Finance Work: Finish the important work of finance before March 31, otherwise difficulties may increase...


Complete these important work of finance before March 31: This is the last month of the current financial year and after March the new financial year will start. But in the next financial year, you do not have to face any problems, so there are many such important tasks which you should complete as soon as possible. Is your PAN linked with your Aadhaar? If not, link it before the end of the financial year, otherwise, you may be in trouble. Let's know about 5 such things which you should deal with this month.


Link pan with aadhaar card
The Income Tax Department has extended the deadline for linking Aadhaar-PAN. The department has set a new deadline of March 31, 2023, for linking the two important KYC documents. According to the Income Tax Department, one's PAN card will become inactive from April 1, 2023, if it is not linked to an Aadhaar card. PAN-Aadhaar linking is free till March 31, 2023, while a fee of Rs 1,000 will have to be paid for PAN-Aadhaar linking from April 1, 2023.

Submit updated ITR
The last date for submission of updated ITR for FY 2019-20 or Assessment Year 2020-21 is March 31, 2023. Submission of updated ITR is one of the most important tasks.

Protect PPF/NPS/SSY account from becoming inactive
Some investments like PPF (Public Provident Fund), NPS (New Pension System), and Sukanya Samriddhi Account (Sukanya Samriddhi Account) require a minimum amount to be deposited in the account every financial year to keep it active. Failure to deposit the minimum amount in PPF, SSY and NPS accounts will be closed and will have to be regularized or unfreeze before making fresh investments. It may take time to reactivate the account and you may also have to pay a fine. To avoid this, the minimum amount should be deposited in the account on time.

Choose Composition Scheme
A taxpayer whose turnover is less than Rs 1.5 crore can opt for the composition scheme. In the case of North-Eastern states and Himachal Pradesh, this limit is now Rs 75 lakh. To calculate the turnover, the turnover of all businesses registered with the same PAN should be taken into account. The last date to opt for the composition scheme is March 31.


Tax saving investment
The end of March also means the end of the financial year. If an earning individual whose annual income is more than the basic income in the income tax slab, he/she needs to look for investment avenues like Public Provident Fund (PPF), ELSS Mutual Funds, and Tax Saving Bank FDs. By doing this, they can claim a deduction in income tax. Apart from this, tell that today was the last date for depositing advance tax.

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