The month of March will end in a few days. This will also end the financial year 2023-24 and begin the financial year 2024-25. But to prepare for this change, you need to complete some important tasks first. As the financial year ends in March, many money related tasks have to be completed in this month. Therefore, a list of major tasks to be completed before March 31 should be kept.
1. Updated ITR Filing
This work is important for taxpayers. Your updated income tax return can be filed by 31st March. Updated returns for the financial year 2020-21 (Assessment Year 2021-22) can be filed by 31st March. Taxpayers who have not filed their return for the financial year 2020-21 or have failed to show part of their income or have filled in some wrong details in their income tax return can file an updated return by visiting the income tax portal.
2. Filing of TDS
Taxpayers will have to show TDS filing certificates in March for tax exemption under various sections for January 2024. If tax deduction is made under section 194-IA, 194-IB and 194M, the challan statement has to be filed before 30th March.
3. GST Composition Scheme
Existing GST taxpayers can apply for the GST composition scheme for the financial year 2024-25 till March 31. Eligible business taxpayers with certain turnover can apply for this scheme. This is a simple tax structure scheme. For this they have to fill CMP-02 form. GST taxpayers whose annual turnover is up to Rs 1.5 crore can apply under this scheme. Under some special category this limit has been fixed at Rs.75 lakh. For example, for restaurants, the limit is Rs 1.5 crore, while for other service providers, it is Rs 50 lakh.
4. Investment to save tax
If you are paying tax under the old tax system for the financial year 2023-24, you can claim tax relief on your investment. If you have not invested in tax saving instruments earlier, you can save tax by investing in them before 31st March. Many investment options under Section 80C offer tax saving opportunities. These include PPF, ELCC, Sukanya Samriddhi, Fixed Deposit, NPS and other post office savings schemes that can be invested in.
5. Minimum investment requirement
If you have invested in other such government schemes including PPF and Sukanya Samriddhi, you have to deposit a minimum amount in your account every financial year. According to this, one has to invest at least Rs 500 in PPF and Rs 250 in Sukanya Yojana in a year. Failure to do so may result in your account being declared in default and incurring penalties.
6. FASTag KYC Update
The date of 31st March is also important for FASTag users. The National Highways Authority of India has extended the deadline for users to update KYC details of FASTag. Earlier this last date was 29th February, now it has been changed to 31st March. Depending on your FASTag company, you can update your FASTag KYC details by visiting the National Electronic Toll Collection website or the Indian Highways Management Company Limited portal. Failure to do so will invalidate your FASTag account and device from April 1.
