Lucknow, 30 March. Now only a few days are left for the end of the financial year 2025-26. Along with this, many new financial rules are going to be implemented from April 1, 2026. In such a situation, if you do not complete your investment and tax planning related work on time, you may not only be left out of pocket but may also have to pay huge fine. In this news, we tell you about those 5 big tasks which you should complete before 31st March.
1- Minimum investment in PPF and Sukanya Samriddhi Yojana
If you have opened an account in Public Provident Fund (PPF) or Sukanya Samriddhi Yojana (SSY), then as per the rules you have to deposit a minimum amount every year. This amount is Rs 500 for PPF and Rs 250 for Sukanya Samriddhi Yojana. If you do not deposit this amount by March 31, your account will go into default category and you will have to pay a penalty to reactivate it.
2- Contribution to the National Pension System
APS is a great option for retirement planning. Through Section 80CCD (1B) of the Income Tax Act, taxpayers can avail tax exemption on additional investment of Rs 50,000. To keep your Tier-1 account active, it is necessary to invest at least Rs 1,000 in the financial year. If you miss the deadline of 31st March, you will not get this opportunity to save tax in future.
3- Linking of PAN-Aadhaar and KYC
The government has made it mandatory to link PAN-Aadhaar. If your PAN-Aadhaar link is not complete or KYC is pending in any of your bank schemes, complete it immediately. In case of not having updated documents, your banking transactions may be stopped and your demat account may also be frozen.
4- Investing in the old tax regime
If you are still a part of the old tax regime, then this is your last chance to get tax exemption of up to Rs 1.5 lakh through Section 80C. This includes LIC, ELSS mutual fund, 5 year FD and children’s tuition fees. Apart from this, you can also save extra tax by paying health insurance premium through Section 80D. Make sure to submit proof of all these investments by 31st March.
5- Home Loan Repayment and Pre-payment
The month of March is very important for home loan takers. Home loan principal is exempted under Section 80C and interest is exempted under Section 24(b). If you want to reduce your tax amount this year, you can reduce the interest burden by making some extra pre-payment before the end of March and claim tax deduction.
Comments are closed.