Here is the list of 5 important financial deadlines that need to be completed before March 31 to avoid penalties:
The financial year 2022-23 is to end on March 31. We must complete all important financial tasks before the start of the new fiscal year on April 1, 2023 in order to receive some much-needed benefits.
1. PAN-Aadhaar linking
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Two crucial documents, the Aadhar and Pan Card, are required to avail government schemes and conduct financial transactions. Before March 31, the Permanent Account Number (PAN) must be linked to Aadhaar card. According to the Central Board of Direct Taxes (CBDT), PAN and Aadhaar are not linked, the former being inoperative on April 1.
2. LIC high-Premium Policy
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You have just over a week to purchase a high-premium LIC policy if you want to take advantage of tax exemption benefits before the deadline.
3. Pradhan Mantri Vaya Vandana Yojana
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It is a pension and insurance plan that accepts investments up to Rs. 15 lakh. The PMVVY offers seniors consistent income at an interest rate of 7.40% annually. March 31, 2023, is the last day to make an investment in this scheme.
4. Mutual funds nomination
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The Securities and Exchange Board of India (SEBI) issued a circular advising mutual fund investors that they must submit nominations for the existing folios by March 31.
5. Income-Tax exemption
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Only five days left till the end of this financial year. You still have time to use Section 80C to seek your income tax exemption. This can be done by making investments in Sukanya Samriddhi Yojana, Public Provident Fund (PPF), or Equity Linked Savings Schemes (ELSS).
