In the latest news, on 28 March 2023, the Central Board of Direct Taxes has extended the deadline for linking PAN and Aadhar to 30 June 2023 which was earlier said as 31 March 2023.
Also Read– Check TDS, Dividend Income & Income Tax Refund Via AIS For Taxpayers App
New Delhi: In three days from now, we will see the end of the current financial year (FY), and will be entering a FY 23-24 from 1 April 2023. The announcements made by Union finance minister Nirmala Sitharaman will come into effect next week.
Read More: How to check TDS, dividend income, and income tax refund using the AIS for Taxpayers app
In the latest news, on 28 March 2023, the Central Board of Direct Taxes has extended the deadline for linking PAN and Aadhar to 30 June 2023 which was earlier said as 31 March 2023.
Also Read- ITR filing: Are gifts taxable in India? Salient clauses all income taxpayers must know
The other four income tax tasks that need to be completed on or before 31 March 2023 are:
Complete Tax-Saving Investments: The last date to make tax-saving investments for FY 2022-2023 is 31 March 2023. 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.
Advance Tax Payment: The assesses 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 per cent of advance tax for FY 2022-23 by 15 March 2023. If you haven’t paid the advance tax by March 15, then you should pay it by 31 March 2023. Short/non-payment or deferment of payment of advance tax results in the levy of interest, according to the Income Tax department.
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Interest Benefit On Loans To Buy EVs: The last date for enjoying the interest benefit on loans taken to purchase an electric vehicle under Section 80 EEB is 31 March 2023.
Update Income Tax Returns: Taxpayers who have not yet filed their updated income tax returns for FY 2019-20 should do so before the deadline of 31 March 2023.
Read More: ITR 2023: Step-by-step guide to file Income Tax Return using Form 16/ 16A
Starting 1 April 2023, there will be changes to the tax rates that taxpayers must pay on their own income and income from other sources. The new income tax regime will take over as the default tax system on 1 April 2023. The Senior Citizen Savings Scheme’s maximum deposit limit would rise from Rs 15 lakhs to Rs 30 lakhs.
