Income Tax: Meet these Deadlines Before the Financial Year Ends

With the financial year ending soon, it becomes important to meet some deadlines before March 31 to avoid any legal penalties or fines. Missing these deadlines can also result in missing opportunities to save tax. The upcoming FY 2025-26 is just 15 days away; here are the six income deadlines that you must take care of.

Key Income Tax Deadlines

1. Pay the Fourth Installment of Advance Tax

The last date to pay the fourth installment for the current financial year 2024-25 is 15th March (i.e., today). As per the Income Tax Act, if the total liability of a salaried individual crosses Rs. 10,000, then they are liable to pay advance tax in four installments, and March 15 is the last date for the fourth installment. Therefore, taxpayers must clear their 100% dues before the due date. If you miss the deadline, you will be charged 1% interest per month or part of the month under section 234C.

2. Invest to get a Claim Tax Deduction

Individuals must invest before the financial year ends to avail themselves of the tax deductions under Sections 80C, 80D, and 80G. If you invest after March 31, 2025, you will get a tax deduction for the next financial year, i.e., FY 2025-26.

However, it should be noted that the tax exemptions under Sections 80C, 80D, and 80G are offered only under the old tax regime and not the new tax regime. Therefore, you will not get any tax deductions under these sections if you select the new tax regime.

3. Tax Deducted at Source (TDS)

March 17 is the last date to issue the TDS Certificate for tax deducted under 194-IA and 194-IB in the month of January 2025.

4. Deadline for Filing Updated Return

The last date to revise the income tax return for the financial year 2021-22 (AY 2022-23) is March 31. If you missed something or made a mistake in your previous return, this is your last chance to update it.

5. Submitting Form 24G

Government offices that have paid TDS/TCS for February 2025 without using a challan must submit Form 24G by March 15, 2025 (i.e., today).

6. Challan Cum Certificate

The deadline to submit the challan-cum-statement for tax deducted under Sections 194-IA and 194-IB in February 2025 is March 30, 2025. This form serves as proof that the deducted tax has been paid to the government and includes necessary details about the transaction.