Last-Minute Financial Tasks You Must Finish Before March 31

The new financial year is just 15 days away, and the clock is ticking. You need to wrap up some important money-related tasks before March 31. If you don't, you could end up paying a hefty penalty.

Submit Your Investment Proofs

Many employees tell their companies at the start of the year that they will make tax-saving investments. Now is the time to submit the proof for those investments. You must submit these documents before the financial year ends, which is usually before March 31. If you miss this deadline, your company might deduct a higher amount of TDS from your salary. This will mean a direct financial loss for you.

Pay Your Advance Tax on Time

If your total tax liability for the year is more than ₹10,000, you must pay advance tax. The deadline for this is usually March 15. If you don't pay the tax by this date, you might have to pay extra interest and a penalty later. That's why it's very important to clear this payment before the financial year ends.

Invest in Tax-Saving Schemes

If you have chosen the old tax regime, you can get a tax rebate by investing in certain savings schemes. The Income Tax Act allows deductions for investments in schemes like the Public Provident Fund (PPF), Sukanya Samriddhi Yojana, and National Savings Certificate (NSC). Investing in these can help lower your tax burden. You also need to deposit a minimum amount every year to keep these accounts active.

Get Tax Breaks on Health Insurance Premiums

You can also get a tax deduction when you pay your health insurance policy premium. Under Section 80D of the Income Tax Act, you can claim a deduction on the premium paid for yourself and your family. Generally, the maximum deduction is ₹25,000. This limit goes up to ₹50,000 if the insured person is over 60 years old. You can also get an additional deduction for your parents' health insurance.

Plan Your Finances Before the Deadline

It's really important to review all these points before the financial year ends. If you complete your investments, tax payments, and insurance premiums on time, you can avoid financial troubles later. Proper financial planning done in advance not only reduces your tax burden but also helps you easily avoid extra interest and penalties.

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