March is the last month of the financial year 2022-23. The new financial year will start from 1st April. Usually in March every year there are some things that people have to do to save some money and get financial benefits. This includes investment, IT returns and others. With the current financial year 2022-23 ending on March 31, there are five important tasks that you must tackle.
PAN-Aadhaar Link
As per the government rules, it is mandatory to link PAN with Aadhaar. However, still many citizens have not completed this process. If you haven’t linked your PAN with Aadhaar, do it before March 31. You will have to pay a fine of Rs.1000. If you do not link your PAN with your Aadhaar, then your PAN will become inactive from 1st April.
mutual fund nominee
If you invest in mutual funds, it is mandatory to submit your nomination by March 31. Investors who do not comply with this norm, their investments will be blocked and transactions will not be allowed in them.
Tax exemption under section 80C
If you want to invest in multiple investment schemes to avail tax exemption under section 80C, you can invest before March 31. One can invest in PPF, Sukanya Samriddhi Yojana, ELSS etc. to get tax exemption.
PM Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana PMVVY is an insurance policy cum pension scheme. An individual can invest up to Rs 15 lakh in the scheme. This scheme provides regular income to senior citizens with interest currently at 7.40% per annum. The deadline to invest in this scheme is March 31, 2023.
High-Premium LIC Policy
If you want to avail tax exemption on LIC policies with high premium, you can do so only by purchasing the policy before the March 31 deadline. Exemption will not be available from 1 April 2023.
