5 Financial Tasks need to Complete before March 31st to avoid Penalties

March 31st is a crucial deadline for several important financial tasks. Failing to complete these tasks can directly affect your pocket.

The deadline for several financial tasks, including linking PAN to Aadhaar, filing updated Income Tax Return (ITR), and paying advance tax. If these deadlines are missed, taxpayers may face penalties.

Here are five important tasks that need to be completed before March 31:

1. Link PAN and Aadhaar Card

Failing to link your PAN and Aadhaar card by March 31 will result in a Rs. 1,000 fine and the deactivation of your PAN. Reactivating the PAN will lead to a penalty of Rs.10,000.

2. Complete Mutual Fund Nomination Process

According to SEBI’s circular, persons participating in mutual funds must complete the nomination procedure by March 31. If you do not comply, your account will be frozen.

3. Invest in Tax-Saving Schemes

To take advantage of tax savings in this financial year, invest in tax-saving schemes such as PPF, Sukanya Samriddhi Yojana, and Fixed Deposit.

4. Transfer Rs.500 to PPF

If you haven’t already, contribute Rs.500 to PPF during current financial year to prevent having your account deactivated starting on April 1.

5. Verify Mobile Number and Email ID on NSE NMF Platform

According to the market regulator, you must authenticate your mobile number and email ID on the NSE NMF platform by March 31st.