5 Must-Do Financial Tasks Before March 31

Here are the 5 tasks you must complete before March 31, 2024, to avoid penalty.

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New Delhi: On the calendar of every taxpayer, March 31 is a significant occasion as the fiscal year 2023–24 comes to an end. This deadline represents a rush of important work that needs to be finished before the clock strikes midnight, therefore it's more significant than just the conclusion of a fiscal quarter.

Taxpayers need to make sure they complete their income tax requirements by March 31 to avoid penalties or issues. As a result, a closer look at the significant tasks that need to be finished before this critical deadline is required. ()

1. Updated ITR Filing Deadline

The last date to file an updated income tax return for the financial year 2020-21 (Assessment Year 2021-22) is March 31, 2024. ()

This deadline is particularly relevant for taxpayers who missed filing their returns for the mentioned year or need to rectify any inaccuracies in their previously filed returns.

2. Tax Saving Scheme Deadline For FY2023-24

For individuals opting for the old tax regime, March 31, 2024, marks the deadline to invest in tax-saving schemes to avail of benefits for the financial year 2023-24.

Schemes like PPF, ELSS, and FDs under Section 80C offer tax exemptions, along with deductions for expenses like health insurance premiums and education loans.

3. TDS Filing Certificate For Tax Deduction

Taxpayers need to issue TDS filing certificates for deductions made under various sections for January 2024. Specific deadlines apply for different sections, such as filing challan statements for tax deducted under sections 194-IA, 194-IB, and 194M by March 30 – February 2024.

4. Minimum Investment Deadline

Government savings schemes like PPF and SSY require a minimum annual investment to avoid penalties for default. Ensure you meet the minimum investment requirement by March 31, 2024, to keep your account operational without incurring penalties.

5. FASTag KYC Deadline

The deadline for updating FASTag KYC details has been extended to March 31, 2024. FASTag users must complete their KYC to avoid any disruptions in their usage.