Not-to-miss deadlines in March: Free Aadhaar update, Paytm Payment Bank money transfer and more،
The tax year is coming to an end, so it's more important to remember important deadlines and updates you need to make before March 31. These include free updating of details in Aadhaar, compliance with tax and investment regulations, and more. Some of them are so important that failure to comply may result in fines or penalties.
Free Aadhaar Card Details Update: Deadline March 14
UIDAI has been offering free update of details to Aadhaar for quite some time and the deadline to do so is March 14. Aadhaar cardholders can avail this free update service through the myAadhaar portal (https://myaadhaar.uidai.gov.in/). That said, after the deadline, citizens will have to pay Rs 50 for each change or update made in Aadhaar.
Revised ITR filing: deadline March 31
March 31 is set as the deadline for filing the revised ITR for the financial year 2021-2022. This option allows taxpayers to file their returns in case they have missed or failed to report income to submit a revised ITR or ITR-U.
Apart from this, taxpayers also have the option to file an updated return within 24 months (2 years) from the end of the relevant tax year, provided they meet certain conditions. This means that there is till March 31 for those who have not filed the ITR for the financial year 2019-20.
Paytm Payments Bank: Deadline March 15
The Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank till March 15. Until then, customers should transfer their funds to another bank account. Post this, funds transfer option will not be available for Paytm Payments Bank users.
Tax-saving investments: March 31 deadline
If you haven't completed the tax-saving activities for the 2023-2024 fiscal year, you'd better do it before March 31. Notably, since April 1, 2023, changes have been made to income tax regulations with the implementation of the new tax regime. This new system is now the default for the 2023-2024 financial year. In case an employee has not chosen a tax regime before April 2023, his or her employer will deduct tax at source (TDS) based on the income tax slabs of the new tax regime.
Advance tax payment: deadline March 15
March 15 is the final deadline for paying the fourth and final installment of your tax installment for the 2023-2024 financial year. Individuals whose net income tax liability exceeds Rs 10,000 in a financial year (FY) are required to pay advance tax. Net tax payable is calculated as the estimated tax payable less any TDS (tax deducted at source) throughout a financial year.
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