Fiscal year is approaching its end and that makes it more important to get reminded about important deadlines and updations that you need to make before March 31. These include updating details in Aadhaar for free, complying with tax and investment regulations, and more. Some of them are so important that failing to do so can result in fines or penalties.
Free Aadhaar card details update: Deadline March 14
UIDAI has been offering free details updation in Aadhaar for a while and the last date to do so is March 14. Aadhaar card holders can take advantage of this complimentary updating service through the myAadhaar portal (https://myaadhaar.uidai.gov.in/). That said, after the deadline, citizens will be required to pay Rs 50 for each change or update made to the Aadhaar.
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Revised ITR filing: Deadline March 31
March 31 is set as the last date to file the revised ITR filing for the fiscal year 2021-2022. This option lets taxpayers file their returns in case they missed or omitted to report any income to submit a revised ITR or ITR-U.
Apart from this, taxpayers also have the option to file an updated return within 24 months (2 years) from the end of the relevant assessment year, given they meet certain conditions. This means, there’s time till March 31 for those who haven’t filed the ITR for the fiscal year 2019-2020.
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Paytm Payments Bank: Deadline March 15
Reserve Bank of India (RBI) extended the deadline for Paytm Payments Bank till March 15. Till this date, customers are expected to move their funds into another bank account. Post this, the fund transfer option won’t be available for Paytm Payments Bank users.
Tax-saving investments: Deadline March 31
If you haven’t completed the tax-saving activities for the fiscal year 2023-2024, then you better do it before March 31. Notably, as of April 1, 2023, there have been changes to the income tax regulations with the implementation of the new tax regime. This new system is now the default for the fiscal year 2023-2024. In case an employee hasn’t selected a tax regime before April 2023, their employer will deduct tax at source (TDS) based on the income tax slabs under the new tax regime.
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Advance tax payment: Deadline March 15
March 15 is set as the last for settling the fourth and final installment of your advance tax for the financial year 2023-2024. People with a net income tax liability exceeding Rs 10,000 in a financial year (FY) are required to pay advance tax. The net tax liability is calculated as the estimated tax liability minus any TDS (tax deducted at source) throughout an FY.
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