Investors, taxpayers need to meet March-end deadlines

If tax saving investments under Section 80C are not made before 31 March, investors may end up paying higher taxes

- SACHIN KUMAR

As the current financial year 2022-23 draws to a close, we have come very close to the deadline for tasks essential for financial planning. Linking Permanent. Account Number (PAN) to Aadhaar number, filing updated Income Tax Return (ITR), paying advance tax, making investment for tax saving and other such tasks should be done before March 31.

Meeting these financial deadlines will not only save investors and taxpayers from penalties and inconvenience, but will help them to meet their short and long-term financial goals. Investors and taxpayers are rushing to seek the help of professional financial planners and advisors to meet the deadline.

Link PAN to Aadhaar

The Income Tax department has made it mandatory to link PAN cards with Aadhaar by March 31. If it is not linked before the deadline, the PAN will become inoperative from next month. An inoperative PAN will invite more troubles, as the person will not be able to do any financial transaction where quoting of PAN is mandatory.

"Linking PAN to Aadhar is critical as the last date to do so is 31 March, else your PAN could get cancelled and it could impact your investments like mutual funds as well," Vishal Dhawan, Vice Chairman, Association of Registered Investment Advisors (ARIA) told this newspaper.

The deadline for linking PAN with Aadhaar has been extended several times but experts believe it is unlikely to happen again.