Key Financial Deadlines to Note for March FY 2024-25

As we approach the closing of FY 2025-26, investors should review their investment strategies and insurance plans to minimise their tax liability and avail themselves of various benefits provided by government insurance schemes. Some of the critical deadlines you must NOT MISS are as follows:

15 March 2025: To Avail ELI Benefits

The Employees’ Provident Fund Organisation of India (EPFO) has extended the deadline for the activation of the UAN (Universal Account Number) for working professionals up to 15 March 2023. Make sure to seed your Aadhaar numbers with your personal bank accounts to provide adequate financial coverage for your families in the event of any adversity (under the ELI scheme).

31 March 2025

Here are the most important things to do before this date:

• File An Updated ITR

An updated ITR can help you avoid unnecessary trouble from income tax authorities in case you have missed reporting additional income previously. An updated ITR can be filed any time from 2 years after the end of the assessment year. However, the deadline for FY 2022-23 is approaching fast, so make sure to tick this off your to-do list.

• Invest In Special FDs

With the RBI’s recent decision to reduce the repo rate by 25 basis points, banks are expected to switch towards offering regular interest rates on their FDs, thereby putting a stop to their special schemes. However, special FDs offer higher interest rates for an average investor, which makes them an attractive investment instrument. Hint: Explore the SBI Amrit Kalash scheme.

• Invest in Tax Saving Instruments

As you eagerly explore these options, don’t forget to avail deduction for your investments under the Income Tax Act! By investing in tax saving schemes like the Equity Linked Savings Scheme, National Pension System, Public Provident Fund, and Employees Provident Fund, you can reduce your tax liabilities and increase the size of your retirement corpus substantially.

Be careful to meet these deadlines to ensure maximum returns on your investments and provide a reliable safety net to your families before adversity occurs.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.