Big news for the common people of India. March has kicked off with some significant changes, and it’s also the final month of the financial year, making it a crucial time for tackling important financial tasks. This includes everything from the Employees Provident Fund Organization (EPFO) to filing your Income Tax Return (ITR). Just a heads up, the deadline for submitting your updated ITR is March 31, and the clock is ticking on activating your Universal Account Number (UAN) for managing your PF account. Let’s dive into these three key tasks in detail.
UAN Activation
This month is your last shot at completing essential tasks, including one related to the EPFO. The deadline for employees to activate their Universal Account Number (UAN) for managing their PF account and linking their bank account with Aadhaar is coming up on March 15, 2025. Activating your UAN comes with a bunch of benefits, allowing you to access all the online services offered by EPFO.
File ITR-U
The top priority is to file your updated ITR, with the Income Tax Department setting the deadline for March 31, 2025. If you’ve made any errors in your Income Tax Return (ITR) for FY22-23 or missed out on important income details, now’s your chance to correct them before the deadline hits. It’s best to tackle this task sooner rather than later, so don’t wait until the last minute!
Tax Saving Investments
If you’re looking to save on taxes and claim deductions, you can invest in various saving schemes until March 31, 2024, and include them in your ITR. Government Saving Schemes like NSC, Sukanya Samriddhi Yojana, PPF, and NPS are great options. You can benefit from tax deductions under sections 80C, 80D, and 80CCD-1B of the Income Tax Act. Just remember, these are essential for those sticking to the old tax regime, and missing out could increase your tax liability.