Before filing Income Tax Return (ITR) in FY 2024-25 under the old income tax regime you need to complete all necessary steps by March 31, 2025. Today marks the deadline for all tax-saving investments and payment of dues that let you obtain allowable deductions and lower your fiscal tax liability. Since the old income tax regime includes deductions under Section 80C and others you should act before the financial year closes on March 31.
Before March 31 You Should Perform Ten Crucial Tasks According To The List Provided Below:
1. Homeowners who maintain the old tax system should examine their income tax obligation for the financial year 2024-25. Taxpayers who postpone tax analysis until ITR filing season in July discover their reduced liability chances because they cannot modify it at that point. An income tax calculator alongside professional tax guidance provides you with essential information about your position in addition to showing possible savings.
2. Taxpayers under the old tax regime should make investments that allow them to claim deductions up to Rs 1.5 lakh through Section 80C. Make investments through public provident fund and national savings certificate and sukanaya samriddhi yojana and kisan vikas patra and senior citizens savings scheme and five-year fixed deposits before March 31. The public provident fund along with the national savings certificate and sukanya samriddhi yojana schemes and kisan vikas patra deposits and the senior citizens savings scheme and five-year tax-saving fixed deposits are not available as deductions to new tax regime subscribers.
3. Every salaried individual who received additional earnings without employer reporting must ask their employer to extract TDS before March 31 when paying advance tax for those earnings. Employers who have completed payroll might say no yet attempts to request this benefit should still be made.
4. Taxpayers who need to amend their 2021-22 financial year data can utilize the File Updated Return (ITR-U) system until March 31, 2025 for FY 2021-22 (AY 2022-23). Those who file ITR-U must consider that they will pay extra taxes. Property tax payment made before March 31 enables house property owners to claim deductions under the ‘Income from House Property’ category. Proper timely payment exercises special significance when homeowners report rental income.
5. Pay Property Tax If you earn income from house property, paying your property tax before March 31 helps in claiming deductions under ‘Income from House Property’. Timely payment is especially relevant for homeowners declaring rental income.
6. Investors should consider the special fixed deposit schemes from banks that operate through March 31. You should start investing in these short-term safe options through available rates before their deadline ends. Check the interest rates position of various banks prior to placing any investment.
7. Indian Post Office has set an expiration date for Mahila Samman Savings Certificate (MSSC) investments at March 31, 2025. The investment opportunity with this product provides a 7.5% annual interest during a two-year period making it safer than traditional regular Fixed Deposits. It is essential to evaluate other high-interest options before committing to an investment.
8. The old regime allows tax deductions under Section 80D for all premiums paid to health insurance before March 31. Make sure to pay your premium in full when your health insurance policy is renewing or part of your premium has not been paid as unpaid amounts could cause coverage lapses or tax-free status deduction.
9. The Income Tax Department requires taxpayers to file challan-cum-statements through March 30 for February 2025 TDS deductions under sections 194-IA and 194-IB and 194M and 194S
10. All individuals who have foreign income should upload Form 67 to the government portal by March 31. This form enables tax credit claims. The income tax rules cover earnings from Indian and foreign sources for financial year 2022-23. The enrollment process requires immediate attention since professional assistance will be necessary to verify proper documentation.
The March 31 deadline requires compliance beyond tax investments because it ensures total financial cleanliness for the current fiscal year. Meeting the deadline remains crucial for tax preparation and declaration along with paperwork conclusion for individuals who are part of the old tax system. Tax experts advise people to prepare their records in advance to successfully deposit their ITRs during the month of July.
Also Read: Health Insurance: 5 Smart Strategies For Seniors To Cut Costs – Here’s How To Save BIG!
