not attached to the PAN by the deadline, it will become inoperative from April 1. Moreover, the two cards can be linked for free by March 31, but after that, the taxpayers will have to shell out Rs 1,000.
The last date for submitting the updated ITR for FY20 or assessment year 2020-21 (AY21) is March 31. The taxpayers must file the updated ITR if they omitted certain income details or made any error while filing the ITR in FY20. It can also be filed if the ITR was not filed in FY20 at all. However, those with zero or negative returns cannot file the updated ITR.
The last date to file form 12BB is also March 31. A salaried employee must submit this form to the employer to claim tax benefits or rebates on their investments. This came into effect on June 1, 2016. Some items that must be included in the form are House Rent Allowance (HRA), Leave Travel Concessions (LTC) and interest on the home loan.
Tax saving investment
The investments done before March 31, 2023, will be available to claim deduction under the old income tax regime while filing the ITR for FY23. Under Section 80C of the Income Tax Act, taxpayers can claim deductions with a limit of Rs 1.5 lakh in the old tax regime. Some investment avenues that can be looked at for this are Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS) and National Pension Scheme (NPS).
Every taxpayer with a tax liability of over Rs 10,000 must pay advance tax. It is paid in four instalments. 15 per cent of the due tax is paid by June 15, the next 30 per cent by September 25, another 30 per cent by December 15, and the remaining 25 per cent by March 15 of the ongoing financial year.
If the person has changed their job or has additional income, they need to calculate and pay the additional tax in advance by March 31. If it is delayed post that, the taxpayer is charged 1 per cent per month of interest on the due amount.
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First Published: Thu, March 16 2023. 09:33 IST
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