Home/ News / India/  5 income tax rules that will expire next week

In just three days, we will be entering a new financial year, which will see implementation of a new income tax structure and other changes. The new financial year (FY) 2023-24 will begin on April 1 and the announcements made by Union finance minister Nirmala Sitharaman will come into effect as soon as next week.

Income tax rules that will expire on 31 March 2023

-Deadline to link PAN and Aadhaar is March 31, 2023. After this, the PAN will become inoperative.

-Deadline for income tax-saving investments is also March 31st, 2023. 

-The last date for enjoying the interest benefit on loans taken to purchase an electric vehicle under Section 80 EEB is March 31st, 2023.

-Taxpayers who have not yet filed their updated income tax returns for FY 2019-20 should do so before the deadline of March 31st, 2023.

-Deadline for paying advance tax for FY 2022-23, is March 31st, 2023. From April 1, 2023, onwards, taxpayers who have not paid their advance tax will be required to pay interest under section 234B.

New income tax regime, other rule changes from next month

Starting on April 1st, 2023, there will be changes to the tax rates that taxpayers must pay on their own income and income from other sources.  The new income tax regime will take over as the default tax system on April 1, 2023. The increase in the tax rebate cap from 5 to 7 lakhs means that individuals with incomes under 7 lakhs do not need to make any investments.

The Senior Citizen Savings Scheme's maximum deposit limit would rise from 15 lakhs to 30 lakhs.

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Updated: 28 Mar 2023, 12:27 PM IST
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