Financial Year End: The end of the financial year 2023-24 is going to be on Sunday, March 31. The financial year 2024-25 is going to start from April 1. In such a situation, March 31 is the deadline for many financial tasks. If you fail in this, you may have to suffer the consequences. Today we try to make you aware of all those financial responsibilities so that you do not have to regret later. So let's take a look at all those tasks which you should complete before 31st March. After this, we can now enter the next financial year with ease.
Updated Income Tax Return
You should file updated income tax return for assessment year 2021-22, 2022-23 and 2023-24 before 31 March. After this you are not going to get a second chance. In this you may have to pay additional tax and interest. But, you can avoid further fines.
Invest to save tax
All taxpayers should invest before tomorrow to avail income tax exemption for the financial year 2023-24. Investments made after tomorrow will be counted in the next financial year and you will not be able to get the benefit this time.
New tax system becomes default
The government has made the New Tax Regime the default from April 1, 2023. Most tax deductions are not applicable in this. In such a situation, you have to keep in mind that to claim tax deduction, you should carefully choose the Old Tax Regime.
Last date for investment in these schemes
To save tax, you should invest in National Pension System, ELSS (Equity Linked Saving Scheme), PPF (Public Provident Fund), SCSS (Senior Citizens Savings Scheme), ULIP (Unit Linked Insurance Plan), Tax by 31st March. You will have to invest in schemes like Saving FD and Sukanya Samridhi Yojana. You can avail tax exemption up to Rs 1.5 lakh in all these schemes.
Mutual Fund KYC
If your mutual fund KYC is not done as per the documents specified by CAMS and KFintech, then you will have to get the KYC done again before 31st March. If this does not happen, you will not be able to do mutual fund transactions from April 1. The list of official documents includes Aadhaar card, passport and voter ID card.
SBI Deposit Scheme and Home Loan Interest Rate
SBI started the deposit scheme on April 12, 2023. 7.10 percent interest is being given in this FD and 7.60 percent interest is being given to senior citizens. Apart from this, the last date of the foreign scheme being run on home loan is also 31st March.
Insurance policy rules changed
IRDAI has made new rules for surrendering the insurance policy, which are going to be implemented from April 1. The old rules related to surrender value of insurance policy are ending on March 31.
IDBI Bank Special FD
IDBI Bank had issued special FD. In this, interest of 7.05 to 7.25 percent is being given. The interest rate for senior citizens is 7.55 to 7.75 percent. The maturity of this special FD is also ending on 31st March.
Aadhar Card Free Update
The deadline for free updating of Aadhaar card was 14 March. It has now been extended to June 14.
Fastag KYC Update
National Highway Authority of India (NHAI) had extended the deadline for FASTag KYC update till March 31, 2024. In such a situation, now you have only time till tomorrow to complete this work. If you do not complete this work by March 31, Fastag will be deactivated.
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