Income Tax Deadline: Last Day To Complete These Financial Tasks For ITR Season 2025

Last Updated:March 31, 2025, 10:38 IST

As FY 2024-25 ends, ITR season 2025 starts in April. Suresh Surana advises finalizing tax-saving investments, submitting proofs, adjusting TDS, paying advance tax, and reconciling forms by March 31.

Last date to complete these tasks

ITR Season 2025: As the financial year 2024-25 approaches its end, the ITR season 2025 will commence from April. Some financial tasks that taxpayers and individuals should consider before new financial year 2025-26 kicks off from tomorrow.

Filing accurate returns is crucial for complying with tax laws, avoiding penalties, and claiming all eligible deductions and exemptions. Whether you are a salaried individual, business owner, or freelancer, consider the following key aspects before submitting your tax return.

Suresh Surana, a Mumbai-based chartered accountant, highlights essential tasks to complete before March 31:

1. Finalize Tax-Saving Investments

Before the financial year ends, taxpayers who have opted for the old tax regime should maximize eligible tax-saving investments under sections such as 80C, 80D, 80G, etc., to significantly reduce their taxable income. Common tax-saving instruments include:

– Section 80C: Deductions up to Rs. 1.5 lakh for investments like PPF, ELSS mutual funds, life insurance premiums, principal repayment on housing loan, NSC, tuition fees, five-year fixed deposits, etc. – Section 80D: Deductions up to Rs. 25,000 for health insurance premiums for taxpayers, their spouse, children, and parents (enhanced deduction of Rs. 50,000 for senior citizens). – Section 80G: Deductions for donations to charitable organizations. – Section 80CCD(1B): Additional deduction up to Rs. 50,000 on contributions to the National Pension Scheme.

2. Submit Proof of Eligible Deductions to Employer

Salaried employees should submit all proofs of eligible deductions to their employer before the financial year-end (March 31) or any internal cut-off date (as per company policy) to ensure correct TDS calculations. These documents may include:

– Investment proofs for Section 80C (like PPF, LIC, etc.) – Health insurance premiums for Section 80D – Interest certificates for home loan repayments under Section 24(b)

Timely submission ensures proper TDS adjustments and minimizes additional tax liabilities during filing.

3. Adjust TDS/Tax Deductions

If taxpayers anticipate changes in their income, deductions, or exemptions towards the end of the financial year, they should inform their employer or other deductors to adjust the Tax Deducted at Source (TDS) accordingly. Proactive management of these adjustments ensures accurate tax liabilities throughout the year.

4. Evaluate and Pay Advance Tax

1. If a taxpayer’s expected tax liability for the financial year exceeds Rs. 10,000, they must pay the required advance tax by March
2. Timely payment avoids interest penalties under Sections 234B or 234C for non-payment or underpayment of advance tax.

5. Optimize Capital Gains Taxation

Taxpayers with investments in stocks, mutual funds, or real estate should review their capital gains for the year. Ensure accurate accounting of any gains and explore opportunities to carry forward any capital losses to offset future gains. Consider permissible tax-loss harvesting strategies, such as selling investments at a loss to offset gains, reducing overall taxable income.

6. Check and Reconcile Form 26AS/ AIS/ TIS

Before the financial year ends, taxpayers should ensure their Form 26AS (tax credit statement)/ annual information statement (AIS) / tax information statement (TIS) is updated with all TDS deductions, advance tax payments, and self-assessment tax payments for the year. Verify that the TDS deducted by the employer and other deductors matches the details in Form 26AS/ AIS/ TIS. Address any discrepancies with the concerned parties well before the year ends to correct them before filing the return.

“As the financial year nears its end, proactive steps can significantly ease the ITR filing process. By reviewing and finalizing tax-saving investments, contributing to retirement funds, prepaying premiums, and ensuring proper TDS and other tax adjustments, taxpayers can minimize their taxable income and avoid unnecessary tax burdens. Early planning allows you to take full advantage of eligible deductions and exemptions, leading to a smoother and more efficient ITR filing process,” Surana added.