So, here comes the last day of the financial year 2022–2023. All financials are required to be finished by the end of 31st March. Failure to achieve these standards will result in several consequences and fines in the coming financial year.
Please review this list to ensure that your next fiscal year runs efficiently.
1. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
This pension plan is made specifically for individuals over the age of 60. One can enjoy the scheme's benefits by investing in the plan until 31st March 2023.
The plan offers participants a guaranteed pension of 7.4% for ten years, with monthly payments ranging from Rs 1,000 to Rs 9,250.
2. Mandatory nomination registration
SEBI has made nominations obligatory for all mutual fund participants. As a result, all unit holders must finish the candidature procedure by 31st March. Folios that forbid to meet this criterion will be blocked, and no transactions will be permitted.
3. Make sure to submit the 12B form
The general purpose of this form is to provide details about the person's previous employer's revenue. It is an obligation under Regulation 26A to file Form 12b for individuals who join a new business or group in the middle of the year. It will help you lower your tax burden and start with appropriate tax preparation.
4. Buy high-priced insurance policies
By the end of this financial year, investors who want to buy expensive insurance plans should do so. If the individual spends more than Rs 5 lakh in premiums for a savings life insurance policy, the revenue from the policy is taxed at maturity, beginning 1st April. The Rs 5 lakh barrier will apply only to the first-year payment and not to the first-year plus renewal.
5. Investing in saving schemes
Make contributions to savings plans such as NPS, PPF, ELSS of mutual funds, and others before the end of the fiscal year. So, you can qualify for tax benefits under the prior tax system.
Pro tip:
Make sure you recognise the efforts of your employees, partners, clients, and suppliers and send them "Financial Year 2023 Greetings". Build solid relationships with your company’s stakeholders because you cannot grow without them.
We hope you will take note of these points and finish the pending duties. Have a prosperous and lucrative fiscal year ahead of you.
Happy Financial New Year 2023-24!!
