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Urgent Income Tax Deadlines: Don’t Miss These Key Dates Before March 31!

March 16, 2025
Smart Money

Important Income Tax Deadlines Approaching Before March 31, 2025

As the financial year draws to a close, taxpayers are reminded of crucial deadlines that need to be met to ensure compliance and eligibility for available tax benefits. Before March 31, 2025, several important income tax obligations must be fulfilled. Here’s a detailed overview of these deadlines designed to help taxpayers navigate the final stretch effectively.

Key Deadlines to Meet

1. Investments for Tax Deductions

Taxpayers are encouraged to invest before March 31, 2025, to qualify for tax deductions for the financial year 2024-25. Notably, investments made after this date will only be eligible for deductions in the following financial year (2025-26). The deductions are applicable under various sections such as 80C, 80D, and 80G for those utilizing the old tax regime. It’s important to note that individuals opting for the new tax regime for the fiscal year will not need to make these investments to save on taxes.

2. Uploading Foreign Income Statement

Another key deadline is the requirement to upload the statement of foreign income and any taxes deducted or paid on this income from the previous year (2022-23). This statement must be uploaded by March 31, 2025, to claim a foreign tax credit, provided that the income return has been submitted within the prescribed timelines mentioned in sections 139(1) or 139(4).

3. Filing of Challan cum Statement

Taxpayers with tax deducted under Section 194M must file the challan-cum-statement for the tax deducted in February 2025 by March 30, 2025. This is essential for proper accounting of taxes owed and to avoid penalties.

4. TDS Certificates Issuance

For those who have had tax deducted under Section 194-IA and Section 194-IB during January 2025, the due date for issuing the TDS (Tax Deducted at Source) certificates is set for March 17, 2025. Timely issuance of these certificates is crucial for record-keeping and for taxpayers to claim their deductions accurately.

5. Updated Income Tax Returns

Lastly, taxpayers wishing to furnish an updated return of income for the Assessment Year 2022-23 must do so by March 31, 2025. This provision allows taxpayers to amend and rectify their income returns, ensuring accuracy and compliance.

Conclusion

Meeting these deadlines is indispensable for maintaining good standing with tax authorities and maximizing tax benefits. Taxpayers are urged to act promptly to ensure that they do not incur penalties or miss out on valuable deductions. As March 31 approaches, a careful review of investment strategies and required filings will help individuals and businesses alike to close the financial year on a positive note.

For more updates on personal finance and tax-related news, be sure to check reputable financial news sources regularly.