31 March 2023 deadline: The month of March is of significant importance from a financial point of view, as it marks the end of the financial year. Before the financial year ends, there are several tasks that need to be completed. Those who have not yet completed important tasks such as linking PAN and Aadhaar, investing in PM Vaya Vandana Yojana, and tax planning should do so before the March 31, 2023 deadline.
If you have not yet linked your PAN and Aadhaar card, it is crucial to do so before March 31, 2023. After this date, your PAN will become useless, and you will not be able to file your income tax return. A fine of Rs 10,000 will be imposed on those who fail to link their PAN and Aadhaar card by the deadline.
Senior citizens who want to invest in PM Vaya Vandana Yojana should invest before the deadline of March 31, 2023. The government has not issued any notifications regarding the extension of this scheme. Thus, investing in the scheme is only possible until the deadline.
Those who have not yet planned their taxes for the financial year 2022-23 can do so before the March 31 deadline. Investing in PPF, Sukanya Samriddhi Yojana, ELSS, etc., within this period will allow you to get tax exemption.
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.
It is also important to complete the process of nomination in mutual funds before the March 31 deadline. All fund houses have set this deadline, and failure to complete the nomination process may lead to the freezing of your mutual fund account.
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