31 March Deadline Alert: Today is March 30, and you now have only 2 days left to complete some crucial financial tasks. After midnight on March 31, key deadlines related to tax and banking will expire. Missing these could lead to penalties, higher tax deductions, or unnecessary hassle later.
Keep Your Government Schemes Active: Deposit Minimum Balance in PPF, NPS & SSY
If you have accounts in Public Provident Fund, National Pension System, or Sukanya Samriddhi Yojana, make sure they remain active.
To keep these accounts active, you must deposit a minimum amount of ₹250 to ₹500 every financial year. If you fail to do so, your account may become inactive. Reactivating it later will require paying a penalty and going through additional procedures.
Last Chance to Save Tax: Invest Under Sections 80C & 80D
If you follow the old tax regime, March 31 is your last chance to make investments and claim tax deductions.
Under Section 80C, you can claim deductions of up to ₹1.5 lakh by investing in options like PPF and life insurance. Additionally, under Section 80D, you can claim up to ₹1 lakh deduction on health insurance premiums and certain medical expenses.
Keep in mind, any investment made after April 1 will be counted in the next financial year.
Salaried Employees: Submit Investment Proofs to Your Employer
If you are a salaried employee, submitting your investment proofs to your office is extremely important.
These documents include:
- Rent receipts (for HRA claims)
- Insurance premium receipts
- Home loan interest certificates
If you fail to submit these on time, your employer may deduct higher TDS from your salary. You will only be able to claim the excess amount later while filing your Income Tax Return (ITR).
Delay Can Lead to Direct Financial Loss
Ignoring these deadlines can result in:
- Penalties
- Higher tax deductions
- Unnecessary follow-ups and paperwork
It’s always better to complete these tasks before March 31 and avoid last-minute stress.
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