The first day of the new fiscal year is April 1. The last day of the fiscal year 2023–24 is March 31. March 31st not only marks the end of the fiscal year 2023–24, but it also marks the conclusion of several significant project deadlines. March 31st is the last day to complete several financial tasks, including income tax filing, investments, and tax savings. To prevent any issues or losses in this case, it is preferable to do these duties ahead of schedule.
Revised ITR deadline
The deadline for filing an amended income tax return for the assessment year 2021–2022 is March 31. By March 31, 2024, taxpayers who failed to file their taxes for the fiscal year 2020–21 might do so. Those who have not paid taxes or given the wrong details of their income for the financial year 2019-20 can apply till 31 March 2024.
Last opportunity to reduce taxes
This is your last opportunity to reduce your taxes if you selected the previous tax system. The deadline for investing in the savings plan is March 31st to receive tax exemption for the fiscal year 2023–2024. Until March 31, 2024, you can invest in a savings plan and receive a tax exemption. Investing in plans such as PPF, APS, FD, and Equity-Linked Saving Scheme (ELSS) can help you save taxes. In addition to 80C, you can invest in several plans to receive tax exemptions under Income Tax sections 80D, 80G, and 80CCD(1B).
The savings plan’s minimum investment deadline
If you have made investments in PPF or Sukanya Samriddhi Yojana, two small savings plans, you must maintain a minimum investment in these government small saving schemes. You have to deposit a minimum deposit for a minimum investment in your savings plan. If you fail to maintain the minimum deposit then your account will default.
Fastag KYC is required.
Getting your vehicle’s KYC completed before March 31st is crucial if your car has Fastag installed. After March 31, Fastag will not function without KYC. The Indian National Highway Authority has made updating FASTag KYC information essential. The deadline has been moved up to March 31, 2024, from February 29. Your Fastag will be disabled or blacklisted if your KYC is not completed by March 31. This implies that if you pay the toll with cash, you will be required to pay double the toll tax.
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