March 31: Several financial tasks need to be completed by March 31. Missing this deadline could result in a major financial setback. Furthermore, important tasks like submitting PPF, investment proofs, and filing revised income tax returns are also crucial.
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Many financial tasks need to be completed by March 31st. Missing this deadline could result in a major financial setback. Furthermore, important tasks like submitting PPF, investment proof, and filing revised income tax returns are also essential.
1. Opportunity to invest for tax savings
Currently, two tax regimes are in effect: the old and the new income tax regime. If a taxpayer or Hindu Undivided Family (HUF) chooses the old income tax regime, they can reduce their tax liability by taking advantage of various deductions under various sections of the Income Tax Act, such as 80C, 80D, 80TTB, 80E, and 80G. Those choosing the old income tax regime are required to complete their tax savings and investments for the financial year 2025-26 before March 31.
2. Minimum Amount Investment in PPF and Sukanya Accounts
To keep PPF and Sukanya Samriddhi Yojana accounts active, it is mandatory to deposit a certain minimum amount during the financial year. The minimum amount is Rs. 500 for PPF and Rs. 250 for Sukanya Samriddhi Accounts. This deposit is required once every 12 months.
3. Submitting Evidence of Investments to the Office
Employees who reported tax-saving investments to their office at the beginning of the financial year must submit the relevant documentary evidence to their employer before the due date. Failure to do so may result in the employer deducting higher TDS from their salary.
4. Obtaining a Home Loan Interest Certificate
Those who have taken out a home loan should download a statement or interest certificate from their bank. Under the Income Tax Act, taxpayers can claim a deduction of up to ₹2 lakh on home loan interest. A deduction of up to ₹1.5 lakh on principal repayment is available under Section 80C.
5. Revised Return for Assessment Year 2021–22
The last date for filing a revised return for Assessment Year 2021–22 (Financial Year 2020–21) is March 31, 2026. If there are any errors or omissions in the previously filed return, you can file a revised return. This also includes cases where the taxpayer did not provide certain income-related information correctly in the original or delayed return.
6. Details of Foreign Income
Details of taxable foreign income for the previous financial year 2024-25, along with the tax deducted or paid on it, must be submitted by March 31st. This is necessary to claim foreign tax if the return is filed under Section 139(1) or Section 139(4).
7. Submitting Form 12B
If you are a salaried employee and have changed jobs during the current financial year 2025-26, you must submit details of income from your previous employer to your current employer in Form 12B. This is so that the current employer can correctly calculate the tax deducted at source.
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