March 2025 Financial Deadlines And Changes: ITR, EPFO, FD Rates, Tax Savings And More

Many financial deadlines and regulatory updates are set to take effect in March 2025. The changes could impact your money management and staying informed can help you make better decisions.

Here are some of the financial changes taking place this month.

The Employees' Provident Fund Organisation (EPFO) has extended the deadline for activating the Universal Account Number (UAN) and linking Aadhaar with bank accounts under the Employees' Deposit Linked Insurance (ELI) scheme. The new cut-off date is Mar. 15.

If you need to rectify errors or report omitted income in your previous Income Tax Return (ITR), you can do so this month. Taxpayers can file an updated return (ITR-U) within two years from the end of the assessment year. This means the deadline for corrections related to the financial year 2022-23 is March 31, 2025. Missing this deadline could result in penalties and lost opportunities to set your records straight.

From Mar. 1, the Securities and Exchange Board of India (SEBI) has allowed investors to nominate up to 10 beneficiaries for their mutual funds and demat accounts. For single-holder accounts, providing nominee details is now compulsory to avoid funds becoming unclaimed. Investors must submit essential details like PAN, Aadhaar or driving license information while nominating beneficiaries.

For taxpayers opting for the old tax regime, the final deadline to make tax-saving investments under Sections 80C, 80D, 80G, and others is March 31, 2025. Maximising deductions under these provisions can reduce your taxable income.

Here are a few sections for your consideration:

• Section 80C: Investments in Public Provident Fund (PPF), Employee Provident Fund (EPF), Equity-Linked Savings Schemes (ELSS), life insurance premiums, home loan principal repayment and Sukanya Samriddhi Yojana qualify for deductions up to Rs 1.5 lakh.

•  Section 80D: Health insurance premiums for self, spouse, children and parents can fetch deductions up to Rs 25,000 for those below 60 years of age and Rs 50,000 for senior citizens.

•  Section 80E: The interest paid on education loans is fully deductible under this section.

• Section 80G: Donations to eligible charitable organisations may qualify for deductions, subject to certain limits.

• Section 80CCD(1B): Contributions to the National Pension System (NPS) allow an additional deduction of up to Rs 50,000 beyond the Section 80C limit.

Many banks revised their fixed deposit (FD) interest rates in February 2025, and further changes may occur in March. These rate shifts could impact both new and existing investors. Keeping an eye on FD rate announcements can help you make more informed decisions.