10 Things to Do Before March 31 — Your Financial Year-End Checklist

The Clock Is Ticking — March 31 Is Just Days Away

Every year, millions of Indians scramble in the last week of March to complete their financial to-do list. Don't be one of them. The financial year 2025-26 ends on March 31, 2026, and there are some crucial tasks you absolutely cannot miss.

Here's the kicker: this could be the last year the old tax regime works the way it does. The new Income Tax Act 2025 kicks in from April 1, 2026, which means some of the deductions and exemptions you've relied on may change. So if you're on the old regime, this year's planning is more important than ever.

1. Max Out Your Section 80C Investments

If you're under the old tax regime, Section 80C lets you claim deductions up to ₹1.5 lakh. Common 80C investments include:

• ELSS mutual funds — shortest lock-in (3 years) among 80C options
• PPF — safe, tax-free returns (calculate your PPF maturity)
• NPS — extra ₹50,000 deduction under 80CCD(1B) (NPS calculator)
• Life insurance premiums
• 5-year tax-saving FDs (FD returns calculator)
• Sukanya Samriddhi Yojana — for girl child education

Action: Add up what you've already invested this year. If there's a gap, fill it before March 31.

2. Renew or Buy Health Insurance (Section 80D)

Health insurance premiums qualify for a separate deduction under Section 80D:

• ₹25,000 for yourself, spouse, and children
• ₹25,000 more for parents (₹50,000 if parents are senior citizens)

That's a total deduction of up to ₹75,000 if your parents are over 60. If you haven't renewed your health insurance yet, do it now — it saves lives and taxes.

3. Pay Any Remaining Advance Tax

The last advance tax installment was due on March 15, 2026 — you should have paid 100% of your tax liability by then. If you missed it, pay now. Any tax paid before March 31 still counts as advance tax for FY 2025-26.

But there's a catch: late payment attracts interest at 1% per month under Sections 234B and 234C. So the sooner you pay, the less interest you owe.

4. Submit Investment Proofs to Your Employer

If you're salaried, your company's HR or payroll team needs proof of your tax-saving investments. This includes:

• Insurance premium receipts
• ELSS/PPF/NPS statements
• Home loan interest certificate
• Rent receipts (for HRA)
• Health insurance receipts

If you don't submit proofs, your employer will deduct higher TDS from your March salary. You can still claim deductions when filing ITR, but you'll have to wait for a refund — which could take months.

5. Harvest Your Capital Gains

This is a smart strategy that many investors overlook. If you hold equity mutual funds or stocks for over 12 months, long-term capital gains (LTCG) up to ₹1.25 lakh are tax-free.

Here's the trick: sell enough holdings to book ₹1.25 lakh in LTCG, pay zero tax, and immediately reinvest. This resets your cost basis and saves you from paying the 12.5% LTCG tax on those gains next year.

Use our SIP calculator to estimate your unrealised gains.

6. Review Your Tax Regime Choice

For FY 2025-26, you can choose between the old and new tax regimes. Here's a quick comparison:

Feature	Old Regime	New Regime
Section 80C, 80D deductions	Yes	No
HRA exemption	Yes	No
Standard deduction	₹50,000	₹75,000
Tax-free income limit	₹2.5 lakh	Up to ₹12 lakh*

*Under the new regime, income up to ₹12 lakh (₹12.75 lakh for salaried with standard deduction) is effectively tax-free due to rebate under Section 87A.

Use our tax calculator to compare which regime saves you more.

7. Contribute to PPF and SSY Before the Deadline

PPF and Sukanya Samriddhi accounts require a minimum annual deposit to stay active:

• PPF: Minimum ₹500 per year
• SSY: Minimum ₹250 per year

If you miss this, the account becomes dormant and reactivating it involves penalties. Make your deposit before March 31.

8. Check Your Form 26AS and AIS

Before the year ends, log into the income tax portal and check:

• Form 26AS: Confirms all TDS deducted matches your records
• Annual Information Statement (AIS): Shows all your financial transactions — interest earned, dividends received, property sales, etc.

If anything looks wrong, raise a dispute now. It's much easier to fix before you file your ITR.

9. Plan Your Tax-Saving Fixed Deposits

Tax-saving FDs have a 5-year lock-in and qualify under Section 80C. With some banks offering 7%+ interest to senior citizens, they remain a solid option for risk-averse investors.

Calculate your FD returns here.

10. Set Up or Top Up Your NPS Account

The National Pension System offers an extra ₹50,000 deduction under Section 80CCD(1B) — over and above the ₹1.5 lakh limit of 80C. That's a total of ₹2 lakh in deductions if you combine both.

Even if you're on the new tax regime, employer NPS contributions up to 14% of basic salary (central government) or 10% (others) are still deductible. Check our NPS calculator to see how your retirement corpus grows.

Why This Year Is Especially Important

The new Income Tax Act 2025 comes into effect from April 1, 2026. While the government has said existing deductions won't disappear overnight, the new Act simplifies the tax structure and nudges everyone towards the new regime. This could be the last year where planning under the old regime gives you maximum benefit.

Don't leave money on the table. Use these last 13 days wisely.

Disclaimer: This article is for educational purposes only and does not constitute financial advice. Please consult a qualified financial advisor or chartered accountant before making tax-related decisions.