March 31 Deadline: The last day of the month of March does not only mark the end of a financial year, but it is also a deadline to some important financial task. For crores of Indian citizens who invest in government schemes and other investment instruments, they have to complete some tasks on or before March 31.
Key Financial Task To Complete Before March 31
Last Chance To Keep Government Saving and Investment Scheme Active
March 31 is the last day to deposit the minimum balance in small saving schemes including public provident fund (PPF), National Pension System (NPS), and Sukanya Samriddhi Schemes
To keep the PPF, NPS and Sukanya Samriddhi Yojana (SSY) account active, it is mandatory to deposit a minimum amount of Rs 250 to Rs 500 every year. If an account holder fails to deposit the minimum balance, the account would be closed and a penalty will be imposed to reactivate it.
Tax Saving Investment
If you have kept yourself in the old tax regime then 31st March is the last date to make a tax saving investment to claim tax benefits under Sections 80C and 80D.
An investment in PPF or life insurance can be made to get a deduction of up to Rs 1.5 lakh under Section 80C. Additionally, up to Rs 1 lakh is available for deduction on health insurance premiums and medical expenses under Section 80D.
If you fail to invest on or before March 31, the investment will be counted in the next year's account.
Submit Investment Proof at Office
If you are employed, you will need to submit investment proof at your office. This includes house rent receipts, insurance premium receipts, and home loan interest certificates.
Also Read: Stock Market Today: Sensex, Nifty Trade Sharply Down On Rising Crude Prices Amid Middle East Crisis
If an individual fails to submit these documents before the deadline, your company may deduct a higher TDS from your last salary and you will have to wait until you file your income tax return to get it refunded.