From PAN-Aadhaar Linkage To Advance Tax Payment: 5 Important Financial Deadlines In March 2023

The Modi government has made it mandatory to link Permanent Account Number (PAN) to Aadhaar, before March 31.

Written by: India.com News Desk Edited by: Victor Dasgupta

Updated: March 5, 2023, 5:41 PM IST

Share

Share Article

• Facebook
• WhatsApp
• X
• Email
• Telegram
• Linkedin

https://www.india.com/business/pan-aadhaar-linkage-latest-news-today-5-march-2023-to-advance-tax-payment-5-important-financial-deadlines-in-march-2023-5928811/ Copy

Here's How To Download Aadhaar Card On Smartphone

New Delhi: The ongoing Financial Year 2022-23 is coming to an end on March 31, 2023. If you are a taxpayer, March 31 is a very relevant and important date for you as it is the deadline for various monetary tasks.  March 31 is the date, on which deadlines ranging from linking PAN to Aadhaar, paying advance tax to filing updated Income Tax Return (ITR) will conclude. The taxpayers must note that if they miss these deadlines, they will have to pay several penalties.

Listed below are some important tasks that you must complete by the March 31, 2023 deadline.

Link Aadhaar Card with PAN Card

The Modi government has made it mandatory to link Permanent Account Number (PAN) to Aadhaar, before March 31. It is important to note that the deadline to link PAN with Aadhaar has been extended several times before. According to an advisory by the Income Tax Department, if the current deadline is missed, then PAN will become ‘inoperative’ from April 1. After the deadline, taxpayers can link the two by paying a fine of Rs 1,000.

Updated Income-Tax Return Filing:

The deadline for filing the revised income tax return for FY 2019-2020, or AY 2020-21 is March 31. It is meant for those taxpayers who have missed filing the income tax returns for the given financial year or those who missed reporting any income.

Advance Tax Payment:

The last date for the payment of the final instalment of the advance tax payment is March 15, 2023, according to the I-T department. In case of any default in payment of advance tax, the taxpayer would have to pay the respective penalties. An individual with an estimated tax due of ₹10,000 or more after Tax Deducted at Source (TDS) deduction is required to pay advance tax, as per the Income-Tax Act.

Tax-Saving Investments:

• March 31, 2023 is the deadline for tax-saving investments for FY2022-23.
• Tax planning helps you to reduce tax liability and save more.
• The tax payers must leverage on available tax-saving options to save a significant amount of taxes.

Pradhan Mantri Vaya Vandana Yojana:

• PMVY is an insurance policy-cum-pension scheme that provides security to senior citizens.
• The pension plan is provided by LIC, which caters to the insurer’s need for post-retirement financial planning.
• Senior citizens can invest up to Rs 15 lakh.
• These schemes will be accepted till March 31, 2023.
• The PMVY scheme guarantees an interest of 7.4 per cent for 10 years.
• The subscriber can receive the pension on a monthly, quarterly, semi-annually, or annual basis.