6 key tax deadlines you cannot miss before March 31; check details

As the financial year 2024-25 draws to a close, individuals and businesses are reminded to complete critical investment and tax-saving tasks by March 31. This deadline marks the final opportunity to reassess tax liabilities, particularly for those within the old tax regime.

It's crucial to settle any outstanding financial activities to optimise tax benefits and ensure compliance. For those who adhere to the new tax regime, typical tax-saving investments might not apply, but for others, these last-minute actions could lead to significant savings and compliance adherence. 

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Advance tax 

Salaried employees who have missed paying advance tax on additional incomes have a few days to correct this oversight. They may request their employer to deduct extra tax at source (TDS) from their salaries. However, this option relies on the employer's willingness and payroll status for March. Additionally, taxpayers can rectify past income tax returns by filing an updated return (ITR-U) for the fiscal year 2021-22, with March 31 as the deadline. This move is essential for adjusting any declared errors, incorrect income headings, or misreported taxes. 

Mahila Samman Savings Certificate

Women depositors have a unique investment opportunity in the form of the Mahila Samman Savings Certificate (MSSC), which offers an annual interest rate of 7.5% over two years. This rate surpasses many fixed deposit rates offered by post offices and some banks, presenting a secure option for those seeking guaranteed returns. However, it is advised to compare with other saving schemes as some might offer higher returns. Additionally, to maintain health insurance coverage, policyholders must ensure premiums are paid by the end of March to avail deductions under Section 80D of the Income Tax Act. 

Challan-cum-statement

March 30 is crucial for filing the challan-cum-statement for taxes deducted under various sections such as 194-IA, 194-IB, 194M, and 194S, which pertain to transactions conducted in February 2025. Furthermore, taxpayers must upload the statement of foreign income, alongside the tax deducted or paid on such income in the previous year, by March 31 to claim foreign tax credit using Form 67. This credit is contingent upon the timely furnishing of income returns under sections 139(1) or 139(4). Consulting a tax expert is recommended for those unfamiliar with submitting the statement of foreign income.

Property tax

House owners earning from property must pay their property tax by the fiscal year-end. This payment is deductible when calculating income from house property, thus potentially lowering payable taxes. 

Renew health insurance plan

If your health insurance is up for renewal this month or if there are any outstanding premiums for FY 2024-25, please ensure payment is made by March 31 to avoid losing the tax deduction under Section 80D in the previous regime. Failure to do so may result in a loss of health coverage if premiums are not paid by the deadline.

Foreign income statement

The deadline for submitting the statement of foreign income, along with tax deducted or paid on such income for the previous year 2022-23, is March 31. This statement must be uploaded using Form 67 and is essential for claiming foreign tax credit.

It is important to remember that foreign tax credit can only be claimed if the income tax return is filed within the time frame specified in section 139(1) or section 139(4) as per the guidelines on the Income Tax Department's website.

For taxpayers who may encounter difficulties in preparing the statement of foreign income, seeking advice from a tax expert is advisable.