Tax Saving Investment 31 March 2025: The month of March is like a deadline for many works. Taxpayers have to invest by 31 March 2025 to save their tax. Apart from this, there are many tasks which are to settle taxpayers and jobbers. EPF members will have to activate UAN by 15 March 2025 to get insurance benefits. The rules for nominee to make nominees have come into force in mutual funds and demat accounts.
1. Last date of tax saving investment – 31 March 2025
The last chance for taxpayers to save tax till 31 March 2025. Those who are following the old tax system can take advantage of some special cuttings.
Section 80C: A discount of up to Rs 1.5 lakh can be taken by investing in PPF, ELSS, NSC, and Life Insurance Premiums.
Section 80D: Tax exemption on health insurance premium can be availed.
Section 24 (b): The interest deduction on home loan can be taken advantage of.
Section 80CCD (1B): Extra discounts of up to Rs 50,000 can be taken by investing in National Pension System (NPS).
If taxpayers do not invest before this time limit, they may have to pay more tax.
2. UAN Activation for EPFO members – Last date 15 March 2025
Employees who fall under Employees’ Provident Fund Organization (EPFO) are required to activate their universal account number (UAN) by 15 March 2025. Employees will not get the insurance benefits of Employees’ Deposit Linked Insurance (EDLI) scheme in the event of not being active. The scheme provides insurance cover of up to 7 lakhs to EPF members. If an employee does not activate his UAN, he will not be able to take advantage of this scheme.
3. New Nomination Rules for Mutual Fund and Dimat Account – Applied from 1 March 2025
SEBI has issued new rules regarding enrollment in mutual funds and demat accounts. According to these rules, investors can make up to 10 people a nominee. Enrollment for single-holder accounts has been made mandatory, so that there is no problem of uncured assets. For the nominee, it will be necessary to give PAN, the last four digits of the base, or a driving license number. Investors will have to give birth date of nominee, and if the nominee is a minor, then the date of birth will have to be given. If an account holder dies in the case of joint account, the property will automatically be transferred to another living account holder.
4. Changes in UPI rules for insurance premium payment – applicable from 1 March 2025
The rules of making insurance premium payment from UPI are changing. From 1 March 2025, insurance premium can be paid under the Bima-ASBA service.
Who will benefit from this?
After paying for the insurance policy, the amount will remain block until the insurance company accepts the policy. If the insurance proposal is rejected, the blocked amount may be unlocked.
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