Income Tax Deadline 2025: If you’re planning to opt for the old income tax regime while filing your Income Tax Return (ITR) for FY 2024-25, then March 31, 2025, today, is a crucial deadline. This is the last date to make tax-saving investments, pay dues, and finish key formalities that allow you to claim deductions and reduce your overall tax liability.

Unlike the new tax regime, the old regime offers a wide range of deductions under Section 80C and others, making it essential to act before the financial year ends.

Here are 10 important tasks you should consider completing before March 31:

1. Reassess Your Tax Liability for FY 2024-25

If you’re opting for the old tax regime, now is the time to review your taxable income. Many taxpayers wait until July to assess taxes while filing ITR—by then, it’s too late to reduce liability. Use an income tax calculator or consult a tax expert to understand your position and identify savings opportunities.

2. Complete Tax-Saving Investments

Taxpayers in the old regime can claim deductions of up to Rs 1.5 lakh under Section 80C. Ensure your investments are done by March 31 in schemes such as:

• Public Provident Fund (PPF)
• National Savings Certificate (NSC)
• Sukanya Samriddhi Yojana (SSY)
• Kisan Vikas Patra (KVP)
• Senior Citizens Savings Scheme (SCSS)
• 5-Year Tax-Saving Fixed Deposits

Those under the new regime are not eligible for these deductions.

3. Pay Advance Tax on Extra Income (For Salaried Individuals)

If you’ve earned additional income (like interest or freelance earnings) not reported to your employer, and missed the March 15 advance tax deadline, request your employer to deduct extra TDS before March 31. While some employers may decline if payroll is already processed, it’s worth trying.

4. File Updated Return (ITR-U) for FY 2021-22

Taxpayers can correct or file a late return for FY 2021-22 (AY 2022-23) using ITR-U till March 31, 2025. This applies if you:

• Missed filing the return
• Underreported income
• Claimed incorrect deductions
• Paid less tax than due

Do note: Additional tax will be applicable for using ITR-U.

5. Pay Property Tax

If you earn income from house property, paying your property tax before March 31 helps in claiming deductions under ‘Income from House Property’. Timely payment is especially relevant for homeowners declaring rental income.

6. Invest in Special Fixed Deposit Schemes

Some banks have rolled out limited-period FD schemes ending on March 31. If you’re looking for a safe, short-term investment option, consider locking into these rates before the deadline. Compare returns with other banks before investing.

7. Deposit in Mahila Samman Savings Certificate (MSSC)

The last date to invest in the Mahila Samman Savings Certificate, a women-centric scheme by the Post Office, is March 31, 2025. It offers 7.5% annual interest for a 2-year term and is considered safer than some regular FDs. However, compare with other high-interest options before investing.

8. Renew or Pay Health Insurance Premium

Health insurance premiums paid before March 31 are eligible for a deduction under Section 80D in the old regime. If your policy is up for renewal or part of the premium is unpaid, ensure it’s settled to avoid losing coverage or tax benefits.

9. Submit Challan-Cum-Statement for February Deductions

As per the Income Tax Department, March 30 is the deadline for furnishing challan-cum-statements for TDS deducted in February 2025 under the following sections:

• 194-IA (Property transfer)
• 194-IB (Rent payment by individuals)
• 194M (Payments to contractors/professionals)
• 194S (Crypto/virtual digital assets by specified persons)

10. Upload Foreign Income Statement (Form 67)

If you have foreign income and wish to claim foreign tax credit, upload Form 67 by March 31. This applies to income taxed both in India and abroad for FY 2022-23. Timely submission is essential, and expert help may be needed for correct filing.

The March 31 deadline is not just about investment—it’s about complete financial hygiene for the year. Whether it’s planning taxes, making declarations, or finalising paperwork, meeting this cutoff is vital for those under the old regime.

Tax experts recommend avoiding last-minute rush and keeping records ready for smooth ITR filing in July.