Important Financial Deadlines To Meet Before FY25 Ends On March 31

With Fiscal Year 2024-25 nearing its end on March 31, here are some deadlines that an individual must know about. Investors and taxpayers must prioritise key deadlines to maximise their savings, secure insurance benefits, and save on avoidable penalties.

From EPFO compliance to tax-saving schemes and expiring fixed deposit schemes, action taken on time is critical to optimise financial outcomes.

EPFO’s UAN Activation & Aadhaar-Bank Linking Date

The Employees’ Provident Fund Organisation (EPFO) extended the deadline for initiating Universal Account Numbers (UAN) and updating with Aadhaar with bank accounts to March 15, 2025, under its Employee-Linked Incentive (ELI) scheme. This mandate was brought in for the EPFO circular dated February 21, 2025. This was aimed at ensuring members could access benefits like employer contributions and government subsidies.

How Does It Affect Taxpayers?

UAN activation is also important for getting the benefit of insurance coverage under the Employees’ Deposit-Linked Insurance (EDLI) scheme. It offers up to Rs 7 lakh to EPF members in case of unforeseen incidents.

Tax Revisions & Investment Deadlines

Updated Income Tax Returns (ITR-U): Taxpayers can correct errors or declare missed income for the past two assessment years by filing ITR-U by March 31, 2025. 

Tax-Saving Investments: People opting for the old tax regime can claim deductions under Sections 80C (up to Rs 1.5 lakh), 80D (health insurance), and 80G (donations).

The investments to avail of this benefit are:

National Pension System (NPS)

Public Provident Fund (PPF)

Tax-Saving FDs (5-year lock-in)

Equity-Linked Savings Schemes (ELSS)

Employees’ Provident Fund (EPF)

High-Interest Fixed Deposits Deadlines

Following the RBI’s recent 25-basis-point repo rate cut (6.25 per cent), banks have trimmed FD rates. 

However, limited-time special FD schemes with elevated rates remain available until March 31, 2025:

SBI Amrit Varshiti with a tenure of 444 days with a return of 7.25 per cent for the general public and 7.75 per cent for seniors

SBI Amrit Kalash with a tenure of 400 days offers a return of 7.10 per cent for the general public and 7.60 per cent for seniors

IDBI Utsav Callable FD offered flexible tenures with competitive rates

Indian Bank IND Supreme/Super FDs gave a return of up to 8.05 per cent for super senior citizens for a tenure of 300-400 days.