As the financial year 2024-25 nears its end, taxpayers must act to meet key tax-related deadlines. Missing these could lead to penalties, interest charges, or loss of tax benefits. Here’s a quick rundown of the deadlines expiring by March 31, 2025:
Filing updated ITR (ITR-U): Taxpayers must file their updated Income Tax Return (ITR-U) for FY 2022-23 (AY 2023-24) before March 31, 2025. Filing before this date incurs a 25% additional tax on undisclosed income. Delaying beyond March 31 raises this to 50% plus interest. The government plans to extend the ITR-U filing period to four years starting April 2025, but higher penalty taxes will apply.
Tax-saving investments:Â Those opting for the old tax regime must complete tax-saving investments under Sections 80C, 80D, and 80G by March 31 to claim deductions for FY 2024-25. Eligible options include ELSS funds, PPF, NSC, life insurance premiums, and health insurance.
Advance tax payment: Salaried individuals who haven’t paid advance tax on additional income have a few days left to do so. They can request their employer to deduct extra tax at source (TDS), though this depends on the employer’s payroll process. Alternatively, they can make direct tax payments.
Foreign income statement: Taxpayers claiming foreign tax credit must submit Form 67 by March 31. This applies to tax deducted or paid on foreign income for FY 2022-23. The credit is only available if the return is filed within the deadlines specified under sections 139(1) or 139(4).
Challan-cum-statement: Filing March 30 is the deadline for filing challan-cum-statements for tax deducted under sections 194-IA, 194-IB, 194M, and 194S for transactions made in February 2025.
