Deadline for PAN-Aadhaar linking is ending on 31st March 2023 that means if you fail to link you PAN card with your 12-digit unique identification number, your PAN would become inoperative from next month. Apart from this, end of march would mean end of current financial year as well. So, there are several other financial tasks like, submission of updated income tax return (ITR) filing for AY 2020-21, advance tax payment and tax saving investments, which needs to be completed by end of this month. In fact, last date for advance tax payment is 15th March 2023 and it needs to be done on a urgent basis.
Here we list out top 5 money tasks that you should complete in March 2023 with given deadlines:
1] PAN-Aadhaar link: After giving series of extension to Aadhaar-PAN linking deadline, the Income Tax Department set 31st March 2023 as new deadline for seeding the two important KYC documents. As per the Income Tax Department, one's PAN card would become inoperative from 1stt April 2023, if it is not attached with one's Aadhaar card. PAN-Aadhaar linking is free till 31st March 2023 while from 1st April 2023, it would incur PAN Aadhaar link fee of ₹1,000.
2] Submission of updated ITR: The last date for submission of updated ITR for FY 2019-20 or AY 2020-21 is 31st March 2023. It should be noted by taxpayers that they won't be able to file update ITR if they fail to meet this deadline of 31st March 2023.
3] Advance tax payment: As per the Income Tax Department, the last instalment of advance tax for FY23 must be submitted by 15th March 2023. According to the Income-Tax Act, a person must pay advance tax if their projected tax liability is ₹10,000 or more after Tax Deducted at Source (TDS) deductions.
4] Tax saving investment: As end of March means end of the financial year too, an earning individual whose annual income is more than basic income in income tax slab needs to look at investment avenues like Public Provident Fund (PPF), ELSS Mutual Fund, tax saving bank FD, etc.
5] Tax saving insurance: Tax and investment experts always suggest an earning individual to take life insurance other than investment options because it is done for your dependents when you are not present to take care of your family members.
So, life insurance should be treated differently than an investment option. However, insurance do help an earning individual to claim income tax rebate. However, as per the new income tax rule getting implemented from 1st April 2023, proceeds from life insurance policies over the annual premium of ₹5 lakh would be taxable.
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