Hansini Buch's Blog

Well, last minute tax planning is something which is not advisable. But still, if due to any reason, you are not able to do any tax saving investment for FY 2022-23 till date and 31 st March is approaching, here are some quick read points, which can help you: (1) Always maintain enough liquidity in your bank account in the month of March so that you can immediately transfer the required amount to any of the tax saving instruments.  (2)  Check the status of your current tax saving investments. Calculate the total amount which has already been invested during FY 2022-23 in tax saving instruments like PF, PPF, life insurance premium, children’s schools fees, principle repayment of home loan, etc. Now, you have to worry about only the balancing amount falling short to complete the investment of ₹ 1,50,000/-. (3)  Try to use the existing set up of your tax saving investment. For example, if you already have PPF account, you can quickly transfer the necessary amount to that ac...

Every individual who has been allotted Permanent Account Number (PAN) has to mandatorily link it with his/her Aadhaar. The last date to link your Aadhaar and PAN is 31 st March 2023, with a fee of ₹ 1,000 (Rupees one thousand only).   Let’s quickly understand the important points related to this. 1.   What will be the consequences if you do not link Aadhaar with PAN till 31 st March 2023? PAN is one of the important documents for all kinds of financial transactions. If you do not link your Aadhaar with PAN till 31 st March 2023, your PAN will become inoperative and you will not be able to furnish, intimate or quote your PAN and would be liable to all the consequences under the Income Tax Act, 1961 for such failure. This will have a number of adverse implications such as: (a)    You shall not be able to file Income Tax Return using the inoperative PAN (b)    Pending returns will not be processed (c)     You will not get your pending Incom...