Utility: Do this work before March 31, otherwise there will be a loss!

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The current financial year 2023-24 is ending. March 31, 2024, not only marks the conclusion of the financial year 2023-24 but also the deadline for various personal finance-related tasks like investments, tax filing and tax saving. This includes functions like Fastag KYC, filing TD for tax deduction, tax-saving and IT declarations. The last month of the current financial year is going on and there are many important tasks related to finance whose deadlines are nearing. It is necessary to complete these important tasks before March 31, 2024, to avoid any inconvenience or loss.

Deadline to update IT returns: 

The deadline to file updated income tax returns for financial year 2021 (assessment year 2021-22) is March 31, 2024. This deadline is applicable for those taxpayers who have not filed their returns for the previous financial year 2020-21 (Assessment Year 2021-22). Or inadvertently missed reporting any income or provided incorrect income details when filing the first application. Additionally, taxpayers have the facility to file updated returns within 24 months from the end of the assessment year i.e. within 2 years. Those who have not applied for the financial year 2019-20 still have a chance to apply till March 31, 2024.

Deadline for tax-saving schemes:

If you have opted for the old tax regime and want to invest in a scheme to avail tax benefits for the financial year 2023-24, the last date to opt for the option is March 31, 2024. By investing before this date, you can avail tax deductions. Various tax-saving schemes such as the Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), and Term Deposit (FD) are available under Section 80C of the Income Tax Act.

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Additionally, expenses like health insurance premiums, education loans and home loans are other options that can provide you with tax deductions based on your income and reduce your tax liability. Additionally, taxpayers who opt for the old tax regime can also avail additional benefits under sections 80D, 80G and 80CCD(1B) of the Income Tax Act. For this, you can get help from your financial advisor.

Minimum investment time limit:

Government small savings schemes like PPF or Sukanya Samriddhi Yojana (SSY) require a minimum annual deposit of Rs 500 and Rs 250 respectively. If you have missed depositing this minimum amount in a financial year, your account may be marked as default. The fine can also be imposed for activating such accounts. So, if you have invested in any such scheme but have not deposited the minimum amount during the current financial year, you have time till March 31, 2024, to avoid default or paying a penalty.

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Last date of TD filing certificate:

Taxpayers must file a TDS certificate before March 31, 2024. They will also have to give details about tax deductions made under various sections. Also, it is necessary to submit the filing challan statement before 31st March.

FASTag KYC Deadline:

Recently, in view of the problems faced by FASTag users, the National Highways Authority of India (NHAI) has extended the deadline for updating FASTag KYC details from February 29 to March 31, 2024.