Income Tax: These important deadlines expire before March 31. Check list here

Meeting income tax deadline is vital for the taxpayers, failing which they stand to miss out on tax benefits or may even have to pay penalties, fees or fines.

The financial year 2026 is set to culminate in another 15 days. We, therefore, list out the key deadlines that are set to end in the next few days before March 31, 2025.

March 2025: These are key income tax deadlines

I. Investing for tax deduction: Investors must invest before March 31 to be able to claim tax deduction for the financial year 2024-25. However, it is noteworthy that those tax payers who invest after March 31 will be able to claim tax deduction only in the next year i.e., 2025-26.

It is noteworthy that tax deductions under various sections such as 80C, 80D and 80G are offered only under the old tax regime and not in the new tax regime. Therefore, if you want to opt for the new tax regime for FY 2024-25 then you do not need to invest to be able to save on tax.

II. Uploading of statement of foreign income: Deadline to upload statement of foreign income offered to tax and tax deducted or paid on such income in previous year 2022-23 is March 31. This is to claim foreign tax credit (if return of income has been furnished) within the time specified under section 139(1) or section 139(4).

III. Challan cum statement: Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2025 is March 30. 

IV: TDS: Due date for issue of TDS Certificate for tax deducted under section 194-IA and 194-IB in the month of January, 2025 is March 17.

V: Challan cum certificate: Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA and 194-IB in February is March 30.

VI: Updated return: Furnishing of an updated return of income for the Assessment Year 2022-23 is March 31.

(Visit here for more personal finance updates)