The financial year 2022-2023 will end on 31st March. You should remember that this is also the time to avoid penalties and be aware of important deadlines related to your income and business. The Income Tax Department has made it mandatory for people to link their PAN card with Aadhaar card by March 31, 2023. A warning has been given that if people do not link their PAN card with Aadhaar within this specified period, the PAN card will become inactive from April 1. Those who fail to complete the process within the deadline will have to pay a penalty of Rs 1,000.
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You can do this by paying 0021 (Income Tax Other than Companies) and minor head 500 under challan number IDNS 280 at the National Securities Depository Limited (NSDL) portal. The Income Tax Department will not process the return of income until the PAN and Aadhaar are linked.
1) According to the IT department, the deadline for advance tax payment is March 15, 2023. If the last day for payment of advance tax installments is a bank closed day, then the tax payer shall pay the tax on the next working day. In case of failure to pay the tax, the taxpayer will be liable to penalties under Sections 234B and 243C of the Income Tax Act, 1961.
2) The deadline for tax-saving investments for FY 2022-2023 is March 31, 2023, which helps you save more money on tax. If you have not made any investment to avail benefits under Section 80C or 80D of the Income Tax Act, you must do so by March 31. Investments made during the current financial year will be considered for tax deductions only.
3) Pradhan Mantri Vya Vandana Yojana (PMVYY) is an insurance pension scheme that provides security to senior citizens. Life Insurance Corporation (LIC) offers this pension scheme to meet the needs of the pensioners. A senior citizen can invest up to Rs 15 lakh in this scheme, which is admissible till March 31, 2023. It offers an interest rate of 7.4 percent with a 10-year maturity plan. In this scheme pension can be drawn monthly, quarterly, half yearly or annually as per choice.
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