Deadline Alert: The financial year is ending with March. In such a situation, this time a list of many important tasks is ready for you, which have to be completed before the end of the month. There are many tasks in it, from filing updated income tax return and making tax saving investments to completing the KYC (Know Your Customer) details of your FASTag and making minimum deposit in small savings scheme. These tasks are very important, because if you do not do so, you may have to face a hefty fine.
File updated ITR
Taxpayers who want to report updated details in their ITR can file their updated income tax return (Updated ITR) by March 31. Updated returns for FY 2020-21 (AY 2021-22) can be filed by this date. Taxpayers who had not filed their returns in this financial year, or were not able to show some part of their income. Or they have filed some wrong details in their income tax return, in such situations they can go to the income tax portal and file an updated return.
Tax Saving Investment
If you are filing taxes in the old tax regime for FY 2023-24, then you can also claim tax exemption on your investments. If you have not invested in tax saving instruments before, you can save tax by investing in them before March 31. Under Section 80C, you have many investment options which give you the opportunity to save tax, like PPF, ELSS. Investments can be made in Sukanya Samriddhi, Term Deposit, NPS, and other savings schemes of Post Office.
TDS Filing
Taxpayers will have to show TDS filing certificate in March for tax exemption availed under different sections for January, 2024. If tax deduction has been made under section 194-IA, 194-IB and 194M, then the challan statement will have to be filed before March 30.
GST Composition Scheme
Existing GST taxpayers can apply for GST Composition Scheme for FY 2024-25 till March 31. Eligible business taxpayers with a certain turnover can apply for this scheme, which is a more simplified tax structure scheme. For this they will have to fill CMP-02 form. GST taxpayers whose annual turnover is Rs 1.5 crore can apply under this scheme. Under some special category it has been kept at Rs 75 lakh. While for restaurants it is Rs 1.5 crore, for other service providers it is Rs 50 lakh.
Minimum investment condition (Post Office Minimum Deposit)
If you have invested in other such government supported schemes including PPF and Sukanya Samriddhi, then you have to deposit a minimum amount in your account every financial year. You have to invest a minimum of Rs 500 in a year in PPF and Rs 250 in SSY. If you do not do this, your account may be declared default and you may have to pay a penalty.
FASTag KYC Update
The date of March 31 is also important for Fastag users. National Highway Authority of India (NHAI) has given time till March 31 for users to update the KYC details of Fastag. According to your Fastag company, you can update the KYC details of your Fastag by visiting the website of National Electronic Toll Collection or the portal of Indian Highways Management Company Limited. If you do not do this, your Fastag account and device will become invalid from April 1.
