Aadhaar-PAN linking to Tax-Saving investments: 5 tasks you need to complete before March 31

Aadhaar Card and Pan Card are two important documents with which one can avail benefits of government schemes and also perform financial transactions.

The taxpayers who opted for the old tax regime must finish their tax-saving investments before March 31, 2023, for the fiscal year 2022–23. (Photo credit: Pixabay)

Financial year 2022-23 will end on March 31. With this, several deadlines will also come to an end. Therefore, it is important to complete all your financial tasks before March 31 to avoid paying penalties and inconvenience. Given below is the list if 5 important financial deadlines that you should meet:

PAN-Aadhaar linking:

Aadhaar Card and Pan Card are two important documents with which one can avail benefits of government schemes and also perform financial transactions. The Centre has made it mandatory to link Permanent Account Number (PAN) to Aadhaar, before March 31. If PAN-Aadhaar is not linked, then the PAN will become inoperative from April 1.

Filing updated Income-Tax Return (ITR):

The deadline for filing the revised income tax return for FY 2019-2020, or AY 2020-21 is March 31.

Advance tax payment:

Advance tax is paid by taxpayers who have sources of income other than their salary. This is applicable to rent, capital gains from shares, fixed deposits and lottery winnings. The last date to submit the final instalment of the advance tax payment for the fiscal year 2022–2023 is March 15, 2023.

Update KYC details

The RBI has extended the deadline for updating Know Your Customer (KYC) details in bank accounts. The last date to update is March 31. To update the KYC, you need to visit the nearest bank branch. To update KYC, a bank customer is required to submit details which include PAN, address proof such as Aadhaar, passport etc., latest photograph and other details as requested by the bank

Tax-Saving investments

The taxpayers who opted for the old tax regime must finish their tax-saving investments before March 31, 2023, for the fiscal year 2022–23. In the old tax regime, taxpayers can claim multiple deductions under the Income Tax Act, 1961.

The RBI has extended the deadline for updating Know Your Customer (KYC) details in bank accounts. The last date to update is March 31. To update the KYC, you need to visit the nearest bank branch. To update KYC, a bank customer is required to submit details which include PAN, address proof such as Aadhaar, passport etc., the latest photograph and other details as requested by the bank.