Deadline for UAN Activation Ends on March 15: Last Date to File Updated Returns is March 31, Key Financial Deadlines Approaching

05 March, 2025
Deadline for UAN Activation Ends on March 15: Last Date to File Updated Returns is March 31, Key Financial Deadlines Approaching

Winning Bizness Desk

Mumbai. The Employees’ Provident Fund Organisation (EPFO) has set March 15, 2025, as the deadline for activating the Universal Account Number (UAN) and linking Aadhaar with bank accounts. EPFO has urged employees to complete this process at the earliest to avail of various benefits. UAN, a 12-digit unique number, helps employees track their Provident Fund (PF) details, withdraw or transfer funds, and access the Employees’ Deposit-Linked Insurance (EDLI) scheme, which provides insurance coverage of up to ₹7 lakh in case of unforeseen events. Updated Income Tax Returns Must Be Filed by March 31

Taxpayers who wish to update their income tax returns for the past two financial years must file their updated returns by March 31, 2025. This can be done by submitting the ITR-U form, which requires the taxpayer to specify the reason for filing an updated return, such as missed deadlines, incorrect income declaration, or errors in the original filing. The provision for updated tax returns was introduced under the Finance Act 2022 to allow taxpayers to rectify mistakes and ensure compliance with tax regulations.

March 31 is the Last Date for Tax-Saving Investments

Individuals looking to save tax under various government-backed schemes must make their investments before March 31. Some of the key schemes that offer tax-saving benefits include the Public Provident Fund (PPF), Senior Citizens’ Savings Scheme, Sukanya Samriddhi Yojana, National Savings Certificate (NSC), and Time Deposit Scheme. Investing in these schemes before the financial year ends can help taxpayers reduce their taxable income and secure future financial benefits.

Special Fixed Deposit Schemes Available Until March 31

With the Reserve Bank of India (RBI) reducing the repo rate from 6.50% to 6.25%, several banks have revised their fixed deposit (FD) interest rates. However, two special FD schemes remain available until March 31, offering higher returns. The State Bank of India (SBI) is offering 7.25% interest on its "Amrit Vrishti" FD for 444 days, with senior citizens eligible for a higher rate of 7.75%. Similarly, Indian Bank’s "IND Supreme 300 Days" and "IND Super 400 Days" FDs provide interest rates of up to 8.05% for senior citizens.

Key Financial Deadlines to Note:

  • March 15: Last date to activate UAN and link Aadhaar with bank accounts.

  • March 31: Deadline to file updated income tax returns (ITR-U).

  • March 31: Last date to invest in tax-saving schemes like PPF, Sukanya Samriddhi, and NSC.

  • March 31: Special high-interest FDs from SBI and Indian Bank close.

  • March 31: Financial year 2024-25 ends, making it the final day for several financial transactions and investments.