The financial year 2025-26 ends on March 31, 2026. That is six days from today. Every rupee of tax-saving investment you make before that date counts for this year’s tax calculation. Every rupee you delay to April 1 belongs to the next financial year entirely and saves you nothing for the return you will file in July 2026.
This is not a gentle reminder. This is the last week. Here is everything you need to do before March 31.
- Max Out Your Section 80C — ₹1.5 Lakh Limit
If you are on the old tax regime, Section 80C is your single most powerful tax-saving tool. The maximum deduction available is ₹1.5 lakh per financial year. If you have not yet invested ₹1.5 lakh across eligible instruments this year, every remaining day this week is an opportunity to close that gap.
The eligible instruments under Section 80C include Equity Linked Savings Schemes, Public Provident Fund, National Pension System Tier 1 contributions, life insurance premiums, 5-year tax-saving fixed deposits, ELSS mutual funds, Sukanya Samriddhi Yojana contributions for a girl child, repayment of home loan principal, and tuition fees for up to two children.
The fastest instruments to invest in before March 31 are ELSS mutual funds, which can be purchased online in minutes, and PPF top-ups, which can be done through net banking directly into your PPF account. Tax-saving FDs require a visit to the bank but can be opened the same day. Life insurance premiums that are due must be paid before March 31 for the deduction to apply this year.
If you have not kept track of how much you have invested under 80C this year, check your Form 26AS and your Annual Information Statement on the income tax portal immediately. Both will show you what has been reported so far and what gap remains.
- NPS — The ₹50,000 Additional Deduction That Most People Miss
Beyond the ₹1.5 lakh Section 80C limit, the National Pension System offers an additional deduction of ₹50,000 per year under Section 80CCD(1B). This deduction is available over and above the 80C limit, meaning a taxpayer on the old regime who has already maxed out 80C can save tax on an additional ₹50,000 by contributing to NPS Tier 1 before March 31.
At the 30 percent tax slab, ₹50,000 invested in NPS saves you ₹15,000 in tax plus cess. That is a guaranteed immediate return on investment that no market-linked product can match with certainty. The contribution can be made online through the NPS portal, your bank’s net banking interface, or NSDL in minutes.
This is arguably the single most underutilised tax-saving opportunity available to Indian salaried taxpayers and it expires at midnight on March 31.
- Section 80D — Health Insurance Premium
If you paid health insurance premiums for yourself, your spouse, your children, or your parents during FY 2025-26, the amount is deductible under Section 80D. The limits are ₹25,000 for self, spouse, and children, with an additional ₹25,000 for parents below 60 years of age and ₹50,000 for parents above 60. If both you and your parents are senior citizens, the total deduction can reach ₹1 lakh.
If your health insurance renewal falls in the coming months and you want to claim the deduction for this financial year, check whether you can pay the premium before March 31. Many insurers allow advance payment for renewal. The premium must be paid before March 31 to be eligible for this year’s deduction.
- Submit Investment Proofs to Your Employer Immediately
If you are a salaried employee, your employer’s payroll team has already been processing TDS on your salary through the year. If you have made tax-saving investments but not submitted the proofs to your employer before their internal deadline, your employer will deduct higher TDS in the March salary to account for the shortfall.
Check with your HR or payroll team immediately whether the submission window is still open. If it is, submit all your investment proofs today including rent receipts for HRA claims, insurance premium receipts, ELSS statements, PPF passbook copies, home loan certificates for principal and interest deductions, and NPS contribution statements. Missing this internal deadline does not mean you lose the deduction permanently — you can still claim it when filing your return — but it means a higher TDS deduction in your March salary that reduces your take-home pay for the month.
- Pay Your Advance Tax Before March 31
If your total tax liability for FY 2025-26 exceeds ₹10,000 after accounting for TDS deducted by your employer, you are required to pay advance tax. The final instalment of advance tax for FY 2025-26 was due on March 15, but if you have not paid or have paid an insufficient amount, you should pay the remaining amount immediately.
Delay beyond March 31 attracts interest under Sections 234B and 234C at 1 percent per month on the shortfall. For a taxpayer with significant additional income beyond salary, including rental income, capital gains, freelance income, or investment returns, this can be a meaningful penalty that is entirely avoidable by paying before March 31.
Advance tax can be paid online through the income tax portal under Challan 280 in minutes.
- Check Your AIS and Form 26AS for Errors
Before the financial year closes, log into the income tax portal and download your Annual Information Statement and Form 26AS. The AIS shows every financial transaction reported in your name during the year including salary, interest income, mutual fund redemptions, property transactions, and dividend payments. Form 26AS shows TDS deducted and deposited against your PAN.
Review both documents carefully. If you find any incorrect entries, transactions that do not belong to you, or TDS credits that have not been reflected, raise a correction request immediately. Errors that are not corrected before you file your return can create unnecessary scrutiny and demand notices. Correcting them now, before the year closes, is significantly easier than correcting them after filing.
- Harvest Tax Losses Before March 31
If you have equity or mutual fund investments that are sitting at a loss, March 31 is the last opportunity to sell them in FY 2025-26 and book those losses for tax purposes. Capital losses can be set off against capital gains of the same type, reducing your taxable capital gains for the year. Short-term capital losses can be set off against both short-term and long-term capital gains. Long-term capital losses can only be set off against long-term capital gains.
Given the extraordinary market volatility of the past four weeks, many investors are sitting on unrealised losses in equity and equity mutual funds. If you also have capital gains from earlier in the year, selling the loss-making positions before March 31 and booking those losses against the gains can meaningfully reduce your tax liability. You can repurchase the same funds or stocks immediately after selling if you want to maintain your investment position.
- File Updated Return for FY 2022-23 If You Have Missed Income
If you filed your income tax return for FY 2022-23 and subsequently realised you missed reporting some income, March 31, 2026 is the last date to file an Updated Return under Section 139(8A) for that assessment year. After March 31, the window closes permanently. The updated return facility allows taxpayers to correct omissions or errors in previously filed returns by paying additional tax with a specified surcharge. If you have any known omissions in your FY 2022-23 return, consult your tax advisor and file the updated return before March 31.
The Bottom Line
Six days is enough time to complete every item on this checklist if you start today. The tax savings available through these instruments, particularly the combination of ₹1.5 lakh under 80C and ₹50,000 under 80CCD(1B), can reduce your taxable income by ₹2 lakh, saving a taxpayer in the 30 percent slab over ₹60,000 in tax for the year.
That saving disappears permanently at midnight on March 31.
This article is for informational and educational purposes only and does not constitute financial or tax advice. Tax rules are subject to change. Readers are advised to consult a qualified tax advisor for advice specific to their situation.