Taxpayers must complete key investments, maintain savings accounts, and submit proof documents before March 31 to avoid penalties.
Vanshika verma | Mar 30, 2026 |
March 31 Deadline: Three Crucial Financial Tasks You Must Complete Now
With only two days remaining before March 31, taxpayers and investors must act quickly to complete important financial tasks. Several key tax and savings-related deadlines will expire at midnight on March 31.
The following are the three important tasks, which you must complete by the night of March 31:
1. Final Chance to Save Tax Under the Old Tax Regime
You can invest up to Rs 1.5 lakh under Section 80C through options such as PPF, life insurance premiums, ELSS, or fixed deposits to claim tax deductions.
Under Section 80D, you can claim deductions on health insurance premiums and certain medical expenses. The maximum benefit is upto Rs 1 lakh.
Any investments made on or after 1st April will be considered for the next financial year.
2. Keep Small Savings Schemes Active
To maintain their accounts, investors need to make the minimum required contributions to government-supported savings plans like the Public Provident Fund (PPF), the National Pension System (NPS), and the Sukanya Samriddhi Yojana (SSY). These accounts require an annual deposit of at least Rs 250 to Rs 500.
If you fail to deposit this amount, the account may become inactive. Reactivating it later can mean paying a penalty and visiting the bank multiple times. To avoid trouble, make sure the minimum deposit is completed before March 31.
3. Salaried Employees Must Submit Investment Proof
It is important for salaried employees to submit proof of investments and expenses to their employer before the deadline. The following are the documents that must be provided to the office:
If you fail to report these proofs on time, your employer may deduct a higher Tax Deducted at Source (TDS) from your March salary. You will then need to wait until you file your income tax return to claim a refund.
Experts advised taxpayers not to delay. Completing these tasks before March 31 can help avoid penalties and reduce the tax burden.
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