March 31, 2025 Deadline: Last Chance for Tax-Saving Investments

With the March 31 deadline approaching, taxpayers still have time to save on taxes by making smart investments. Those opting for the old tax regime can claim deductions under various sections of the Income Tax Act of 1961.

Tax-Saving Options Under the Old Tax Regime

Section 80C – Get up to ₹1.5 lakh deduction by investing in:

• Employees’ Provident Fund (EPF)
• Public Provident Fund (PPF)  
• National Savings Certificate (NSC)
• Sukanya Samriddhi Yojana (SSY)
• Tax-saving Fixed Deposits
• Equity-Linked Savings Schemes (ELSS)

Section 80D – Claim up to ₹25,000 for health insurance premiums (₹50,000 for senior citizen parents).

Section 80CCD(1B) – Get an extra ₹50,000 deduction for investing in the National Pension System (NPS), in addition to Section 80C.

Section 24(b) – Deduct up to ₹2 lakh on home loan interest for self-occupied properties.

Last-Minute Tax-Saving Tips

• Choose fast investment options – ELSS mutual funds, NPS, and tax-saving FDs can be done online with instant proof.
• Use digital banking – Avoid paperwork by making investments via internet banking or mobile apps.
• Maximise employer benefits – Increase EPF or Voluntary Provident Fund (VPF) contributions before payroll processing.
• Pay insurance premiums on time – Ensure health and life insurance premiums are paid before March 31 to claim deductions.
• Keep investment proofs ready – Submit declarations if your employer allows, or keep receipts for tax filing.
• Compare tax regimes – Check if the old tax regime offers better savings compared to the new tax regime before filing.

Final Thought

Making last-minute tax-saving investments can significantly reduce tax liability. Choose the right options, act fast, and ensure all payments are made before March 31 to maximise savings. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.