March 31 is the final date for the financial year 2024-2025. After this day, many rules related to investments will change and several schemes will also be discontinued. The last date to invest in various schemes for income tax deduction is also March 31. Therefore, it is essential to complete these imported tasks before the deadline.
March 31: The Final Date for Important Tasks
March 31 is the last date by which many tasks must be completed. This includes things like income tax savings and investing in various schemes. Many government schemes also have this as their final date. After this, several rules will change. March 31 is the last day of the financial year, and the new financial year starts on April 1. If you have any important tasks left, make sure to finish them before March 31.
Women’s Honor Savings Certificate
The Women’s Honor Savings Certificate scheme is for women and girls only. Parents or guardians can invest on behalf of minor girls. You need to deposit a minimum of ₹1,000 in this account, and you can invest up to ₹2 lakh. The last date to invest in this scheme is March 31, 2025.
Changes in UPI Rules
UPI apps will now ask users for permission before creating or changing their UPI ID. Users will have to clearly agree to create or change their numeric UPI ID. Earlier, users were not asked for permission. Now, they must choose this option themselves if they want it. UPI apps cannot ask for this consent during transactions to avoid confusion.
Interest Rates on Small Savings Schemes
The government announces the interest rates for small savings schemes, like Sukanya Samriddhi Yojana, PPF, Senior Citizens Savings Scheme, every three months. These rates may or may not change. In December, the government did not change the rates for January to March. New rates for April to June will be announced by March 31, 2025.
Income Tax Saving
As the financial year 2024-25 is ending, taxpayers should invest in tax-saving schemes before March 31. Schemes like 80C and 80D allow you to save on income tax. By investing in these schemes, you can reduce or eliminate your tax liability and secure your future. However, these benefits are available only under the old tax system.
Last Date for Special FD Schemes
The last date to invest in special FD schemes offered by several banks is March 31. Banks like SBI, IDBI Bank, Indian Bank, HDFC Bank, and Punjab & Sind Bank have introduced special FD schemes with good interest rates. These schemes are available for regular investors, senior citizens, and super senior citizens. Interest rates vary depending on the duration and category of the FD.
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