Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:
- If you have opted for the old tax regime, you can still make several tax-saving investments before March 31
- If you missed filing the original tax return during previous years you can still file an updated one March 31.
- Certain government schemes like the (NPS), Sukanya Samriddhi, and PPF require minimum investments to be made March 31.
March 31 is the end of the financial year and is often a busy time for accountants and bankers. Even if you are not one, don’t let yourself relax, for there are a few crucial things to complete before this upcoming
Your deadline to provide proof of tax-saving investments to your employer may have already passed, but if you have opted for the old tax regime, you can still make several tax-saving investments.
First, there is a host of
Apart from these, you can also save taxes on medical premiums under section 80D, on interest paid for a home loan, under section 24B and so on. However, remember that you should have a plan in place and not randomly invest for the sake of tax savings. Make sure you consult a professional advisor if you are not well-versed in tax and investment planning.
Tax harvesting
This strategy involves taking advantage of investments that are currently in decline. The idea is to sell these investments before the end of the financial year (March 31) to “lock in” the loss for tax purposes. These losses can then be used to offset any capital gains you’ve earned on other investments throughout the year. The more capital gains you can offset, the lower your overall tax liability will be.
Say you bought Company ABC for ₹10,000 but it’s now down to ₹8,000. Selling it locks in a₹2,000 loss to offset any capital gains you have (like ₹5,000 from other stocks). This reduces your taxable gains, potentially lowering your taxes. Note that this technique is useful only if you have realised capital gains this financial year, not notional gains.
Filing updated tax returns
If you missed filing the original tax return during previous financial years, you can still file an updated one March 31. Updated tax returns can be filed for the assessment years 2021-22, 2022-23, and 2023-24.
An updated tax return can be filed when the taxpayer did not file an original return, did not file the return the belated deadline, or when they want to modify the original return and declare income currently. Other reasons for filing an updated return could be if the taxpayer had filed a return with incomes under the wrong head and so on. However, an updated return cannot be filed when the taxpayer has already filed an updated return earlier.
Minimum investments to NPS, PPF and SSY
Certain government schemes like the National Pension Scheme (NPS), Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) require minimum investments to be made every year before the March 31 deadline. It is ₹1,000 for NPS Tier 1 accounts, ₹500 for PPF accounts and ₹250 for SSY accounts.
If the minimum payment is not made the account will be blocked and you may need to pay a penalty to activate them again. So it is important to make sure that you have made the required minimum payments the financial year’s end if you have not made any contributions otherwise.
Update FASTag KYC
If you are a FASTag user, the National Highways Authority of India (NHAI) has set a deadline of March 31, 2024, for updating FASTag KYC. Users who have not yet completed their KYC should do so as soon as possible. Users who do not complete FASTag KYC will be unable to recharge Fastag after March 31 and may have to shell out additional money during their journey.