Mark Your Calendar: 8 Major Money Deadlines And Changes In March 2024

March 31st Deadline:?With the financial year 2023-24 set to end on March?31st,?2024, many taxpayers must be busy with their last minute efforts to save tax. Amidst this, March 31st holds significant importance, particularly concerning your finances. Whether your goal is to optimise tax savings, organize crucial paperwork, or stay aligned with your financial objectives, taking action before this date can have a substantial impact. Take a look:

Tax saving deadline: March 31

The deadline to complete the tax-saving process for the fiscal year 2023–2024 is March 31, 2024. If you haven't completed it yet, it's time to take action.

It's crucial to note that the income tax requirements have changed under the new tax system effective April 1, 2023. From the fiscal year 2023–2024 onwards, the new tax system becomes the default option. Therefore, if an employee hasn't opted for a tax regime by April 2023, the employer will deduct tax on pay (TDS) according to the income tax slabs under the new tax regime.

SBI Amrit Kalash special FD: March 31

The deadline to invest in SBI Amrit Kalash is March 31, 2024. According to the SBI website, the specific tenor scheme of "400 days" (Amrit Kalash) offers an interest rate of 7.10% effective from April 12, 2023. Senior citizens are eligible for a higher interest rate of 7.60%. The scheme will remain valid until March 31, 2024.

Similarly, the interest rate offered on SBI WeCare is 7.50%. The last day for senior citizens to invest in SBI WeCare is also March 31, 2024.

SBI home loan concession: March 31

SBI extended the special home loan campaign that offers discounts up to 65 basis points (bps). The special campaign discount is valid up to March 31, 2024. Interest rate on home loan vary depending on the CIBIL score.

IDBI Bank special FD- Utsav Callable FD: March 31

IDBI Bank's Utsav Callable FD offers higher interest rates for special tenures of 300 days, 375 days, and 444 days, providing interest rates of 7.05%, 7.10%, and 7.25% respectively. This offer is valid until March 31, 2024.

Additionally, as per the bank's press release, IDBI Bank has launched its latest offering, the "Special Limited Period Callable FD Offer of 300 Days," featuring attractive interest rates of up to 7.55% p.a. This initiative falls under the Utsav FD scheme and is designed to meet the needs of customers seeking competitive rates for shorter tenures.

Pradhan Mantri Vaya Vandana Yojana for senior citizens

Enrollment for the Pradhan Mantri Vaya Vandana Yojana (PMVVY) remains open until March 31, 2024. This program is designed to provide senior citizens with a steady income in exchange for a single investment. Eligible individuals aged 60 and above can participate in this scheme, which currently offers an annual interest rate of 7.4%. With a tenure of 10 years, PMVVY aims to promote financial stability among elderly citizens.

Update your vehicle’s FASTag KYC

National Highways Authority of India (NHAI) has extended the 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 Payments Bank FASTag.

Consider owning an electric vehicle

Owning an electric vehicle offers certain benefits, including a potential deduction of up to Rs 1,50,000 for interest payments, as specified in Section 80EEB. This deduction enables individuals, whether for personal or business use, to claim the interest paid on the loan for the electric vehicle. However, it's crucial to note that the loan must have been sanctioned between April 1, 2019, and March 31, 2023, to be eligible for this deduction.

Tax savings through Health Insurance

Taxpayers can significantly reduce their taxable income by claiming deductions on health insurance premiums. If you cover health insurance for yourself, your spouse, and your dependent children, you can claim a deduction of up to Rs 25,000. Additionally, if you also pay for your parent’s health insurance, you qualify for an additional deduction of Rs 25,000.For senior citizens, the deductions are more substantial. Both for insuring yourself as a senior and for senior citizen parents, the deduction limit increases to Rs 50,000 each. This implies potential tax savings on health insurance premiums of up to Rs 75,000 or Rs 100,000, depending on the age of the insured.

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