Money, taxes: UAN activation last date, tax-saving deadline -- check March's financial calendar 

As March 2025 approaches, significant financial deadlines demand the attention of investors and taxpayers alike. Among these, the Employees’ Provident Fund Organisation (EPFO) has granted an extension for activating the Universal Account Number (UAN) and seeding Aadhaar with bank accounts until 15th March 2025. 

This extension, crucial for accessing benefits under the Employee-Linked Incentive (ELI) scheme, provides EPFO members an opportunity to receive insurance coverage of up to Rs 7 lakh under the Employees’ Deposit Linked Insurance (EDLI) scheme. Ensuring UAN activation by the deadline is vital for members to avail of these benefits. 

How much tax do I have to pay? Calculate now

Additionally, individuals who need to file or update their Income Tax Return (ITR) for the assessment year 2024-25 have until 31st March 2025 to submit an updated return (ITR-U). This deadline offers taxpayers a chance to correct any previous filing errors or omissions before the fiscal year concludes.

For those who have chosen the old tax regime, it is crucial to make investments by March 31, 2025, in order to avail tax-saving benefits. Investors can claim deductions under various sections of the Income Tax Act, such as 80C, 80D, and 80G. Popular tax-saving schemes include the National Pension System (NPS), Employees’ Provident Fund (EPF), Public Provident Fund (PPF), Tax Saving Fixed Deposits, and Equity Linked Savings Scheme (ELSS).

The Reserve Bank of India's recent reduction in the repo rate has influenced interest rates on fixed deposits (FDs). Special FD schemes, offering higher interest rates than regular deposits, remain available at select banks until 31st March 2025. State Bank of India (SBI) presents the Amrit Varshiti and Amrit Kalash schemes, providing interest rates of 7.25% and 7.10% for general customers, respectively, with higher rates for senior citizens. These schemes end on the last day of March, alongside IDBI Bank’s Utsav Callable FD and Indian Bank’s IND Supreme 300 Days and IND Super 400 Days schemes. 

The special FD schemes from multiple banks provide an opportunity for investors to lock in higher interest rates before the deadline. SBI's Amrit Varshiti offers a 7.75% interest rate to senior citizens for a 444-day tenure, while the Amrit Kalash provides 7.60% for a 400-day tenure. IDBI Bank's Utsav Callable FD and Indian Bank’s schemes offer competitive rates, with Indian Bank providing up to 8.05% for super senior citizens. These investment choices can be critical for individuals seeking to optimise returns before the financial year ends. 

With these impending deadlines, investors and taxpayers are urged to act promptly to ensure compliance and maximise financial benefits. The extensions and opportunities available this March are pivotal for effective financial planning, allowing individuals to secure tax savings, enhance investment returns, and ensure seamless access to EPFO benefits. By adhering to these deadlines, individuals can navigate the closing of the financial year with increased confidence and financial security.