March 31st Deadline Alert: 5 Essential Financial Tasks You Need To Complete

As the financial year 2023-24 draws to a close, March 31, 2024, signifies more than just the end of the fiscal year. It marks the deadline for various essential personal finance tasks including investments , tax filing, and tax-saving measures . Neglecting these tasks could lead to penalties or other complications. Here's what you need to address before the deadline.

1. Extended Deadline for Updated ITR Filing
Taxpayers who missed filing their income tax returns for FY 2020-21 (AY 2021-22) or need to correct previously submitted details have until March 31, 2024, to file updated returns. This grace period, extending up to 24 months from the end of the assessment year, offers an opportunity for rectification and compliance.

2. Tax Saving Scheme Election for FY 2023-24
For those under the old tax regime aiming to capitalise on tax-saving opportunities for FY 2023-24, March 31, 2024, serves as the deadline for opting into relevant schemes. Investments in instruments such as PPF, ELSS, and Term Deposits under Section 80C can help reduce tax liability. Moreover, expenses like health insurance premiums and education loans also offer avenues for tax deductions .

3. Issuance of TDS Filing Certificates
Taxpayers are required to furnish TDS filing certificates for deductions made under various sections by January 2024. Specific deadlines apply, such as filing TDS certificates for sections 194-IA, 194-IB, and 194M by March 17 and filing Challan Statements by March 30.

4. Minimum Investment Requirements
Government savings schemes like PPF and Sukanya Samriddhi Yojana (SSY) mandate minimum annual investments to maintain account operability. Failing to meet these requirements may result in penalties. Ensure compliance by March 31, 2024, to avoid any adverse repercussions.

5. Extended Deadline for FASTag KYC
In response to user concerns, the National Highway Authority of India (NHAI) has extended the deadline for updating FASTag KYC details to March 31, 2024, offering relief to FASTag users facing compliance challenges.