Income Tax: The financial year 2023-24 is coming to an end soon and everyone is struggling to save tax. There are only a few days left to save taxes this year. If you want to save this year, invest before March 31
Income Tax
The financial year 2023-24 is coming to an end soon and everyone is struggling to save tax. There are only a few days left to save taxes this year. If you want to save this year, invest before March 31 as the new financial year 2024-25 will start from April 1, 2024. It is also important to make informed decisions about tax saving investments before March 31.
1. Filing of ITR
The last date for filing income tax returns for the financial year 2020-21 (AY 2021-22) is 31 March 2024. Those who have missed filing their returns for the previous financial year, have not shown part of their income in the return or have given wrong income details while filing earlier. Such persons should file updated ITR.
2. Make tax-saving investments for FY 2023-24
If you opted for the old tax system and want to make tax-saving investments for the financial year 2023-24, you have to do it before March 31, 2024. There are plenty of tax-saving tools under Section 80C.
Such as Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS) and Fixed Deposits which can help you in your tax-savings.
Expenses like health insurance, education loans and home loans are some other provisions that can get you tax deductions and reduce your tax liability.
3. Minimum investment time limit
Government savings schemes like PPF or Sukanya Samriddhi Yojana (SSY) require a minimum investment of Rs 500 and Rs 250 respectively in a year. If you do not maintain this minimum deposit during the financial year, your account may be defaulted, which may result in penalties.
So if you have invested in any of these schemes but have not deposited money into them this financial year, you have time till March 31, 2024 to avoid default penalty.
4. FASTag KYC
In a recent announcement, the National Highways Authority of India (NHAI) has extended the deadline for users to update their FASTag KYC details from February 29 to March 31, 2024.
You can visit Indian National Highways Management Company Limited (IHMCL) portal or National Electronic Toll Collection (NETC) website to update your FASTag KYC details.
Note – Before making any investment in crypto, stock market or mutual fund, consult your financial advisor.
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