March is the last month of a financial year which starts on April 1. In March, there are several tasks which people usually have to do every year to save some money and get financial benefits. This includes investments, IT returns and others.
As the ongoing financial year 2022-23 is ending on March 31, there are five important tasks that one must do:
PAN-Aadhaar link
The government has made it mandatory to link PAN (permanent account number) with Aadhaar for the last few years. However, there are many who haven't done the process yet. So, if you haven't linked it, then you should do it before March 31. You have to pay a fine of Rs 1,000. If you do not link your PAN with your Aadhaar then your PAN will become inoperative from April 1.
Mutual Funds nominee
If you invest in mutual funds, then it is mandatory to submit your nomination by March 31. Investors who do not comply with this norm will have their investments frozen and cannot transact in them.
Tax exemption under section 80C
If you want to invest in several investment schemes to take tax exemptions under Section 80C, then you can invest before March 31. One can invest in PPF, Sukanya Samriddhi Yojana, ELSS, etc to get tax exemption.
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PM Vaya Vandana Yojana
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an insurance policy-cum-pension scheme. Investments up to Rs 15 lakh can be made by an individual in the scheme.
The scheme provides senior citizens with regular income with currently 7.40% interest per annum. The deadline for making investments in this plan is March 31, 2023.
High-premium LIC policy
If you wish to avail tax exemption on a high-premium LIC policy, you can do so only by purchasing the policy before the March 31 deadline. From April 1, 2023, the exemption will not be available.
