Essential Financial Deadlines for 2023-24

  • Home
  • Finance
  • Essential Financial Deadlines for 2023-24
Essential Financial Deadlines for 2023-24
  • By Gautam Tejwani
  • 29th March, 2024
  • Finance

Essential Personal Finance Deadlines for the End of FY 2023-24

As we approach the conclusion of the financial year 2023-24, it’s imperative to be cognizant of various personal finance deadlines that loom ahead.

1. Deadline for Updated Income Tax Return (ITR)

The final date to submit an updated income tax return (ITR) for the assessment year 2021-22 is March 31, 2024. Moreover, investing in tax-saving instruments like PPF, NPS, or tax-saving FD post the culmination of this month will render you ineligible for tax exemptions.

2. Changes in State Bank of India (SBI) Offerings

Come April 1, 2024, State Bank of India (SBI) will cease offering a higher interest rate on its special fixed deposit scheme known as Amrit Kalash. Additionally, discounted interest rates on home loans will no longer be available beyond this date. Furthermore, SBI has announced revisions in debit card charges, effective April 1, 2024.

Key Deadlines to Note:

1. SBI Special Fixed Deposit Scheme:

  • SBI introduced two limited-tenure deposit schemes, namely Amrit Kalash and We-care. The We-care deposit scheme caters to senior citizens, offering an interest rate of 7.5 percent per annum for a tenure ranging from 5 to 10 years. On the other hand, the Amrit Kalash deposit scheme spans 400 days with an interest rate of 7.10 percent per annum, extendable to 7.6 percent for senior citizens.

2. Special Home Loan Rates:

  • SBI’s campaign interest rates, valid from January 1 to March 31, provide concessions ranging from 65 to 75 basis points based on the borrower’s CIBIL score.

3. SBI Debit Card Charges:

  • SBI has revised its annual maintenance charges, increasing them by ₹75 across various debit card categories.

4. Income Tax (I-T) Exemption:

  • Taxpayers aiming for income tax exemptions for fiscal 2023-24 must invest in tax-saving financial instruments before March 31, 2024. These instruments include PPF, NPS, ELSS, and others, facilitating tax exemption under section 80C of the Income Tax Act, 1962.

5. Revised Surrender Value for Insurance Policies:

  • The Insurance Regulatory and Development Authority (IRDAI) has announced new regulations regarding the surrender value of insurance policies, effective April 1, 2024.

6. IDBI Bank’s Special FD:

  • IDBI Bank offers the Utsav Callable FD, providing interest rates ranging from 7.05 to 7.25 percent for general depositors and 7.55 to 7.75 percent for senior citizens.

7. Income Tax Updated Return (ITR-U):

  • Filing an updated income tax return (ITR-U) for assessment years 2021-22, 2022-23, and 2023-24 remains possible until March 31, 2024. However, bear in mind that this incurs additional tax and interest payments.

Understanding and adhering to these crucial deadlines can significantly impact your financial planning and compliance obligations.

Leave a Reply

Your email address will not be published.