Many important changes are going to be implemented from March. To manage your money better, you will have to do work related to ITR, EPFO and insurance in March.
The current financial year has now reached its final stage. Therefore, you should stay updated about the changes and deadlines to be implemented in March. This will help you manage your finances better. Here are the changes listed, which are going to be implemented from different dates of March –
Last date to file updated ITR (ITR-U)
If you have made mistakes in your previous Income Tax Return (ITR) or forgot to report income, then you can still correct it by filing an updated return (ITR-U). The deadline to file updated ITR for the financial year 2022-23 is March 31, 2025.
Tax-saving investments
March 31, 2025 is the last date for taxpayers to invest and claim deductions. The major deductions under the Income Tax Act include Section 80C: Investments in PPF, ELSS, NSC and life insurance premium (limit of Rs 1.5 lakh per annum), Section 80D: Health insurance premium deduction, Section 24 (B): Home loan interest deduction; NPS contributions (80CCD, 1B): Additional Rs 50,000 deduction. Missing the deadline may increase tax liabilities for those opting for the old tax regime.
UAN activation for EPFO members
Employees’ Provident Fund Organisation (EPFO) employees will have to activate their Universal Account Number (UAN) by March 15, 2025 to avail insurance benefits under the Employees’ Deposit Linked Insurance (EDLI) scheme. This scheme provides insurance coverage of up to Rs 7 lakh for EPF members. If UAN activation is pending, members risk losing insurance benefits.
Change in UPI payment rules for insurance premium
UPI users will be able to pay insurance premium using blocked amounts under the Bima-ASBA facility. This facility will ensure that policyholders’ funds remain blocked until the insurance company accepts the policy proposal. If the insurance company rejects the proposal, the blocked amount will be automatically unblocked. This move will be available this month.
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