As we are heading to the end of the financial year 2022-2023, these are the things one must do to avoid complications of any form. Income Tax department has announced March 31 as the deadline to complete these tasks.

The 2023-24 financial year is all set to commence from April 1.

To-do list prior to Income Tax deadline
  • Link Aadhaar-PAN card

All the taxpayers are required to complete linking their Aadhaar card and PAN card. One can do so by paying a fee of ₹1,000, or failure to do will result in the inoperative PAN card from April 1.

  • Updated ITR filing

March 31 is also the last date to file the Updated ITR for AY (Assessment Year) 2020-21. Updated ITRs for both AY 2021-22 and 2022-23 can be filed before the deadline to avoid paying higher taxes later.

  • Tax savings investments

Last date to complete the Tax Savings Investment documentation is March 31. Taxpayers can claim deductions up to ₹1.5 lakh by investing in schemes that qualify for deduction under Income Tax Act 80C and 80D sections. 

  • Advance tax

All taxpayers, who have an annual tax liability above ₹10,000 after deducting TDS/TCS and MAT, are required to pay advance tax in four instalments.

Already, taxpayers were required to pay 100 per cent of advance tax for FY 2022-23 by March 15, 2023. If anyone has missed the early date of the advance tax payment, they must pay it by March 31.

Income Tax department warned that failure of payment or deferment of payment of advance tax would result in heavy interest.

  • Tax exemption on premium insurances and Form 12BB

The Budget 2023 stated that insurance policies with annual premiums over ₹5 lakh will become taxable in the new FY. 

For people who have any such insurance policy, there will not be any tax exemption after April 1 on the maturity date.

One can save tax by completing the premium payment before March 31.

  • Form 12BB

All salaried employees must submit Form 12BB to the employer by March 31 for FY 2022-23. Submission of the form will allow you to claim tax benefits on investments and expenses.

In Form 12BB, one must include details like HRA, LTC, home loan interest payments, and other tax related details.