The income tax filing deadline is fast approaching! Avoid penalties and secure tax benefits by completing these essential financial tasks before time runs out.
1. Invest in Tax-Saving Options
Maximize deductions under Sections 80C, 80D, and 80E by investing in eligible schemes before the deadline.
Top 80C Investments:
- Public Provident Fund (PPF) – Tax-free interest
- Equity Linked Savings Scheme (ELSS) – Short 3-year lock-in, high returns
- National Savings Certificate (NSC) – Fixed returns, low risk
Failure to invest before the cutoff increases taxable income, leading to higher tax payments.
2. Submit Proof of Tax Deductions to Employer
Ensure your employer has the necessary proofs to adjust your TDS deductions accurately. Late submissions mean excess tax deductions, reducing your take-home salary.
Common Tax Deductions:
- House Rent Allowance (HRA) – Submit rent receipts
- Medical Insurance (80D) – Provide premium payment proof
- Education Loan Interest (80E) – Submit bank loan statements
3. Adjust TDS & Advance Tax Payments
Ensure that your TDS (Tax Deducted at Source) and advance tax payments align with your actual tax liability. Refund claims can be delayed if excess tax is deducted.
Steps to Adjust:
- Check your salary slip for correct TDS deductions
- Review freelance/professional earnings to ensure compliance
- Pay any pending advance tax to avoid penalties
4. Reduce Capital Gains Tax
If you’ve sold stocks, property, or mutual funds, plan wisely to minimize capital gains tax.
Tax-Saving Strategies:
- Invest in Capital Gains Bonds (54EC) – Lock-in period of 5 years
- Reinvest in Property (54F) – Tax exemption for long-term gains
- Offset Gains Against Losses – Reduce your taxable capital gains
5. Verify Form 26AS, AIS & TIS
Ensure that your tax records match the details in Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS). Discrepancies can trigger tax notices.
How to Verify:
- Download Form 26AS from the Income Tax e-filing portal
- Cross-check details with bank statements and salary slips
- Report mismatches before filing your ITR
Key Deadlines and Consequences
| Financial Task | Deadline | Consequence of Missing It |
|---|---|---|
| PAN-Aadhaar Linking | 31st March | PAN becomes invalid |
| Advance Tax Payment | 15th March | Interest under Section 234B |
| Investment Proof Submission | 31st March | Higher taxable income |
Did You Know?
Missed the 31st July ITR filing deadline? You can still file a belated return by 31st December with a ₹5,000 penalty!
Also read: Income Tax Changes from April 1, 2025 – 10 Big Updates You Can’t Ignore!
Conclusion
Filing your income tax return on time is essential for financial planning and avoiding penalties. By completing these tasks before the deadline, you can maximize tax savings and ensure a smooth filing process. Stay proactive, review your finances, and meet all tax obligations before the ITR season ends!
Disclaimer
The information provided in this article is for general informational purposes only and does not constitute legal, tax, financial, or other professional advice. While every effort is made to ensure the accuracy and reliability of the information, laws and regulations may change, and individual circumstances vary.
Readers are encouraged to consult with qualified professionals or official government resources for personalized guidance regarding their specific situations. The author and publisher disclaim any liability for decisions made or actions taken based on the information provided herein.
