Some financial issues need immediate action because the fiscal year ends on March 31, 2025. Here are the things you must do before the deadline, from securing favourable fixed deposit rates to accurately submitting income tax returns (ITR).
Invest In Special FDs To Get A High Interest Rate
The Reserve Bank of India’s (RBI) decision to lower the repo rate from 6.50% to 6.25% caused some banks to lower the interest rates on their fixed deposits.
Deposit in these unique FDs, which are only accessible for a short time, if you wish to guarantee higher returns. March 31, 2025, is the deadline for investing in these programs.
For 444 days, SBI’s Amrit Vrishti FD gives 7.25% interest to regular people and 7.75% to senior citizens.
For super senior citizens, Indian Bank’s IND Supreme 300 Days and IND ultra 400 Days provide interest rates of up to 8.05%.
Invest In These Instruments To Lower Taxes
Before March 31, 2025, you can invest in tax-saving solutions to lower your taxable income if you have opted for the previous income tax regime.
The National Pension System (NPS), Employees’ Provident Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), and others are examples of tax-saving tools.
Updates Or File Your ITR
You can correct your ITR filing by filing an amended return (ITR-U) if you made a mistake or neglected to declare certain income. Within two years following the conclusion of the assessment year, taxpayers are permitted by the government to make corrections to their returns. ITR-U filing is due on March 31, 2025.
