Financial year 2025-26 is about to end, and March 31 is fast approaching. In view of this, it becomes very important to complete all the important tasks related to your taxes, investments and finances on time. By getting these things done well in advance, you can avoid not only tax hassles but also any potential penalties or complications. Let’s take a look at the important tasks you should complete before March 31.
Number 1: Complete your investments to save tax
If you choose the old tax regime, you can claim tax exemption by investing in instruments like PPF (Public Provident Fund), Sukanya Samriddhi Yojana (SSY), and NPS (National Pension System). Remember that these funds must be deposited before March 31.
No. 2: Complete the formalities related to your PAN card
If you want to apply for a new PAN card, you can easily do so before March 31 using your Aadhaar card. After March 31, the process of getting a PAN card may take longer, and you may have to submit more supporting documents.
No. 3: Submit proof of investment
Make sure you submit all the required documents—like HRA receipts, proof of insurance premium payments, and ELSS and PPF investment records—to your employer on time. Any delay in doing so may result in more tax being deducted from your salary.
No. 4: Check your AIS and Form 26AS
These documents contain complete information about your income and tax liabilities. It is very important to immediately correct any discrepancies or mistakes in these records, to avoid receiving notices from tax authorities in the future.
**No. 5: Pay your health insurance premium
You get tax exemption if you pay your health insurance premium before March 31. Additionally, it ensures that your medical coverage remains operational without any interruptions. Therefore, do not forget to complete this task also.
No. 6: Last chance to correct mistakes in your ITR
If you have made any mistake in your last Income Tax Return (ITR), March 31 is the last date to correct it. You can correct these mistakes by filing Updated Return (ITR-U). No. 7 – Take Home Loan Interest Certificate
If you have taken a home loan, make sure you get the interest certificate from your bank. This gives you tax exemption.
No. 8 – Review Your Capital Gains
If you have invested in stocks or mutual funds, be sure to review your profits and losses. This will help you calculate and pay your tax correctly.
Number 9 – Make minimum investment in government schemes
It is necessary to deposit at least some amount every year in schemes like PPF, SSY, or SCSS. If you do not deposit this amount, your account may be closed or deactivated.
No. 10 – Disclose foreign income
If you have earned any income abroad, make sure you report it accurately. If you do not do this, you may get a notice or you may be fined. These tasks may seem small, but they are very important for your financial planning. If you complete these tasks before March 31, you can start the new financial year without any stress. So, don’t delay—get your important work done today.