Have You Met Your Income Tax Deadlines? Here’s What Needs To Be Done Before March 31
With the financial year-end approaching, taxpayers must meet a few important income tax deadlines to avoid penalties and maximise benefits.
Before the financial year 2025 comes to a close, taxpayers must take care of a few important income tax deadlines before Mar. 31. They need to do this to ensure compliance, avoid penalties and make the most of available tax benefits.
Failing to meet these deadlines could result in financial setbacks, including fines, interest charges or the loss of valuable tax deductions.
From filing updated tax returns and declaring foreign income to making last-minute tax-saving investments, timely action is necessary to ensure a smooth tax filing process.
Here are some deadlines to keep in mind:
Tax-Saving Investments
To claim tax deductions, investors must complete their investments in eligible schemes before Mar. 31. Deductions under Sections 80C, 80D, and 80G — covering instruments like the Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), and the National Pension System (NPS) — are only available under the old tax regime. Those opting for the new tax regime do not need to invest in these instruments to avail tax benefits.
Deadline For Filing Updated Tax Returns
Taxpayers looking to rectify errors or omissions in their previous filings for the last assessment year 2022-23 must submit an updated tax return by Mar. 31, 2025. This allows them to correct discrepancies, declare any previously unreported income and stay compliant with tax regulations, reducing the risk of penalties or scrutiny from the authorities.
Challan-Cum-Statement Submission
For those required to furnish a challan-cum-statement for tax deducted under Section 194M (pertaining to payments to professionals or contractors) during February 2025, the submission deadline is Mar. 30, 2025. Similarly, challan-cum-statements for TDS under Sections 194-IA and 194-IB (related to property transactions and rent payments) for February 2025 must also be submitted by Mar. 30, 2025.
Foreign Income Declaration
Taxpayers who have foreign income and wish to claim a foreign tax credit must upload their statement of foreign income and tax paid for the previous year by Mar. 31, 2025. This ensures compliance with provisions under Section 139(1) or Section 139(4), depending on when the initial return was filed.
With these deadlines fast approaching, taxpayers must act promptly to remain compliant and make the most of their tax-saving opportunities.
