Financial Year Ending Soon: Complete These 7 Important Tasks Before March 31 or Risk Financial Trouble

March End Deadline: As the financial year draws to a close, taxpayers and investors across India need to pay attention to several important tasks that must be completed before March 31. This date marks the end of the current financial year, after which a new financial year begins on April 1. Missing certain deadlines before the end of March could lead to penalties, higher tax deductions, or loss of financial benefits.

To avoid unnecessary complications, individuals should ensure they complete essential financial and tax-related activities before the deadline. Here are seven important tasks you should finish before March 31 to stay compliant and financially prepared.

1. Complete Your Tax-Saving Investments

For individuals choosing the old income tax regime, tax-saving investments must be completed before March 31 to claim deductions for the financial year 2025–26.

Under Chapter VIA of the Income Tax Act, taxpayers can claim deductions through sections such as 80C, 80D, 80E, 80G, and 80TTB. Investments like PPF, ELSS, life insurance, and tax-saving fixed deposits fall under these deductions and can help reduce taxable income.

2. Deposit Minimum Amount in PPF or Sukanya Samriddhi Scheme

If you have accounts under Public Provident Fund (PPF) or Sukanya Samriddhi Yojana (SSY), you must deposit the minimum amount each financial year to keep the account active.

• PPF minimum deposit: ₹500 per year

• SSY minimum deposit: ₹250 per year

Failure to deposit the required amount before March 31 can make the account inactive. Although it can later be revived, a penalty will be applicable.

3. Submit Investment Proof to Your Employer

Salaried employees who declared tax-saving investments earlier in the year must submit supporting documents to their employer before the payroll cut-off date.

If proof is not submitted on time, employers may deduct higher TDS (Tax Deducted at Source) from the remaining salary payments of the financial year.

4. File Updated Income Tax Return (ITR-U)

Taxpayers who need to correct errors in previously filed returns have the option to file an Updated Income Tax Return (ITR-U).

For Assessment Year 2021–22 (Financial Year 2020–21), the last date to file an updated return is March 31, 2026. This allows individuals to correct mistakes or report previously undisclosed income.

5. Download Home Loan Interest Certificate

People who have taken a home loan should download their annual interest certificate from the bank before the financial year ends.

Under Section 24(b) of the Income Tax Act, taxpayers can claim deductions of up to ₹2 lakh on home loan interest. Additionally, repayment of the principal amount qualifies for deductions of up to ₹1.5 lakh under Section 80C.

6. Submit Form 12B If You Changed Jobs

Employees who switched jobs during the financial year 2025–26 must submit Form 12B to their current employer.

This form contains income details from the previous employer and helps ensure accurate calculation of TDS on salary.

7. Upload Foreign Income Statement (Form 67)

Individuals who earned income from foreign sources in the previous financial year 2024–25 must upload Form 67 before March 31, 2026.

Submitting this form is necessary to claim Foreign Tax Credit (FTC) for taxes paid abroad when filing income tax returns.

📌 Why Completing These Tasks on Time Matters

March 31 is a critical financial deadline in India. Completing these tasks before the financial year ends ensures you:

• Avoid penalties and compliance issues

• Maximise tax benefits and deductions

• Prevent unnecessary TDS deductions

• Maintain active investment accounts

Proper financial planning before the end of the financial year can help individuals save money, stay compliant with tax rules, and start the new financial year on a stronger financial footing.