Do you know,that March 31,2025,is the last day of the financial year 2024-25,and this day is very important for all those who pay income tax? Before this day,many important tasks have to be completed,otherwise there can be huge losses. So let’s know what are those important tasks that you should complete in time.
Payment of the last installment of advance tax
If your tax liability is more than Rs 10,000 in the financial year 2024-25,then you have to pay the last installment of advance tax by March 15,2025. If you do not do this,then interest may have to be paid under section 234C. Apart from this,you have to pay at least 90% of your tax liability before March 31,2025. If you do not do this,then additional interest will have to be paid under section 234B.
Tax saving options under the old income tax regime
If you are following the old tax regime,there are certain investments you need to make to save tax under Section VIA.
Section 80C: Get a deduction of up to Rs 1.50 lakh by investing in ELSS,PPF,NSC,life insurance policies,tax-saving FDs,etc.
Section 80CCD (1B): Additional deduction of up to Rs 50,000 can be availed in NPS.
Section 80D: Get a deduction of up to Rs 1,00,000 on health insurance. There are deduction limits for self,spouse,children and parents as well.
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Tips for salaried employees taking up a new job
If you have recently changed jobs,you need to obtain income details in the form of Form 12B from your old employer and submit it to the new employer. If you do not do this,less TDS may be deducted by your new employer,which may cause you to pay additional tax while filing income tax returns.
Minimum deposit in PPF and Sukanya Samriddhi Yojana
If you have opened a PPF or Sukanya Samriddhi Yojana account,it is necessary to deposit the minimum amount prescribed every year. A minimum deposit of Rs 500 has to be made in PPF and Rs 250 in Sukanya Samriddhi Yojana. If you do not do this,your account may become inactive.
Filing revised tax returns for old financial years
If you have not filed tax returns for the financial year 2020-21 to 2023-24 or any mistake is found in it,then you can revise it till March 31,2025. For this you have to use Form ITR U.
Make payments on time
Under the Finance Act 2023,micro and small enterprises are required to make payments within 15 days (in the absence of a written agreement) or 45 days (in the presence of a written agreement). If this deadline is exceeded,you will not be allowed to incur expenses under business expenses.
Invest wisely
If you have made good profits in the financial year 2024-25,you can sell some mutual funds or stocks on which you are incurring losses to save tax. You can reduce your tax liability by adjusting this loss with the profit. Short-term capital losses can be adjusted with both short-term and long-term capital gains,while long-term capital gains can be adjusted only with long-term gains.
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