What are five financial tasks you must do before March 31?

As the financial yr 2023-24 attracts to a detailed, it is essential to finish important finance-related tasks before March 31 to keep away from penalties. These tasks embrace sustaining minimal contributions to NPS, PPF, and SSY accounts to maintain them lively, updating FASTag KYC particulars to stop account invalidation, and submitting TDS certificates for tax exemptions. Failure to finish these tasks may end in blocked accounts, penalties, or lack of advantages. Act now to make sure financial compliance and maximize tax effectivity.

Here’s a listing of some issues with particulars that you ought to full before March 31 to keep away from a penalty.

NPS Account: If you maintain an NPS account, bear in mind to deposit a minimal of Rs 1,000 into your Tier-1 account to keep up its lively standing. While this requirement would not apply to Tier-2 accounts, understand that making this contribution can earn you a further tax exemption of as much as Rs 50,000 underneath Section 80CCD(1B) of the Income Tax Act. Failure to fulfill the minimal contribution will end in your account being blocked.

PPF Account: Ensure you contribute a minimum of Rs 500 to your PPF account to maintain it lively. Failure to make this obligatory annual deposit will result in the deactivation of your account. Reactivation is feasible by paying a penalty of Rs 50 for every year of default. Inactive PPF accounts lose entry to mortgage and withdrawal choices, which develop into accessible within the third and sixth years respectively.

SSY Account: For these investing within the Sukanya Samriddhi Yojana, bear in mind to deposit a minimal of Rs 250 yearly to keep up an lively account. Failure to fulfill this requirement will end in your account being declared defaulted. You can reinstate a defaulted account at any time before maturity by paying a Rs 50 penalty for every default yr, together with the minimal deposit quantity of Rs 250. If left unreinstated, the funds develop into payable at maturity, which happens both after 21 years of opening the account or when the lady youngster marries after turning 18.

FASTag KYC Update: Don’t neglect to replace your FASTag KYC particulars by March 31 to keep away from your account and system turning into invalid on April 1. You can do this by visiting the National Electronic Toll Collection web site or the Indian Highways Management Company Limited portal.

TDS Filing: Ensure you file your TDS submitting certificates by March, notably for tax exemptions relevant underneath totally different sections for January 2024. If tax deductions have been made underneath sections 194-IA, 194-IB, and 194-M, be sure to file the challan assertion before the deadline.