Tax Saving Deadline – March 31, 2025: March is an important month for taxpayers, as it marks the deadline for many financial tasks.
To save on taxes, investments must be made by March 31, 2025. Besides tax-saving, employees and investors also need to complete other important tasks.
EPF members must activate their UAN by March 15, 2025, to receive insurance benefits. Additionally, new nomination rules for mutual funds and demat accounts have come into effect.
1. Last Date for Tax-Saving Investments – March 31, 2025
Taxpayers following the old tax regime have until March 31, 2025, to make investments and claim deductions:
Section 80C: Investments in PPF, ELSS, NSC, and life insurance premiums allow deductions up to ₹1.5 lakh.
Section 80D: Tax benefits are available on health insurance premiums.
Section 24(b): Interest paid on a home loan is deductible.
Section 80CCD(1B): An additional ₹50,000 deduction can be claimed by investing in the National Pension System (NPS).
Failing to invest before the deadline may result in higher tax payments.
2. UAN Activation for EPFO Members – Deadline: March 15, 2025
Employees under the Employees’ Provident Fund Organisation (EPFO) must activate their Universal Account Number (UAN) by March 15, 2025.
Without activation, they will not receive insurance benefits under the Employees’ Deposit Linked Insurance (EDLI) scheme, which provides up to ₹7 lakh in coverage.
3. New Nomination Rules for Mutual Funds & Demat Accounts – Effective March 1, 2025
SEBI has introduced new rules for nominating beneficiaries in mutual funds and demat accounts:
Investors can nominate up to 10 people.
Nomination is mandatory for single-holder accounts to prevent unclaimed assets.
Nominees must provide PAN, last four digits of Aadhaar, or driving license number.
If the nominee is a minor, details like contact, relationship, and date of birth must be provided.
In joint accounts, if one holder passes away, the assets will be automatically transferred to the surviving account holder.
4. Changes in UPI Rules for Insurance Premium Payment – Effective March 1, 2025
New UPI payment rules for insurance premiums will be introduced under the Bima-ASBA service:
After paying the premium, the amount will remain blocked until the insurer confirms the policy.
If the insurance proposal is rejected, the blocked amount will be automatically unblocked.
By completing these tasks on time, taxpayers can maximize benefits and avoid unnecessary financial losses.
