look news india
Deadline Alert: The financial year ends in March. In such a situation, this time a list of many important tasks is ready for you, which will have to be completed before the end of the month. This includes a range of tasks, from filing updated income tax returns and making tax-saving investments to completing KYC (Know Your Customer) details of your FASTag and making minimum deposits in a small savings scheme. These tasks are very important, because if you do not do so, you may have to pay a heavy fine.
File updated ITR
Taxpayers who wish to file updated details in their ITR can file their updated income tax return (Updated ITR) by March 31. Updated returns for FY 2020-21 (AY 2021-22) can be filed by this date. Taxpayers who did not file their returns this financial year, or were not able to show some part of their income. Or they have filed some wrong details in their income tax return, in such a situation they can go to the income tax portal and file an updated return.
tax saving investment
If you are filing taxes in the old tax system for the financial year 2023-24, you can also claim tax exemption on your investments. If you have not invested in tax saving instruments before, you can save tax by investing in them before March 31. Under Section 80C, you have many investment options which give you the opportunity to save tax, like PPF, ELSS. Investments can be made in Sukanya Samriddhi, Term Deposit, NPS and other post office savings schemes.
tds filing
Taxpayers will have to show TDS filing certificate in March to avail tax exemption under various sections for January, 2024. If tax has been deducted under sections 194-IA, 194-IB and 194M, the challan details have to be filed first. 30 March.
GST Structure Scheme
Existing GST taxpayers can apply for the GST composition scheme for FY 2024-25 till March 31. Eligible business taxpayers with a certain turnover can apply for this scheme, which is a more simplified tax structure scheme. For this they will have to fill CMP-02 form. GST taxpayers whose annual turnover is Rs 1.5 crore can apply under this scheme. Under some special category it has been kept at Rs 75 lakh. While for restaurants it is Rs 1.5 crore, for other service providers it is Rs 50 lakh.
Minimum Investment Requirement (Post Office Minimum Deposit)
If you have invested in PPF and other such government-backed schemes including Sukanya Samriddhi, you will be required to deposit a minimum amount in your account every financial year. You have to invest a minimum of Rs 500 in PPF and Rs 250 in SSY in a year. If you do not do this, your account may be declared default and you may also have to pay a fine.
FASTag KYC Update
The date of March 31 is also important for Fastag users. National Highway Authority of India (NHAI) has given time till March 31 to the users to update the KYC details of Fastag. According to your Fastag company, you can update the KYC details of your Fastag by visiting the website of National Electronic Toll Collection or the portal of Indian Highways Management Company Limited. If you do not do this, your Fastag account and device will become invalid from April 1.
