March 31 is the last day of the financial year, which is considered a very important date for taxpayers and investors. If you have not yet made the necessary investments to save tax or some important financial work is pending, then it is very important to settle them this month. Whether it is taking advantage of tax exemption under Section 80C, filing updated income tax returns, or completing any important formality related to investment, if you ignore these tasks, it can directly affect your pocket.
Read More: Income Tax: These deadlines expire before March 31. Check list here
In such a situation, see here a complete list of important deadlines that should be kept in mind before the end of March.
It is very important to follow the deadline for filing taxes; otherwise, you will not get the benefit of tax exemption and may have to face a penalty, fine, or additional charges.
Only 13 days are left for the start of the financial year 2025-26; that is, some important deadlines will expire before March 31, 2025. In such a situation, knowing which tax-related work must be completed on time is important.
Read More: Deadline Alert! Last two weeks left to invest in tax-saving instruments. 5 key points to know
March 2025: Important deadlines related to income tax
- Investment for tax deduction
If you want to take advantage of tax deductions in the financial year 2024–25, then it is necessary to invest before March 31. Those who invest after March 31 will be able to claim its exemption only in the next financial year i.e. 2025-26.
Note that the tax exemptions under sections 80C, 80D, and 80G are available only in the old tax regime, not in the new tax regime. If you are choosing the new tax regime for the financial year 2024-25, then you will not need to invest to save tax.
- Uploading statement related to foreign income
If you have paid tax on any foreign income in the financial year 2022-23 and want to claim Foreign Tax Credit on it, then upload your statement by 31 March 2025.
Read More: Tax Savings Investment In India: How to Save Rs 1.5 Lakh In Taxes Under Section 80C Of Income Tax
- Filing Challan-cum-Statement
If you have deducted tax under section 194M in February 2025, then the last date for submitting its challan-cum-statement is 30 March 2025.
- Submission of Challan-cum-Certificate
Challan-cum-Certificate for tax deducted under Section 194-IA and 194-IB in February 2025 must be filed by March 30, 2025.
- Filing Updated Income Tax Return
If you have to file an updated Income Tax Return for Assessment Year 2022-23 (AY 2022-23), the last date for the same is March 31, 2025.
If you miss these deadlines, it can have a direct impact on your tax liability and finances. So complete your important tax work on time!
