From Paytm Payments Bank update to tax saving investments — Key changes, deadlines in March 2024

Paytm Payments Bank will also cease to provide any banking services after March 15.

Except for withdrawals and balance utilisation, the bank is prohibited from providing any other banking services, such as fund transfers, including Aadhaar Enabled Payment System (AEPS), Immediate Payment Service (IMPS), etc, Bharat Bill Payment Operating Unit (BBPOU), and Unified Payments Interface (UPI) facility, after March 15, 2024.

The deadline to update Aadhaar free of charge will end on March 14. This service is, however, free only on the myAadhaar portal and attracts a fee of ₹50 at physical Aadhaar centres, as in the case earlier.

If not done by March 14, the same will be available for a charge on the myAadhaar portal starting March 15, 2023.

SBI Card has announced significant updates set to be effective from March 1, 2024. The changes encompass alterations in the issuance of physical cards for DreamFolks membership and a revised approach to the minimum amount due (MAD) calculation.

Starting March 1, 2024, SBI Card will cease the issuance of physical cards for DreamFolks membership.

In another move, SBI Card will adopt a new formula for calculating the MAD on credit card bills from March 15, 2024.

The fourth instalment of advance tax for the assessment year 2024-25 is to be paid by March 15, 2024.

The tax which is paid within the same financial year in which the income is earned is called advance tax. It is paid in four instalments.

On this date, 100% of advance tax liability has to be paid by taxpayers. Any default in payment of advance tax is subject to penalties under sections 234B and 243C.

The deadline for tax-saving investments for FY2023-24 will end on March 31, 2024.

Tax planning is one of the important measures for financial planning as the main objective is to reduce tax liability and save more. The less tax one has to pay, the more disposable income one has.

While taking advantage of the tax-saving options available, one can save a significant amount of taxes.

The deadline to file an updated income tax return (ITR) for FY 2021-22 is March 31, 2024. So, taxpayers who missed filing it for the said financial year or may have missed reporting any income can file an updated ITR or ITR-U.

The Finance Act of 2022 introduced the concept of updated returns to allow a longer duration for an assessee to file the return of income.

An updated return can be filed within 24 months (2 years) from the end of the relevant assessment year (subject to certain conditions). Hence, if taxpayers missed filing it for FY2019-20, they can do the same now till March 31.

The National Highways Authority of India (NHAI) has granted an extension to the compliance deadline for the 'One Vehicle, One FASTag' initiative until March 31, 2024. This decision was made in consideration of the challenges faced by users of Paytm FASTag.

Consequently, FASTag users now have an additional month to fulfil the know-your-customer (KYC) requirements.