7 tasks for taxpayers and investors to complete before March 31, 2025
March is about to end, and there are a few important tasks that you might not want to miss before it's gone, because this March 31st is not just a regular month; it's a month full of several financial deadlines and regulatory changes that will take effect by March 31, 2025. Let's quickly take a look at 7 important tasks with a deadline of March 31st, 2025.
Important deadlines are nearing. By March 31, 2025, new financial rules will start, affecting taxpayers, investors, credit card users, and digital payment customers. To avoid trouble and save money, it's essential to take action now. This includes investing in special savings plans for women, updating your UPI mobile number, filing your income tax return on time to avoid extra fees, and taking advantage of special fixed deposit schemes from banks before they expire. Let's take a look at the top 7 important tasks to complete before time runs out.
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Updated ITR deadline
If you need to correct your tax return, you have 2 years to do so. However, keep in mind that you'll have to pay extra. The amount depends on when you file. If you file within 12 months, you'll pay 25 per cent extra. But if you file between 12-24 months, you'll pay 50 per cent extra after March 31, 2025. So, it's best to file as soon as possible to avoid extra fees.
ITR deadline
The updated return was introduced under section 139(8) in the 2022 budget. Under this, the government has given an option to taxpayers that they can file their updated returns within a certain limit. The purpose of this is to allow the taxpayers to file an updated return if they have not filed an ITR. For those who want to file an updated ITR this year, the last date is 31st March 2025.
Tax savings before March 31, 2025
To save on income tax, you can invest in certain options until March 31, 2025. These investments will help reduce your taxable income for the current financial year (2024-25). If you invest after March 31, 2025, the tax benefits will apply to the next financial year (2025-26).
Mahila Samman Savings Certificate investment deadline
The last date to invest in the Mahila Samman Savings Certificate is March 31, 2025. Only women or girls are eligible to invest in this scheme or their parents/guardians can invest in this scheme on their behalf. The minimum amount to open an account is Rs 1,000, while the maximum investment amount allowed is Rs 2 lakh per individual.
PM Internship Scheme (PMIS) deadline
If you are a student and want to take advantage of the PM Internship Scheme, the last date to register under it is 31st March 2025. The PM Internship Scheme is a new program started by the government, announced by Finance Minister Nirmala Sitharaman in the latest budget (2024-25). Earlier, the deadline for PM Internship registration was March 12, which was later extended.
Special FD deadlines
Some top banks like SBI, HDFC, and others have launched special fixed deposit (FD) plans with attractive interest rates. These plans are for different types of investors, including seniors, and offer varying interest rates based on how long you invest and your age group.
Special FDs With March 31 Deadline
Special FDs such as SBI Amrit Kalash, SBI Amrit Vrishti, SBI WeCare, HDFC Bank 35-month FD, Ind Super, and IDBI Bank Utsav Callable have March 31, 2025, as the last date to invest.
Interest Rate Update
The government reviews and updates interest rates for Post Office Small Savings Schemes every three months. Although rates remained unchanged from January to March, new rates for April to June will be announced by March 31, 2025.
Changes in UPI rule
From now on, UPI apps will ask for your clear permission before changing your UPI ID. You'll be opted out by default, and you will have to actively choose to opt in if you want to use this feature. To avoid confusion, apps can't ask for permission during a transaction.
New UPI Rules From April 1
To protect users from cybercrime and financial fraud, new UPI rules will come into effect on April 1. If your mobile number linked to UPI is no longer in use (e.g., cancelled or changed), it will be removed from bank records. If you're using UPI apps like Paytm, Google Pay, or PhonePe with an old mobile number, you may need to register again with your current number.