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Financial Year End: The financial year 2023-24 ends on Sunday, March 31. The financial year 2024-25 is going to start from April 1. In such a situation, March 31 is the deadline for many financial tasks. If you fail in this, you may have to suffer the consequences. Today we try to make you aware of all those financial obligations so that you do not have to regret later.
updated income tax return
You should file updated income tax returns for assessment years 2021-22, 2022-23 and 2023-24 before March 31. After this you will not get another chance. You may have to pay additional tax and interest on this. But, you can avoid higher fines.
investment to save tax
All taxpayers should invest before tomorrow to avail income tax exemption for FY 2023-24. Investments made after tomorrow will be counted in the next financial year and this time you will not get the benefit.
New tax system becomes default
The government has made the new tax system default from 1 April 2023. It does not apply to most tax deductions. In such a situation, you have to keep in mind that to claim tax deduction, you should choose the old tax system wisely.
Last date for investment in these schemes
To save tax, you should invest in National Pension System, ELSS (Equity Linked Saving Scheme), PPF (Public Provident Fund), SCSS (Senior Citizen Savings Scheme), ULIP (Unit Linked Insurance Plan), tax saving by 31st March. You will have to invest in schemes like FD and Sukanya Samriddhi Yojana. In all these schemes you can get tax exemption of up to Rs 1.5 lakh.
mutual fund kyc
If your mutual fund is not KYCed as per the documents specified by CAMS and KFintech, you will have to do KYC again before March 31. If not, you will not be able to do mutual fund transactions from April 1. The list of official documents includes Aadhar Card, Passport and Voter ID Card.
SBI Deposit Scheme and Home Loan Interest Rates
SBI launched the deposit scheme on April 12, 2023. 7.10 percent interest is being offered in this FD and 7.60 percent interest is being offered to senior citizens. Apart from this, the last date of the foreign scheme running on home loan is also 31st March.
Insurance policy rules changed
IRDAI has made new rules for surrendering insurance policies, which are going to be implemented from April 1. The old rules regarding surrender value of insurance policies are ending on March 31.
IDBI Bank Special FD
IDBI Bank had issued a special FD. In which interest is being given from 7.05 to 7.25 percent. The interest rate for senior citizens is 7.55 to 7.75 percent. The maturity of this special FD is also ending on 31st March.
fastag kyc update
The National Highways Authority of India (NHAI) has extended the FASTag KYC update deadline to March 31, 2024. In such a situation, now you have only today to complete this work. If you have not completed this task till today then Fastag will become inactive.