From ITR to PAN-Aadhar link: Here's the 'To-Do' list before March 31st

As the Financial year 2022-23 comes to an end, Editorji brings you a list of things which you need to finish before the March 31st:

1. PAN-Aadhaar Link: After repeatedly extended the window for linking PAN cards with Aadhaar, the final deadline is March 31, 2023. If the Aadhaar is not linked to the PAN by the deadline, then you will have to shell out Rs 1,000 as a a penalty and your PAN will become inoperative.

2. Updated ITR
The last date for submitting the updated ITR for FY20 or assessment year 2020-21 (AY21) is March 31. The taxpayers must file the updated ITR if they omitted certain income details or made any error while filing the ITR in FY20. It can also be filed if the ITR was not filed in FY20 at all.

3. Advance tax payment
According to the IT department, taxpayers must submit the final installment of the advance tax payment for the fiscal year 2022–2023 by March 15, 2023. If a taxpayer fails to make advance tax payments, they will be subject to penalties. The Income-Tax Act mandates that individuals with an anticipated tax liability of ₹10,000 or more after Tax Deducted at Source (TDS) deductions must make advance tax payments.

4. Tax-saving investments
For the fiscal year 2022-23, taxpayers who have chosen the old tax regime must complete their tax-saving investments before March 31, 2023. The old tax regime allowed taxpayers to deduct various expenses related to their investments.

5. Nominee to your demat account:
The deadline for adding a nominee to demat / trading accounts is 31st March 2023. Capital markets regulator SEBI warns that if investors miss out on appointing the nominee, their accounts will be frozen for debits.
A nominee is someone who manages the account if something happens to the holder and must be added through NSDL's website using an OTP and VID/Aadhaar number.

6. Lastly, the Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an insurance policy-cum-pension scheme that provides senior citizens with regular income. Investments up to ₹15 lakh can be made by an individual in the scheme. The deadline for making investments in this plan is March 31, 2023.