As we approach the end of March 2023, it's crucial to ensure that you complete all of your financial tasks before the deadline to avoid any fines or penalties.
Here's a list of essential tasks that must be completed by March 31, 2023:
Applicable for Individuals
- Adding Nominee to Mutual Fund Investments: SEBI has made it mandatory to nominate someone or opt-out of nomination for existing folios, including those that are jointly held. If you don't comply with this norm, your investments will get frozen, and you won't be able to make any transactions in them. The cutoff date for this is March 31, 2023.
- Tax Saving Investments: March 31, 2023, is the cutoff date for making all your tax-saving investments such as LIC premium receipts, Public Provident Fund, ELSS, National Pension Scheme, Donations under section 80C, 80D, 80G, 80GGB, etc., for F.Y. 2022-23.
- Investment Declarations: March 31, 2023, is the last date for submitting the Investments & Expenses proofs to the employer. Failure to do so will result in the deduction of higher TDS from Salary.
- Last date to Sanction Loan for purchase of EV: An Individual assessee can claim a deduction of Rs. 1,50,000/- u/s 80EEB for the interest paid on a loan taken from financial institutions for the purchase of an Electric Vehicle, provided the loan is sanctioned during the period 1st April 2019 to 31st March 2023.
Applicable for Companies
- Updated Return (ITR-U): The Finance Act of 2022 introduced a new provision of "Updated Return," which gives an opportunity to the assessee to rectify their mistakes or omissions, if they missed out on declaring some income. This updated return can be filed within two years from the end of the relevant assessment year. Therefore, March 31, 2023, is the last date to file the updated return in ITR-U for FY 2019-20.
- Filing of PTRC Returns for the State of Maharashtra: The Annual PTRC returns for the state of Maharashtra for FY 2022-23 should be filed on or before March 31, 2023, to avoid a penalty.
- Provision of Expenses in the Books: Ensure that all your expenses related to FY 2022-23 are provided in the books before March 31, 2023.
Applicable for Individuals and Companies
- Payment of Taxes: If you missed paying your Advance Tax liability by March 15, you can still pay your entire taxes by March 31, 2023, and avoid Interest u/s 234B of the Income Tax Act.
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