Rules Change: 31st March is coming, before that finish these tasks related to your pocket...

The month of March is going to end in a few days. With this, the financial year 2023-24 will also end and the financial year 2024-25 will begin. But to be prepared for this change, you will have to complete some important tasks first.

The financial year closes in March, due to which accounts of many money-related tasks have to be completed. For you too, here we are giving a list of such important tasks that you have to complete before March 31.

1. Updated ITR Filing-
This work is important for taxpayers. Your updated income tax return can be filed till 31st March. Updated returns for FY 2020-21 (AY 2021-22) can be filed by this date. Taxpayers who had not filed their returns in this financial year, or were not able to show some part of their income. Or they have filed some wrong details in their income tax return, in such situations they can go to the income tax portal and file an updated return.

2. TDS Filing -
Taxpayers will have to show a TDS filing certificate in March for tax exemption availed under different sections for January 2024. If tax deduction has been made under sections 194-IA, 194-IB, and 194M, then the challan statement will have to be filed before March 30.

3. GST Composition Scheme-
Existing GST taxpayers can apply for the GST Composition Scheme for FY 2024-25 till March 31. Eligible business taxpayers with a certain turnover can apply for this scheme, which is a more simplified tax structure scheme. For this, they will have to fill CMP-02 form. GST taxpayers whose annual turnover is Rs 1.5 crore can apply under this scheme. Under some special category, it has been kept at Rs 75 lakh. For restaurants, it is Rs 1.5 crore, and for other service providers, it is Rs 50 lakh.

4. Investment to save tax
The period for filing income tax returns will also start in April. If you are filing taxes in the old tax regime for FY 2023-24, then you can also claim tax exemption on your investments. If you have not invested in tax-saving instruments before, you can save tax by investing in them before March 31. Under Section 80C, you have many investment options that give you the opportunity to save tax, like PPF, and ELSS. Investments can be made in Sukanya Samriddhi, Term Deposit, NPS, and other savings schemes of the Post Office.

5. Minimum investment condition-
If you have invested in other such government-supported schemes including PPF and Sukanya Samriddhi, then you have to deposit a minimum amount in your account every financial year. You have to invest a minimum of Rs 500 in a year in PPF and Rs 250 in SSY. If you do not do this, your account may be declared default and you may have to pay a penalty.

6. FASTag KYC Update-
The date of March 31 is also important for Fastag users. The National Highway Authority of India has extended the deadline for users to update the KYC details of Fastag. Earlier the last date for this was 29th February, which has now been changed to 31st March. According to your Fastag company, you can update the KYC details of your Fastag by visiting the website of the National Electronic Toll Collection or the portal of Indian Highways Management Company Limited. If you do not do this, your Fastag account and device will become invalid from April 1.

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