Various financial deadlines are going to end in March 2023. If you miss them, you would have to pay a hefty penalty or face other consequences. So here are a few important money tasks that you must finish by March 31, 2023.
PAN-Adhaar linking must be done by March 31, 2023
The Income Tax department has made it mandatory to link the Permanent Account Number or PAN with the Aadhaar number by March 31, 2023.
If you fail to link your PAN and Aadhaar within the deadline, your PAN will become inoperative from April 1, 2023.
Advance tax: Last date to pay fourth instalment
The last date for paying the fourth instalment of the advance tax payment for the financial year 2022-23 is March 15, 2023. As per section 208 of the Income-tax Act, 1961, every person who has an estimated tax liability of Rs 10,000 or more after deducting Tax Deducted at Source (TDS) for the year needs to pay tax in advance in the form of advance tax.
Pradhan Mantri Vaya Vandana Yojana for senior citizens
Pradhan Mantri Vaya Vandana Yojana is available till March 31, 2023. This scheme offers a regular income to senior citizens against a lumpsum investment.
Anyone above 60 years of age can opt for this scheme. At present, it offers an interest rate of 7.4 per cent per annum.
The tenure of PMVVY is 10 years.
Do tax-saving investments by March 31, 2023
If you are planning to opt for the old tax regime for the financial year 2022-23, you must complete your tax-saving investments by March 31, 2023. You can claim various tax deductions under the old tax regime. Some of the popular deductions are section 80c (for investments in life insurance policies, PPF, and ELSS among others), section 80D (premiums paid for health insurance policies, etc.
The securities and Exchange Board of India (SEBI) has asked all the asset management companies (AMCs) to set March 31, 2023, as the deadline for mutual fund investors for stating nomination or opting out of it for all its unitholders. “All the AMCs are advised to set the deadline as March 31, 2023, for nomination/opting out of a nomination for all the existing individual unit holder(s) holding mutual fund units holder solely or jointly as mentioned at para 1 above, failing which the folios shall be frozen for debits,” SEBI circular read.
For mutual fund investors
New mutual fund investors will have to opt for one of these two options from August 2022, the regulator said. “Investors subscribing to mutual fund units on or after August 1, 2022, will have the choice of: a. Providing nomination in the format specified in the fourth schedule of SEBI (mutual funds) Regulations, 1996 (or) b. Opting out of nomination through a signed declaration form,” SEBI added.