EPF, Income Tax: March 2025 represents a critical deadline for completing several essential financial tasks. Failing to address the necessary actions concerning EPFO UAN activation, updated ITR filing, and tax-saving investments could result in significant financial repercussions. As the deadlines for these three tasks draw near, it is advisable to take prompt action rather than procrastinate until the last moment. Let us explore in detail what these three vital tasks entail and how to ensure their timely completion.
Income Tax Return
If any errors were made or income was overlooked during the Income Tax Return (ITR) filing for the fiscal year 2022-23, these can be rectified through the updated ITR (ITR-U), with a final submission date of 31 March 2025.
Who is obligated to file an ITR?
– Individuals whose income has been inaccurately reported
– Those who have not disclosed any additional income
– Any necessary corrections to previously filed ITRs
Tax saving schemes
This is the final opportunity to optimize tax savings for the fiscal year 2023-24. Consider making the following investments to benefit from tax deductions under sections 80C, 80D, and 80CCD(1B).
Notable Tax-Saving Schemes:
– PPF (Public Provident Fund) – Tax savings up to Rs 1.5 lakh.
– NSC (National Savings Certificate) – A lock-in period of 5 years.
– NPS (National Pension System) – Additional exemption of up to Rs 50,000.
– Sukanya Samriddhi Yojana – A commendable investment for the future of daughters.
EPF
For those employed and seeking to manage their EPF (Employee Provident Fund) account effectively, activating the UAN (Universal Account Number) is essential.
Final Date: 15 March 2025
Missing this deadline may hinder access to various digital services offered by EPFO, potentially delaying PF-related services.