Here's a list of a few things with details that you should complete before March 31 to avoid a penalty.
As the financial year 2023-24 draws to a close, it's crucial to complete essential finance-related tasks before March 31 to avoid penalties. These tasks include maintaining minimum contributions to NPS, PPF, and SSY accounts to keep them active, updating FASTag KYC details to prevent account invalidation, and filing TDS certificates for tax exemptions. Failure to complete these tasks could result in blocked accounts, penalties, or loss of benefits. Act now to ensure financial compliance and maximize tax efficiency.
Here's a list of a few things with details that you should complete before March 31 to avoid a penalty.
NPS Account: If you hold an NPS account, remember to deposit a minimum of Rs 1,000 into your Tier-1 account to maintain its active status. While this requirement doesn't apply to Tier-2 accounts, keep in mind that making this contribution can earn you an additional tax exemption of up to Rs 50,000 under Section 80CCD(1B) of the Income Tax Act. Failure to meet the minimum contribution will result in your account being blocked.
PPF Account: Ensure you contribute at least Rs 500 to your PPF account to keep it active. Failure to make this mandatory annual deposit will lead to the deactivation of your account. Reactivation is possible by paying a penalty of Rs 50 for each year of default. Inactive PPF accounts lose access to loan and withdrawal options, which become available in the third and sixth years respectively.
SSY Account: For those investing in the Sukanya Samriddhi Yojana, remember to deposit a minimum of Rs 250 annually to maintain an active account. Failure to meet this requirement will result in your account being declared defaulted. You can reinstate a defaulted account at any time before maturity by paying a Rs 50 penalty for each default year, along with the minimum deposit amount of Rs 250. If left unreinstated, the funds become payable at maturity, which occurs either after 21 years of opening the account or when the girl child marries after turning 18.
FASTag KYC Update: Don't forget to update your FASTag KYC details by March 31 to avoid your account and device becoming invalid on April 1. You can do this by visiting the National Electronic Toll Collection website or the Indian Highways Management Company Limited portal.
TDS Filing: Ensure you file your TDS filing certificate by March, particularly for tax exemptions applicable under different sections for January 2024. If tax deductions have been made under sections 194-IA, 194-IB, and 194-M, make sure to file the challan statement before the deadline.
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 "What are five financial tasks you must do before March 31?")
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