5 Income Tax tasks you must complete before March 31 to avoid penalties

Income Tax duties to finish earlier than March 31, 2023: As the cease of the Financial Year 2022-23 is only some days away, there are numerous tax-associated duties which you need to whole to keep away from any closing-minute rush or penalties.

New Financial Year (2023-24) will start on April 1. For FY 2022-23, there are numerous duties that taxpayers need to whole earlier than the cease of the economic year. While maximum taxpayers could have already completed all of the tax-associated duties via way of means of now, the ones who've now no longer carried out so should act now. That said, the subsequent is a listing pinnacle five duties that want to be finished earlier than March 31.

Avail Tax Exemption on High-Premium Insurance Policies and Submit Form 12BB

If you've got got taken an coverage coverage for which the yearly top class is above Rs five lakh, there'll now no longer be any tax exemption at the adulthood quantity after April 1. As according to the Budget 2023 announcement, coverage with annual rates over Rs five lakh turns into taxable withinside the new Financial Year. Therefore, you could store tax via way of means of finishing the top class fee earlier than March 31. This rule will, however, now no longer follow to Unit-Linked Insurance Plans (ULIPs).

If you're a salaried worker then you definitely should put up Form 12BB in your organization earlier than March 31 for FY 2022-23. This will allow you to say tax advantages on investments and expenses. In Form 12BB, you need to consist of information like HRA, LTC, domestic mortgage hobby fee etc.

Link PAN and Aadhaar

March 31 is likewise the closing date to hyperlink PAN and Aadhaar. Nearly 20% of PAN customers withinside the united states of america are but to hyperlink their PAN with their Aadhaar. If you've got got additionally now no longer related PAN-Aadhaar, then you could achieve this until March 31 via way of means of paying a charge of Rs 1000. Failure to achieve this will make your PAN inoperative from April 1.

Pay Advance Tax

All assessees, whose annual tax legal responsibility is above Rs 10,000 after deducting TDS/TCS and MAT, are required to pay increase tax in 4 instalments. Taxpayers had been required to pay 100% of increase tax for FY 2022-23 via way of means of March 15, 2023. If you haven`t paid the improvement tax via way of means of fifteenth March, then you definitely need to pay it via way of means of March 31. According to the Income Tax department, short/non-fee or deferment of fee of increase tax outcomes withinside the levy of hobby.

Complete Tax Saving Investments

The closing date to make tax-saving investments for FY 2022-23 is march 31. You can declare deductions as much as Rs 1.five lakh via way of means of making an investment in schemes that qualify for deduction below Income Tax Act sections together with 80C and 80D.

File Updated ITR

The closing date to report the Updated ITR for AY 2020-21 is thirty first March 2023. You shouldn`t pass over this closing chance. Updated ITRs for AY 2021-22 and 2022-23 also can be filed via way of means of thirty first March to keep away from paying better taxes later.

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