Tax Update : Be sure to do these tax related tasks before March 31, there may be loss of money later.

The last month of the financial year 2023-24 is going on. This month, taxpayers must do some tax related work. If he does not do this work this month, he may face problems in the future. Let us tell you in this article which tax related tasks you should complete before March 31, 2024.

March, the last month of the current financial year 2023-24, has started. This month it is very important for the taxpayer to do many things related to tax planning. If taxpayers do not complete these tasks then they may face problems in the next financial year.

In this article, let us know what tax related work the taxpayers must do in this month.

Expense proof

The taxpayer gets some exemption from the company like House Rent Allowance (HRA) or Leave Travel Concession. The taxpayer has to submit the bills related to these concessions and allowances before March 31. If he does not submit this bill then he cannot claim deduction.

Taxpayers can claim tax deduction under Section 80C of the Income Tax Act.

Fill old salary details

If you have also changed job in the current financial year, then you will have to fill Form 12B. You will have to fill this form and give it to the existing company. In this form you have to collect salary details from the old company and submit it. After filling this form, you will get exemption of income tax basic exemption limit from both the companies i.e. the current company in which you are working and the old company.

If the taxpayer does not fill this form then he may have to pay tax again along with interest.

ECS Debit Check

If you have taken insurance premium, SIP, housing loan then you have to check ECS debit (Electric CleariS) in your bank account before 31st March. If due to some technical reason the check bounces while making payment through check and the taxpayer has not debited the ECS then he cannot claim for check bounce.

Deposit minimum amount in PPF, NPS accounts

All taxpayers who invest in PPF Account and NPS Account will have to deposit the minimum amount in their account before March 31. If he does not deposit the minimum amount in the account then his account will become inactive. A minimum investment of Rs 500 has to be made in PPF, NPS account.

If the account gets frozen then taxpayers have to pay a penalty of Rs 50 per year to reactivate the account.