The financial year in India begins on the 1st of April and ends on the 31st of March each year. The tax filing for a particular financial year will be made in the relevant assessment year.
With the end of the financial year 2023-24 close and a few days left for 31st March 2024, it’s crucial to complete these tasks that are related to your personal finances.
The top 5 personal finance tasks to do before March 31st are as follows:
Filing Updated ITR
The deadline to file an updated income tax return for the financial year 2020-21 (AY 2021-22) is 31st March 2024. This deadline can be utilized by taxpayers who failed to file their returns on time, or by taxpayers who missed reporting certain incomes unintentionally.
Deadline for Tax Saving Instruments for FY 2023-24
All of us are aware of the tax haven Section 80C. But to be eligible for a deduction, you must make investments in instruments such as ELSS, PPF, Life Insurance, etc before 31st March 2024. Any investment that is eligible for deduction under 80C must be made before the due date.
Secondly, not just 80C, but also deductions under Sections like 80D for health insurance and 80G for donations need to be made before 31st March 2024.
Also Read: ITR Filing for AY 2024-25: Should you consult a CA or go DIY?
Minimum Investment Deadline
Suppose you’ve opted for certain government schemes such as PPF (Public Provident Fund) or SSY (Sukanya Samruddhi Yojana). In that case, you will need to make the minimum investment required per financial year.
For Example: In the case of PPF, it is Rs 500 and for SSY it is Rs 250.
If you fail to make the minimum contribution, it will be marked as a default and a penalty may be levied. Hence, make sure to make them in case you’ve opted for these plans.
FASTag KYC
The National Highway Authority of India (NHAI) has extended the deadline to update your FASTag KYC details. The previous deadline was 29th Feb 2024 but now has been extended until 31st March 2024.
If you fail to update your FASTag KYC details before the deadline, your account will be deemed invalid.
Submit Form 12B
Did you shift jobs in the middle of the year? If yes, you must submit Form 12B to your new employer along with investment declarations before 31st March.
Form 12B discloses an employee’s previous income details along with TDS. This will be used by the new employer to calculate taxes for the financial year.
There are barely a few days left for 31st March. What are you waiting for? Go and make sure you’ve completed these 5 personal finance tasks before 31st March.
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