The month of March is an important deadline for many financial and tax-related tasks. Taxpayers need to complete their tax-saving investments by March 31, 2025, to reduce their tax liability.
Additionally, EPF members must activate their UAN by March 15, 2025, to avail insurance benefits. SEBI has also introduced new nomination rules for mutual funds and demat accounts.
Last Date for Tax-Saving Investments – March 31, 2025
Taxpayers following the old tax regime have until March 31, 2025, to make tax-saving investments. Here are some key deductions available:
Section 80C: Deduction of up to Rs 1.5 lakh by investing in PPF, ELSS, NSC, and life insurance premium.
Section 80D: Tax exemption on health insurance premiums.
Section 24(b): Deduction on interest paid on home loans.
Section 80CCD(1B): Additional deduction of up to Rs 50,000 for investing in the National Pension System (NPS).
Failure to invest before this deadline may result in higher tax payments.
UAN Activation for EPFO Members – Last Date March 15, 2025
Employees under the Employees’ Provident Fund Organisation (EPFO) must activate their Universal Account Number (UAN) by March 15, 2025.
If not activated, they will lose out on insurance benefits under the Employees’ Deposit Linked Insurance (EDLI) scheme, which provides coverage of up to Rs 7 lakh. Without UAN activation, employees cannot claim this insurance benefit.
New Nomination Rules for Mutual Funds and Demat Accounts – Effective March 1, 2025
SEBI has introduced new rules regarding nominations in mutual funds and demat accounts:
1) Investors can nominate up to 10 people.
2) Nomination is mandatory for single-holder accounts to prevent unclaimed assets.
3) Nominees must provide PAN, last four digits of Aadhaar, or a driving license number.
4) Contact details, relationship information, and date of birth are required for minor nominees.
In joint accounts, if one holder dies, the assets automatically transfer to the surviving account holder.
Change in UPI Rules for Insurance Premium Payment – Effective March 1, 2025
From March 1, 2025, insurance premiums can be paid under the Bima-ASBA service through UPI. This ensures:
1) The premium amount remains blocked until the insurance company accepts the policy.
2) If the proposal is rejected, the blocked amount is automatically unblocked.
Unified Pension Scheme – Implementation from April 1, 2025
The Unified Pension Scheme (UPS) is set to be implemented from April 1, 2025. This scheme will define the pension benefits retirees will receive. More details on pension calculations under UPS will be announced soon.
Ensure you complete these financial tasks before the deadlines to maximize benefits and avoid last-minute hassles.
