Attention Taxpayers! Finish These 5 Important Financial Tasks Before March 31

Maximise your tax savings and avoid penalties by completing these crucial tasks before March 31, 2023.

Finish These Tasks To Avoid Fines

As we approach the end of the financial year, there are several important tasks that taxpayers need to complete to avoid penalties and maximise savings. Here are five crucial things you must do before March 31, 2023:

PAN-Aadhaar Linking

The Income Tax department has made it mandatory to link your PAN with your Aadhaar by March 31, 2023. Failure to do so will result in a fine of ₹1,000 and an inactive PAN from April 1, 2023.

How To Link Pan-Aadhaar

Advance Tax Payment

The final instalment of advance tax payment is due on March 15, 2023. Failure to pay advance tax will result in penalties under Sections 234B and 243C of the Income-tax Act of 1961.

Tax-Saving Investments

The deadline for tax-saving investments for FY2022-23 is also March 31, 2023. Invest in instruments under Section 80C or 80D of the Income Tax Act before March 31 to avail of the available tax exemptions.

Form 12 B

Form 12B is an income tax form that needs to be submitted by the salaried individual if he/she joins any new organisation in the middle of the FY. For individuals who have changed their job during the financial year 2022, they must provide the details of that said income using Form 12B. The new organisation will then be able to deduct exact TDS based on the details provided in Form 12B before March 31.

Updated IT Returns Filing

The last date for filing late IT returns is March 31, 2023. This is for those taxpayers who have missed filing the income tax returns for the given financial year or those who missed/failed to report any income.

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