31 March Deadline: Only few days left to complete this work

There are only a few days left in the financial year 2023-24 and the new financial year will begin in April. The new financial year begins next month, and March is crucial in this regard. Many financial concerns must be settled this month. If these tasks are not completed in the remaining days of March, there may be losses in the future.

Today, we’ll discuss the financial duties that have a deadline of March 31, 2024.

Tax Saving Information

Those taxpayers who choose the Old Tax Regime and want to save tax have one last chance to invest in the Tax Saving Plan. He can receive tax benefits by investing in any tax-saving scheme until March 31, 2024.

Under Section 80C of the Income Tax Act 1961, many schemes provide tax benefits of up to Rs 1.5 lakh. There are many tax saving plans like Provident Fund (PPF), Equity-Linked Saving Scheme (ELSS) and Term Deposit (FD), by investing in which taxpayers can save tax.

Updated ITR Filing

This is the taxpayer’s last chance to file an updated income tax return (FY21 deadline). The taxpayer should finish this work before March 31, 2024.

If taxpayers have missed filling their returns or have not provided any income information, they have one more chance.

TDS Filing

Taxpayers will be required to issue TDS certificates. They would have to provide information on the tax deductions deducted under various sections. The taxpayer will also need to supply information on the Filing Challan Statement.

FASTag KYC

The National Highways Authority of India (NHAI) has set a deadline of March 31, 2024, for updating FASTag KYC. Fastag users who have not yet completed their KYC should do so as soon as feasible. Users who do not complete FASTag KYC will be unable to recharge Fastag after March 31.

Maintain Minimum Balance

Investors in PPF or Sukanya Samriddhi Yojana must maintain a minimum balance in their accounts by March 31, 2024. If he does not deposit the requisite amount within the financial year, his account will be frozen beginning April 1, 2024.

Let us inform you that if the account gets deactivated, the investor will lose all of the other benefits, including the tax benefit. To reactivate the account, the user must pay a penalty of Rs 50 per year and deposit the necessary amount.