31 March 2023 Deadline: In the new year we would not like to repeat the mistakes of last year. Till March 31, 2023, there are many such tasks related to money, which are very important to be completed. If you do not do this, you will stop getting many facilities. The most important thing in this is to make PAN-Aadhaar link (PAN-Aadhaar). Let’s know about them.
PAN-Aadhaar Link (PAN-Aadhaar Link)
PAN (PAN) and Aadhaar (Aadhaar), both documents are needed in every work. Seeing its usefulness, the government has made it mandatory to link both. The deadline for linking PAN-Aadhaa is 31 March 2023. If you do not link PAN and Aadhaar by March 31, then PAN will become inactive. After that, a fine will have to be paid for using it.
Last chance to invest in PMVVY
March 31, 2023 is the last date for senior citizens to invest in the Pradhan Mantri Vaya Vandana Yojana (PMVVY), unless the government extends it further. This scheme gives guaranteed pension to the citizens for 10 years. The pension received by a senior citizen depends on the amount invested. A senior citizen gets a minimum pension of Rs 1,000 per month on an investment of Rs 1,62,162 and a maximum pension of Rs 9,250 per month on an investment of Rs 15 lakh.
Last date for tax saving investment
If you opt for the old tax system for FY 2022-23, then you have to complete your tax saving savings by March 31, 2022. The person choosing the old tax system, you have to invest till March 31, 2023, to get exemption in income tax. Tax exemption is available on investments made under several sections of the Income Tax Act such as 80C, 80D and 80TTA.
Last date to file updated ITR for AY 2019-20
If you have not filed Income Tax Return (ITR) for Assessment Year 2020-21 (FY 2019-20) or have not declared any income while filing ITR, then you have the option to file an updated ITR or ITR-U. There is option. The last date to file ITR-U for FY 2019-20 is March 31, 2023. ITR-U was announced in Budget 2022
Discount on taking a loan to buy an electric vehicle
If you are planning to buy an Electric Vehicle on loan, then try to get your loan approved by March 31, 2023. Under Section 80EEB, a maximum deduction of Rs 1.5 lakh can be claimed on the interest paid on the loan taken to buy an electric vehicle. This exemption was introduced in Budget 2019 and is effective from the financial year 2019-20. It will not be available from April 1, 2023, unless the government announces an extension in the budget.
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