March 31 Deadline: 5 Important Tasks You Must Do Before March 31
March 31 Deadline: 5 Important Tasks You Must Do Before march 31Here is the complete list of details you need to complete by march 31 to avoid penalty.
Which five financial tasks need to be completed before march 31?As the financial year 2023-24 comes to an end, it is necessary to complete essential work related to the fund by march 31 to avoid penalties. These tasks include maintaining minimum contributions to keep NPS, PPF, and SSY accounts active, updating FASTag KYC details to prevent account invalidation, and filing TDS certificates for tax deductions. Failure to complete these tasks may result in account suspension, penalties, or loss of benefits. Act now to ensure financial compliance and maximize tax efficiency.
NPS Account: If you have an NPS account, to maintain its active status, your Tier-1 account must deposit at least Rs. Don't forget to deposit 1,000. Although this requirement does not apply to Tier-2 accounts, by making this contribution under section 80CCD(1B) of the Income Tax Act, Rs. Note that an additional tax deduction of up to 50,000 can be availed. Failure to make the minimum contribution will result in your account being closed.
PPF Account: To keep your PPF account active a minimum of Rs. Make sure to contribute 500. Failure to make this mandatory annual deposit will result in your account being deactivated. Every year default can be re-enforced by paying a penalty of Rs.50. Dormant PPF accounts lose access to credit and withdrawal options, which are available in the third and sixth years respectively.
SSY Account: Investors in sukanya Samriti Yojana do not forget to deposit a minimum of Rs.250 annually to maintain an active account. Failure to meet this requirement will result in your account being declared in default. Every year Rs. 50, a defaulted account can be redeemed at any time before maturity by paying a penalty of Rs. 250 plus, if not withdrawn, the payment will be made on maturity. It will happen after 21 years.
FASTag KYC Update: Don't forget to update your FASTag KYC details by 31st march so that your account and device are not valid on 1st April. This can be done by visiting the National Electronic Toll Collection website or the Highways Management Corporation of india Limited portal.
TDS Filing: Make sure to file your TDS filing certificate by march, especially for january 2024 for applicable tax deductions under different sections. Ensure filing of tax deductions under sections 194-IA, 194-IB, and 194-M
Which five financial tasks need to be completed before march 31?As the financial year 2023-24 comes to an end, it is necessary to complete essential work related to the fund by march 31 to avoid penalties. These tasks include maintaining minimum contributions to keep NPS, PPF, and SSY accounts active, updating FASTag KYC details to prevent account invalidation, and filing TDS certificates for tax deductions. Failure to complete these tasks may result in account suspension, penalties, or loss of benefits. Act now to ensure financial compliance and maximize tax efficiency.
NPS Account: If you have an NPS account, to maintain its active status, your Tier-1 account must deposit at least Rs. Don't forget to deposit 1,000. Although this requirement does not apply to Tier-2 accounts, by making this contribution under section 80CCD(1B) of the Income Tax Act, Rs. Note that an additional tax deduction of up to 50,000 can be availed. Failure to make the minimum contribution will result in your account being closed.
PPF Account: To keep your PPF account active a minimum of Rs. Make sure to contribute 500. Failure to make this mandatory annual deposit will result in your account being deactivated. Every year default can be re-enforced by paying a penalty of Rs.50. Dormant PPF accounts lose access to credit and withdrawal options, which are available in the third and sixth years respectively.
SSY Account: Investors in sukanya Samriti Yojana do not forget to deposit a minimum of Rs.250 annually to maintain an active account. Failure to meet this requirement will result in your account being declared in default. Every year Rs. 50, a defaulted account can be redeemed at any time before maturity by paying a penalty of Rs. 250 plus, if not withdrawn, the payment will be made on maturity. It will happen after 21 years.
FASTag KYC Update: Don't forget to update your FASTag KYC details by 31st march so that your account and device are not valid on 1st April. This can be done by visiting the National Electronic Toll Collection website or the Highways Management Corporation of india Limited portal.
TDS Filing: Make sure to file your TDS filing certificate by march, especially for january 2024 for applicable tax deductions under different sections. Ensure filing of tax deductions under sections 194-IA, 194-IB, and 194-M