From PAN to PPF: Complete these urgent financial tasks before March 31

With the financial year 2025–26 coming to an end, taxpayers have only a few days left to finish important tax-saving investments and compliance formalities before the March 31, 2026 deadline. Any payment, investment, or declaration made after this date will be counted in the next financial year, which means missing out on deductions, exemptions, or refunds for FY 2025–26. Experts say the final week of March is crucial for reviewing finances, closing pending tasks, and avoiding penalties.

Why March 31 is so critical

In India, the financial year runs from April 1 to March 31. All income earned and investments made during this period are considered for that year’s tax calculation. March 31 is the last date to claim deductions under various sections of the Income Tax Act, complete advance tax payments, and submit proofs to employers. Missing the deadline may result in higher tax deduction, interest charges, or loss of benefits.

Chartered Accountant Dr. Suresh Surana says taxpayers should review their financial position before the year ends to optimise tax outgo, claim eligible deductions, and avoid interest, penalties, or scrutiny from the Income Tax Department.

10 financial tasks to complete before March 31, 2026  

> Tax-saving investments

Those following the old tax regime must complete investments eligible under Section 80C before March 31. These include ELSS, PPF, NPS, life insurance premiums, tuition fees, and tax-saving fixed deposits. Health insurance premium paid under Section 80D can also reduce taxable income.

> Income, investment proofs

Salaried employees should submit rent receipts, insurance premium receipts, ELSS statements, PPF deposits, and home-loan certificates before the payroll closes. Failure to do so may lead to higher TDS in the final salary.

> Pay pending advance tax

Taxpayers with total tax liability above ₹10,000 must ensure advance tax is fully paid. Delay can attract interest under Sections 234B and 234C at 1% per month.

> Check AIS and Form 26AS

Verify the Annual Information Statement and Form 26AS to ensure all income, TDS, and financial transactions are correctly reported. Mismatch may trigger tax notices later.

 

> Use tax-loss harvesting

Capital losses booked before March 31 can be used to offset gains and reduce tax liability. Unused losses can be carried forward for up to eight years, but only if reported on time.

> Contribute to PPF, NPS, SSY

Minimum contributions to schemes like PPF, NPS, and Sukanya Samriddhi Yojana must be made before year-end to keep accounts active and claim deductions up to ₹1.5 lakh under Section 80C.

> Review home-loan deductions

Check interest and principal repayment certificates from lenders. Interest up to ₹2 lakh can be claimed for self-occupied property under Section 24, while principal qualifies under Section 80C.

> Calculate capital gains

Review gains from shares, mutual funds, property, or gold. This helps estimate tax liability and avoid last-minute surprises.

> Choose the right tax regime

Compare the old and new tax regimes before the year ends. The old regime allows deductions, while the new regime offers lower tax rates but fewer benefits.

> Update PAN, bank, and nominee details

Ensure PAN-Aadhaar linkage is valid, bank details are correct, and nominee information is updated for bank accounts, mutual funds, insurance, and PPF. Correct contact details on the income-tax portal are also essential for OTPs and notices.

Experts say completing these steps before March 31, 2026 can help taxpayers save money, avoid penalties, and start the new financial year without compliance issues.