A series of changes will happen in the personal finance landscape in the month of March. From an extended opportunity for a free Aadhaar update to adjustments in SBI card rules and the deadline for Paytm Payments Bank, these transformations are poised to directly impact the lives of millions across the country.
Let's delve into the details of these changes:
Paytm Payments Bank deadline
Paytm Payments Bank customers will no longer be able to make deposits or top-ups into their accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards (NCMC) after March 15, 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.
Fourth instalment of advance tax
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.
Filing updated ITR for FY21-22
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.
(Edited by : Amrita)
First Published: Mar 1, 2024 10:59 AM IST
