From Aadhaar-Pan Link To File Updated ITR: Six Important Taxpayer Tasks To Do Before March 31 Deadline To Avoid Penalties

Financial year 2022-23 will end on March 31, 2023. It is also the deadline for some important financial tasks related to taxpayers. You have to complete them before the deadline in order to avoid penalties and inconvenience.

Written By Zee Media Bureau|Last Updated: Mar 26, 2023, 09:23 AM IST|Source: Bureau

Six important financial tasks you must do before March 31 deadline to avoid penalties.
Pan Card-Aadhaar Link: Do This Before March 31 Unless Pan Card Will Become Inoperative.
Fill nominations in Demat and Mutual fund accounts so they won't freeze after April 1.

From Aadhaar-Pan Link To File Updated ITR: Six Important Taxpayer Tasks To Do Before March 31 Deadline To Avoid Penalties

New Delhi: March 31 is the last date of the financial year of 2022-23. It is also the deadline for several important financial tasks. You have to complete some important task before March 31 to avoid penalties.

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Demat Account Holder To Add Nominee Before March 31

Your Demat Account may get freeze in case you don’t add nominee before March 31. SEBI has mandated that investors having demat accounts need to make nominations by March 31, 2023.

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Pan Card-Aadhaar Link: Do This Before March 31 Unless Pan Card Will Become Inoperative

The Income Tax department made it mandatory to link Aadhaar with Pan Card to keep it operative. The failure to do so will make your Pan card inoperative from April 1, 2023. Hence, it’s very important to link Aadhaar with Pan Card so you won’t face problems after the deadline ends.

SBI Amrit Kalash Deposit Scheme: You Can Subscribe To SBI’s High-Interest Special Scheme By March 31

SBI’s high-interest special scheme ‘Amrit Kalash Deposit’ will end on March 31. If you want to enjoy it, do so before the deadline ends. It is offering an interest of 7.1% for 400 days and an additional 0.50% interest to senior citizens.

Pay Advance Tax: March 31 is the last date to pay fourth installment of AY without paying a penalty

All assessees who opt for Advanced Tax system, whose annual tax liability is above Rs 10,000 after deducting TDS/TCS and MAT, have to the last and fourth installment of advance tax before March 31. In case of failure of paying the 100% amount by March 31 would induce the levy of interest.

File Updated ITR

Your window to file updated income tax returns is now open. Last date to file updated ITR for AY 2020-21 is 31.03.2023. Those who fail to do will have pay higher tax later.

Mutual funds nomination

It is necessary for mutual fund (MF) investors to submit nomination of the account before March 31, 2023. Mutual fund accounts will be frozen if you don’t submit it before deadline ends. You have to mention nominee for their fun folio or else inform the fund house that you wish to opt out of nominations by fiscal year-end.