Which Financial Tasks Must be Completed Before March 31, 2025?
As the financial year comes to a close, it is essential to complete various financial tasks to avoid penalties and take advantage of tax benefits. The Income Tax Department has set a deadline of March 31, 2025, for taxpayers to complete their tasks. In this blog post, we will highlight the critical financial tasks that must be completed before the March 31, 2025, deadline.
Updated ITRs Must be Filed
One of the most important tasks is to file the updated Income Tax Returns (ITRs) for the Financial Year (FY) 2024-2025. The deadline for filing ITRs is March 31, 2025, and taxpayers who fail to comply with this deadline will face penalties. It is essential to ensure that the ITRs are filed accurately and on time to avoid any issues.
Claim Deductions Under Sections 80C, 80D, and 80G
Taxpayers who have opted for the old tax regime must claim deductions under Sections 80C, 80D, and 80G before March 31, 2025. These sections provide tax deductions for investments in pension schemes, medical expenses, and charitable donations, respectively. Claiming these deductions can help reduce taxable income and lower tax liability.
Submit Form 67 for Foreign Tax Credit
Taxpayers who have paid foreign taxes must submit Form 67 to claim foreign tax credit in India. Form 67 is a self-declaration form that provides details of foreign taxes paid and must be submitted along with the ITR. The deadline for submitting Form 67 is March 31, 2025.
File Challan-cum-statements for Tax Deducted
Taxpayers who have deducted tax under sections such as 194-IA, 194-IB, and 194-LBA must file challan-cum-statements for the transactions made in February 2025. The deadline for filing these statements is March 31, 2025.
Other Financial Tasks to Complete
In addition to these critical tasks, there are several other financial tasks that must be completed before the March 31, 2025, deadline. These include:
- Investing in tax-saving instruments such as Public Provident Fund (PPF), National Savings Certificate (NSC), and Sukanya Samriddhi Scheme (SSS) to claim deductions under Section 80C.
- Making investments in equity-linked savings schemes (ELSS) to claim deductions under Section 80C.
- Claiming deductions for home loan interest and principal repayment under Section 24 and Section 80C, respectively.
- Claiming deductions for medical expenses under Section 80D.
- Claiming deductions for charitable donations under Section 80G.
- Reviewing and updating PAN (Permanent Account Number) and Aadhaar details to avoid any issues while filing ITRs.
Conclusion
In conclusion, there are several financial tasks that must be completed before the March 31, 2025, deadline to avoid penalties and take advantage of tax benefits. Taxpayers must ensure that they complete these tasks accurately and on time to avoid any issues. It is essential to consult a tax professional or financial advisor to ensure compliance with tax laws and regulations.
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