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31 March: Financial year 2023-24 will end on 31 March. March is the last month of the financial year. Meanwhile, the deadline for finance related work is March 31. March 31 is very important from the point of view of personal finance as well as business.
March 31 is not only the last day of the business year, but it is also the deadline to complete many personal finance related tasks like investment, ITR filing, tax saving. It also includes important functions like Fastag KYC, TDS filing certificate.
To avoid any kind of problem or loss, you should complete this work by 31st March. If you do not complete these important tasks by this date, you may have to pay a fine along with financial loss.
FASTag KYC Update- First of all we will talk about Fastag KYC update. The National Highway Authority of India has set the deadline for updating KYC for FASTag users as March 31, 2024. Earlier this deadline was 29th February, which was extended.
If you do not update KYC by this date, your Fastag may get cancelled. NHAI announced that, under the One Vehicle, One FASTag initiative, FASTags without KYC will be blacklisted or deactivated.
Last chance to file updated ITR- The last date for filing updated income tax returns for assessment year 2021-22 is also March 31. Taxpayers who could not file their ITR or have inadvertently submitted incorrect income details while applying can file updated ITR under this deadline. Also, taxpayers who have not filed ITR for financial year 2019-20 still have a chance to file updated returns till March 31, 2024.
Minimum deposit mandatory in small savings scheme – If you invest in small savings schemes like Sukanya Samriddhi Yojana, Public Provident Fund and National Pension System and are not able to deposit the minimum annual amount by March 31, your account may be frozen. Not only this, you may also have to pay a fine.
Typically, such schemes require investors to invest at least a certain amount during each financial year. So, if you have missed this minimum deposit then you have time till 31st March.
Tax saving investment – If you have opted for the old tax system, there is only one last chance left to get tax relief by investing in a tax saving scheme. March 31, 2024 is also the last day to make tax saving investments. You can get tax relief if you invest before this date. It is worth noting that under Section 80C of Income Tax, there are many such schemes including Public Provident Fund, Fixed Deposit Scheme, by investing in which you can get tax relief.
Additionally, taxpayers can also claim tax exemption under sections 80D, 80G and 80CCD(1B) of Income Tax, which include health insurance premium, education loan and home loan.
Avail benefits under special schemes of SBI – The last date to avail interest rate discount on home loan of State Bank of India is also 31st March. State Bank has a low interest offer on home loan till 31 March 2024. Additionally, SBI Amrit Kalash, a special fixed deposit scheme offered by SBI and SBI WeCare for senior citizens, is available till March 31, 2024. The bank is offering higher interest rates under these schemes.