Key Financial Deadlines and Changes to Note Before 31 March 2025

News:

MAS Team | 28 March 2025

Rules

As the financial year draws to a close on 31 March 2025, individuals must take note of several impending deadlines and regulatory shifts. These changes affect taxpayers, investors, credit cardholders, and digital payment users, necessitating timely action for optimal financial planning and compliance.

1. Mahila Samman Savings Certificate – Last Chance to Invest

The Mahila Samman Savings Certificate, a scheme designed exclusively for women and girls, is nearing its investment deadline. Guardians can invest on behalf of minor girls, with a minimum deposit of Rs1,000 and a maximum limit of Rs2 lakh per individual. The last opportunity to invest in this scheme is 31 March 2025.

2. UPI Mobile Number Verification Rule Update

From 1 April 2025, UPI applications will require users to explicitly consent before their numeric UPI ID is assigned or modified. This measure ensures users are opted out by default, requiring active participation to opt-in. To avoid confusion, apps cannot prompt for this consent during transactions.

3. Updated Income Tax Return (ITR) Deadline

Taxpayers have up to two years from the end of the relevant assessment year to file an updated return. However, the penalty for delayed filing increases over time:

Before March 31, 2025: 25% additional tax and interest.
After March 31, 2025: 50% additional tax and interest. To minimize tax liability, taxpayers should file before the March 31 deadline.

4. Potential Revisions to Small Savings Scheme Interest Rates

Interest rates for Post Office Small Savings Schemes are reviewed quarterly. The government has kept rates unchanged for the past four quarters, but fresh revisions for April–June 2025 will be announced by 31 March 2025.

5. Tax-Saving Investment Deadline

With the financial year ending, taxpayers must ensure they have completed their tax-saving investments and declarations before March 31 to optimize savings and reduce liabilities. Those following the new tax regime should note that they are ineligible for tax-saving investments.

6. SBI Credit Card Rewards Structure Overhaul

Starting April 1, 2025, SBI Card will implement changes to its rewards program. Popular cards such as the Club Vistara SBI Credit Card, SimplyCLICK SBI Card, and Air India SBI Signature Credit Card will experience modifications in their benefits and reward structures.

7. PM Internship Scheme (PMIS) Registration Deadline

The PM Internship Scheme (PMIS), announced in the Union Budget 2024-25, has extended its application deadline to March 31, 2025. Those seeking internship opportunities under this government initiative must apply before this date.

8. Special Fixed Deposit (FD) Scheme Deadlines

Leading banks, including SBI, IDBI Bank, Indian Bank, HDFC Bank, and Punjab & Sind Bank, have introduced exclusive FD tenures with competitive interest rates. These schemes cater to general investors, senior citizens, and super senior citizens, with varying rates based on tenure and category. Investors should take advantage of these offers before they expire.

With several financial and regulatory changes set to take effect, individuals must act promptly to secure their investments, tax benefits, and compliance. Staying informed and meeting these deadlines will help avoid penalties and optimize financial opportunities before the end of the fiscal year.

Dear Investor,
In case of any grievance / complaint :

Please contact Compliance Officer Shraddha Mhatre at [email protected] and Phone No. - 91-22-35131664.
You may also approach CEO Debashis Basu at email- id [email protected] and Phone No. - 91-22-35131664.