Income Tax Return Filing to Aadhaar-PAN Linking: Deadline For Key Financial Tasks to End in Next 10 Days

The Income Tax Department has given March 31, 2023 as the deadline to link your PAN card with your Aadhaar.

Income Tax Return Filing Latest Update: Apart from PAN-Aadhaar linking, the deadline for several other financial tasks will end in next 10 days, more specifically on March 31, 2023. By this date, if you fail to link you PAN card with your 12-digit unique identification number, your PAN will become inoperative from next month. As the month of March marks the end of current financial year, there are several other financial tasks like submission of updated income tax return (ITR) filing for AY 2020-21, tax saving investments, that need to be completed by the end of this month. Missing this deadline to complete these tasks means you would have to pay penalties or face other consequences. Check details here:

Link PAN with Aadhaar Card

The Income Tax Department has given March 31, 2023 as the deadline to link your PAN card with your Aadhaar. PAN and Aadhaar can be linked now with a penalty of Rs 1000. However, if fail to link both ID cards before the final deadline, your PAN will become inoperative.

Income Tax Return Filing

The deadline to submit the updated ITR for FY20 or assessment year 2020-21 (AY21) is March 31. The taxpayers need to file updated ITR if they omitted certain income details or made any error while filing the ITR in FY20.

Form 12BB

The deadline to file form 12BB is also March 31. All salaried employees need to submit this form to the employer to claim tax benefits or rebates on their investments. Some of the documents that must be included in the form are House Rent Allowance (HRA), Leave Travel Concessions (LTC) and interest on the home loan.

Tax Saving Investment

Tax Saving Investments must be done before March 31, 2023, and it will be available to claim deduction under the old income tax regime while filing the ITR for FY23. As part of the Section 80C of the Income Tax Act, taxpayers can claim deductions with a limit of Rs 1.5 lakh in the old tax regime.