2] Submission of updated ITR: The last date for submission of updated ITR for FY 2019-20 or AY 2020-21 is 31st March 2023. It should be noted by taxpayers that they won't be able to file update ITR if they fail to meet this deadline of 31st March 2023.
3] Advance tax payment: As per the Income Tax Department, the last instalment of advance tax for FY23 must be submitted by 15th March 2023. According to the Income-Tax Act, a person must pay advance tax if their projected tax liability is ₹10,000 or more after Tax Deducted at Source (TDS) deductions.
4] Tax saving investment: As end of March means end of the financial year too, an earning individual whose annual income is more than basic income in income tax slab needs to look at investment avenues like Public Provident Fund (PPF), ELSS Mutual Fund, tax saving bank FD, etc.
5] Tax saving insurance: Tax and investment experts always suggest an earning individual to take life insurance other than investment options because it is done for your dependents when you are not present to take care of your family members. So, life insurance should be treated differently than an investment option. However, insurance do help an earning individual to claim income tax rebate. However, as per the new income tax rule getting implemented from 1st April 2023, proceeds from life insurance policies over the annual premium of ₹5 lakh would be taxable. But, if you buy an insurance policy with over ₹5 lakh annual premium before or on 31st March 2023 would not fall under the new income tax rule.