Essential Financial Year End Tasks: What You Must Complete Before March 31

The conclusion of the 2025-26 financial year occurs on March 31. The new fiscal year for 2026-27 will then begin. The income tax returns, which are crucial for us, are filed in the assessment year 2026-27 for the previous financial year. But there are many other tasks that we have to complete before the financial year ends.

Prior to the conclusion of the fiscal year, several organizations demand that employees provide evidence of tax-saving investments in order for the proper amount of Tax Deducted at Source (TDS) to be determined.

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The paperwork typically needed for claiming House Rent Allowance (HRA) includes rent receipts, house loan interest certificates, Public Provident Fund (PPF) deposits, life insurance premium receipts and ELSS mutual fund statements. Checking your life and health insurance coverage before the end of the financial year. Although premiums for health insurance are eligible for deductions under Section 80D, policyholders should make sure that their coverage is sufficient to meet their present financial obligations.

Through investments like employee provident fund (EPF), PPF, tax-saving fixed deposits, ELSS mutual funds, and life insurance premiums, taxpayers who choose the old tax regime can deduct up to Rs 1.5 lakh under Section 80C of the Income Tax Act.