The end of a financial year comes with numerous deadlines, and this time, the most crucial ones that you need to pay attention to are in March 2025. Failure to meet these deadlines could simply mean certain financial loss or interruption in availing necessary services.
To maintain your financial soundness, you must be aware of deadlines and act in time on the relevant tasks. Following are some of the most pertinent deadlines and actions that will need your attention before March 2025.
1. Complete Your Tax-Saving Investments by 31st March 2025
If you are following the old tax regime, you will have until the 31st of March 2025 to save tax by investing for the financial year. This ensures that any investments you make before that date can be claimed under Sections 80C, 80D, and 80G. Here are some very good investment options:
- Public Provident Fund (PPF): This is a Triple E (Exempt-Exempt-Exempt) scheme with tax-free interest and maturity amounts with deductions up to ₹1.5 lakh.
- National Pension System (NPS): Apart from the ₹1.5 lakh deduction under Section 80C, an additional ₹50,000 may be claimed under Section 80CCD (1B).
- Equity Linked Savings Scheme (ELSS): The ELSS is distinguished by the lowest lock-in period of only 3 years, giving market-linked returns while helping you to save taxes.
- Post Office Schemes: The very same provides alternative tax benefits in post office investments.
2. Last Chance to Update Your Income Tax Return (ITR)
In case you have not filed your Income Tax Returns for the financial year 2022-23 (Assessment Year 2023-24) or have made some erroneous entries, the deadline to file your updated return (ITR-U) is 31st March 2025. The circumstances where it becomes ever so important include:
- Individuals who did not file their ITR on time.
- People who missed declaring some income.
- Error- Some owners who mistakenly filed GST returns or any other related income tax return.
This way, you ensure that your ITR is filed correctly and on time, which implies no default, hence no penalties would arise.
3. Activate Your UAN for EPF by 15th March 2025
The activation of the UAN remains a must for employees contributing to the EPF by 15th March 2025. UAN activation helps in tracking EPF balance, online withdrawals, and schemes related to EPF-linked Insurance (EDLI), which covers a maximum of ₹7 lakh of coverage.
Besides, with the EPFO 3.0 implementation just around the corner, you’ve to activate your UAN to avail yourself of newer FEATs and services. Don’t wait; safeguard your retirement savings right away.
4. Add a Nominee to Your Mutual Fund and Demat Accounts
Under SEBI’s new regulations, all mutual funds and Demat account holders should be able to add a nominee before 31st March 2025. If they fail to do so, their accounts will be frozen. Update the nominee details on the brokerage platform (for instance, Zerodha, Groww, Upstox) or the mutual fund’s AMC website.
This completes the act of protecting your investments, as they can now be easily handed over to your loved ones should anything happen.
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