- By Aditya Pratap Singh
- Tue, 25 Mar 2025 01:49 PM (IST)
- Source:JND
Financial Task To Do Before March 31: The current financial year is coming to an end in the next few days, which means common citizens have to do some important financial tasks before March 31. Failure to meet these deadlines could cost you tax savings or a penalty. Below are five important tasks you should do before the new financial year begins.
Make tax-saving investments
If you are sticking to the previous tax regime, make sure your tax-saving investments for this financial year are done before March 31. This is important, because, you can only claim your deductions when you file your income tax return on or before July 31, 2025, if you have made such deposits, investments made after March 31 will not be deductible in FY25. As per Section 80C of the Income Tax Act, 1961, you can claim a deduction of up to Rs 1.5 lakh on tax-saving investments.
File a revised ITR (ITR-U)
If a taxpayer has made any mistakes in his/her income tax returns for FY 2021-22, he/she has time till March 31 to file a revised return (ITR-U). Even if someone has failed to file an income tax return, this is the last chance to set things right and avoid a penalty.
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Mahila Samman Savings Certificate to expire after March 31
'Mahila Samman Savings Certificate, the government-run social welfare scheme scheme to promote women's savings, will expire after March 31, 2025. If a women has a wish to invest, this is an opportunity to get a good return of 7.5% interest on a period of two years. To invest in to the scheme, one has to go to nearest brach of post office.
Deposit in PPF and Sukanya Samriddhi Yojana
If you have a Public Provident Fund (PPF) or Sukanya Samriddhi Yojana (SSY) account, you need to deposit the minimum balance by March 31 to maintain your account in active status. The minimum deposit amount in PPF is ₹500 and in SSY, the minimum is Rs 250. If the minimum amount is not deposited, your account will become inactive and you will have to make more efforts to reactivate it.
Use tax-loss harvesting to reduce tax payments
If you have earned investment gains during the current financial year, sell the loss-making stocks or mutual funds. This tax-loss harvesting technique reduces your tax burden by offsetting capital gains. Short-term capital losses can be matched with short-term and long-term capital gains, while long-term capital losses can only be matched with long-term capital gains.