Many financial deadlines, as well as the current financial year FY2023-24, will conclude at the end of this month. As a result, NRIs who are income taxpayers in India should double-check their critical money chores, such as income tax return (ITR) filing and PAN-Aadhaar linkage, which they must finish by March 31, 2024.
Here is a list of critical money tasks that an NRIs must complete by March 31, 2024:
1] Revised or late ITR filing: The deadline for AY2022-23 belated ITR filing is March 31, 2024. As a result, earning individuals who forgot to file their ITR by the required date should file their belated ITR by the deadline, which is March 31, 2024.
Similarly, the deadline for filing a late or updated ITR for the fiscal year 2022-23 is March 31, 2024. If an earner has filed a late ITR online, he or she can still make changes by the 31st of March 2024. As a result, if you detect an error in your e-filed ITR, you still have time to correct it before the deadline of March 31, 2024.
2] PAN-Aadhaar linking: 31st March 2024 is the deadline for seeding one’s PAN with an Aadhaar card as well. Failing to meet this deadline will lead to one’s PAN card becoming inoperative or invalid. Under section 272B, carrying an invalid PAN card may lead to ₹10,000 penalty. Also, one’s TDS on bank deposit interest will get doubled.
3] KYC update for bank accounts: Bank account holders are advised to complete their KYC update by 31st of March 2024 otherwise their bank account might get frozen.
4] Tax-advantaged investment schemes: Investing in tax-advantaged investment schemes such as the Public Provident Fund (PPF), National Pension System (NPS), Life Insurance Plans, ULIP, and others allows an income taxpayer to claim an exemption benefit on their investment. As a result, a taxpayer should review their tax-saving investments to verify that they have maximised their investment in such instruments. If there is still time to make a tax-saving investment, they must do it before March 31st, 2024.
Donald G. is the Principal Consultant at NRI Money+. He specialises in creating personalised financial plans for NRIs (Non-Resident Indians) and HNI (High Net-worth Individuals).
