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5 Income Tax tasks you must complete before March 31 to avoid penalties

23 Mar , 2023   By : Monika Singh

5 Income Tax tasks you must complete before March 31 to avoid penalties

Income Tax tasks to complete before March 31, 2023: As the end of the Financial Year 2022-23 is just a few days away, there are several tax-related tasks that you should complete to avoid any last-minute rush or penalties.

New Financial Year (2023-24) will begin on April 1. For FY 2022-23, there are several tasks that taxpayers should complete before the end of the financial year. While most taxpayers would have already finished all the tax-related tasks by now, those who have not done so must act now. That said, the following is a list top 5 tasks that need to be completed before March 31.

Avail Tax Exemption on High-Premium Insurance Policies and Submit Form 12BB

If you have taken an insurance policy for which the annual premium is above Rs 5 lakh, there will not be any tax exemption on the maturity amount after April 1. As per the Budget 2023 announcement, insurance with annual premiums over Rs 5 lakh will become taxable in the new Financial Year. Therefore, you can save tax by completing the premium payment before March 31. This rule will, however, not apply to Unit-Linked Insurance Plans (ULIPs). You can read more about this new rule here.

If you are a salaried employee then you must submit Form 12BB to your employer before March 31 for FY 2022-23. This will enable you to claim tax benefits on investments and expenses. In Form 12BB, you should include details like HRA, LTC, home loan interest payment etc.

Link PAN and Aadhaar

March 31 is also the last date to link PAN and Aadhaar. Nearly 20% of PAN users in the country are yet to link their PAN with their Aadhaar. If you have also not linked PAN-Aadhaar, then you can do so till March 31 by paying a fee of Rs 1000. Failure to do so will make your PAN inoperative from April 1. Know how to check PAN-Aadhaar link status here

Pay Advance Tax

All assessees, whose annual tax liability is above Rs 10,000 after deducting TDS/TCS and MAT, are required to pay advance tax in four instalments. Taxpayers were required to pay 100% of advance tax for FY 2022-23 by March 15, 2023. If you haven’t paid the advance tax by 15th March, then you should pay it by March 31. According to the Income Tax department, short/non-payment or deferment of payment of advance tax results in the levy of interest. Read more about advance tax payments here.

Complete Tax Saving Investments

The last date to make tax-saving investments for FY 2022-23 is march 31. You can claim deductions up to Rs 1.5 lakh by investing in schemes that qualify for deduction under Income Tax Act sections such as 80C and 80D. Read more about the last date of tax-saving investments here

File Updated ITR

The last date to file the Updated ITR for AY 2020-21 is 31st March 2023. You shouldn’t miss this last chance. Updated ITRs for AY 2021-22 and 2022-23 can also be filed by 31st March to avoid paying higher taxes later. Read more about the Updated ITR here.

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