Aadhaar updation, FASTag KYC and 4 other deadlines you can’t miss in March

As we approach the conclusion of the current fiscal year, it is important to remain vigilant of crucial deadlines. These deadlines encompass various tasks such as updating your Aadhaar information without charge and complying with tax and investment regulations to prevent potential penalties or fines for non-compliance. Therefore, here are some vital tasks that warrant completion before March 31st.

The deadline for updating Aadhaar card details without charge is March 14. Aadhaar card holders can take advantage of the complimentary updating service via the myAadhaar portal (https://myaadhaar.uidai.gov.in/). Subsequently, starting from March 14, a fee of Rs 50 will be levied for each change or update made to the Aadhaar card. This fee applies to updates conducted at any Aadhaar center as well.

The Reserve Bank of India (RBI) has granted an extension for specific timelines concerning services offered by Paytm Payments Banks. Customers of Paytm Payments Bank are required to transfer their funds to another bank by this specified date. Post March 15, it will not be feasible to deposit funds or conduct credit transactions into Paytm bank accounts.

Due to the difficulties faced by Paytm FASTag users, the National Highways Authority of India (NHAI) has decided to extend the compliance deadline for the 'One Vehicle, One FASTag' initiative until March 31, 2024.

The deadline to finish your tax-saving activities for the fiscal year 2023–2024 is March 31, 2024, making it essential to act promptly if you haven't already. It's worth noting that as of April 1, 2023, there have been modifications to the income tax regulations with the implementation of the new tax regime. This new system is now the default for the fiscal year 2023-2024. Consequently, if an employee hasn't opted for a tax regime before April 2023, their employer will deduct tax at source (TDS) based on the income tax slabs under the new tax regime.

The deadline for settling the fourth and final installment of your advance tax for the financial year 2023-2024 is March 15. Individuals with a net income tax liability exceeding Rs 10,000 in a financial year (FY) are required to pay advance tax. Net tax liability is calculated as the estimated tax liability minus any TDS (tax deducted at source) throughout an FY.

The deadline to submit a revised ITR for the fiscal year 2021-22 is March 31, 2024. This provides taxpayers who either missed filing their returns for that financial year or might have inadvertently omitted reporting any income with the chance to submit a revised ITR or ITR-U. Additionally, taxpayers have the flexibility to file an updated return within 24 months (2 years) from the conclusion of the relevant assessment year, subject to certain conditions. Therefore, individuals who didn't file for the fiscal year 2019-20 still have the opportunity to do so until March 31.