March Closing: .

Before March 31, you have to complete some 5 such tasks, which are directly related to your pocket.

New Delhi:

Half of the month of March has passed, it will not be known when March 31 has come, this time procrastination is going to cost a lot.

This is not a threat, just a reminder.

Before March 31, you have to complete some 5 such tasks, which are directly related to your pocket.

That's why read carefully and understand and get rid of it immediately.

1- Don't miss PAN-Aadhaar linking

The Income Tax Department has fixed March 31, 2023 as the deadline for linking PAN and Aadhaar (PAN- Aadhaar Link).

If you have not linked Aadhaar with PAN, then it will be of no use from April 1.

Apart from this, both the documents can be linked for free till March 31, but after that taxpayers will have to pay Rs 1,000.

2- Income Tax Return (ITR)

Taxpayers should file updated ITR.

The last date to file updated ITR for FY20 or Assessment Year 2020-21 (AY21) is March 31.

Even if ITR is not filed, it can be filed.

However, people with zero or negative returns are not required to file an updated ITR.

3- FORM 12BB

The last date for filing Form 12BB is also March 31.

Any salaried employee has to submit this form to the employer to claim tax benefits or exemptions on his investments.

FORM 12BB has come into force on 1st June 2016.

Some of the things that should be included in the form are House Rent Allowance (HRA), Leave Travel Concession (LTC) and interest on the home loan.

4- Tax Saving Investment

Tax saving investments will be available to claim deduction under the old tax system while filing ITR for investments made before March 31, 2023.

Under Income Tax Act 80C, taxpayers can claim exemption in the old tax system with a limit of Rs 1.5 lakh.

For this, you can choose the investment options of Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS) and National Pension Scheme (NPS).

5- Advance tax

Every taxpayer with a liability of more than Rs 10,000 will have to pay advance tax.

It is paid in four instalments.

15% of the remaining tax is to be paid by 15th June, the next 30% by 25th September, another 30% by 15th December and the last 25% by 15th March of the current FY.

If someone has changed his job or has additional income, he needs to calculate and pay advance tax by March 31 in advance.

If there is a delay, taxpayers will have to pay 1% interest every month on the remaining amount.

(This news has not been edited by NDTV team. It is published directly from BQ Prime.)