Income Tax: Complete 5 important tasks in 7 days, otherwise income tax notice will come, fine of thousands

New Delhi. Now only one week is left for the completion of the financial year 2022-23. This is also the last chance to save Income Tax. All taxpayers are required to settle 5 tasks related to income tax within the next 7 days. If you make a mistake in this, not only can you get a notice from the Income Tax Department, but you may also have to pay a fine of thousands of rupees. Its deadline is March 31, 2023.

Actually, the new financial year 2023-24 is starting from 1st April and there are many works of the current financial year which need to be settled before that. Although most of the taxpayers have completed all the work, but those who have not done it yet, they have only time till March 31 to complete 5 important tasks.

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Submission of Form 12BB for Insurance Policy
If you have an insurance policy whose premium is more than Rs 5 lakh, then after April 1, no tax exemption will be available on its maturity amount. Therefore, you can take advantage of tax exemption by paying its premium before 31 March. After this, you will have to pay tax on the premium as per the new rules. If you are a salaried person then you have to submit Form 12BB before 31st March. In this, tax exemption can be taken by giving details of HRA, LTC home loan interest etc.

Most important work PAN-Aadhaar link
The most important work for you before March 31 is to link PAN and Aadhaar. As of now, about 20 percent of the PAN holders have not completed this work. Now this work can be done by paying 1000 rupees. If you miss this time, your PAN will be invalid from April 1. Then neither you will be able to fill ITR nor open a bank account.

It is very important to link PAN and Aadhaar.

Advance tax will save you from fine
Taxpayers whose tax liability exceeds Rs 10,000 even after deducting TDS/TCS and MAT, have to pay advance tax in 4 installments every year. Although the taxpayers had to pay their full 100 percent advance tax by March 15, but if they have missed it, they can complete this work by March 31. If you miss this, you may have to pay tax along with interest.

Complete the work of Tax Saving Investments
Taxpayers invest in various schemes every year to save tax. If this target of yours has not been completed yet, then there is only time till March 31. You will have to complete all tax saving investments for 2022-23 within this deadline. The investment made after this will be added in the next financial year.

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Tags: aadhaar pan linking deadline, business news in hindi, income tax exemption, income tax notice, income tax planning, Insurance Policy