10 last-minute investment, tax saving and compliance tasks to complete before March 31, 2025

Financial Year 2024-25 will end on March 31. With only a few days left before the current financial year ends, this is a good time to revisit your tax and investment plans for the year and complete any outstanding tasks. Here's a list of 10 such last-minute activities to do before March 31, 2025:

1. Check your tax liability for FY 2024-25

First things first. It's a good time to reassess your tax liability for the financial year 2024-25, especially if you are in the old tax regime. Many taxpayers check their tax liability when filing income tax returns, which usually happens in July. But by then, they can't do much to reduce their taxes.

2. Complete tax-saving investments under the old regime

Please note that tax-saving investments are not relevant for those in the new regime.

3. Try paying advance tax on additional income if you are salaried

If you are a salaried employee and missed paying advance tax on an additional income unknown to your employer for FY 2024-25 by March 15 then you may request your employer to deduct extra TDS on this additional income before March 31, 2025.

Please note that some employers may not accept this request even though they are not legally restricted from doing so. Moreover, this option may not work if the employer has already rolled out the payroll for March.

4. File updated ITR (ITR-U)

You can correct errors in your income-tax return for FY 2021-22 (AY 2022-24) by filing an updated return (ITR-U). The last date to do so is March 31.

ITR-U can be filed in the following cases:

• Not filed ITR, missed the due date, and even the belated return deadline.

• Not declared income correctly

• Reported income under the wrong head of income

• Paid less tax

Apart from the above, ITR-U can also be used to reduce the carried forward loss, or tax credit under section 115JB/II5JC. Please note that you will have to pay some additional tax for filing ITR-U.

5. Pay property tax

If you are a house owner making income from your house property then you should pay property tax for FY 2024-25 by March 31. The tax paid on property can be claimed as a deduction when computing income from house property.

6. Book a special fixed deposit if interested

Please note that other banks may offer higher interest rates than these FDs. Therefore, do a comparison of various FDs before investing.

7. Deposit in Mahila Samman Savings Certificate (MSSC)

The last date to invest in the MSSC scheme is March 31. The scheme offered by the Post Office exclusively targets women depositors. It offers 7.5% interest per year for two years, which is higher than the interest offered on 2-year fixed deposits in the post office and some banks. However, MSSC is a safer option for those women depositors who want guaranteed returns on their deposits.

Please note that some banks and other small saving schemes may offer higher interest than MSSC.

8. Renew/pay the health insurance premium

If your health insurance is due for renewal this month or if some of your premium for FY 2024-25 is still unpaid then pay it by March 31. Not doing so will deprive you of the deduction under Section 80D in the old regime. Further, if your insurance is due for renewal then you may lose health coverage by not paying the premium by March 31.

9. Submit challan-cum-statement by March 30

As per the Income Tax Department's website, March 30 is the due date for furnishing challan-cum-statement in the following cases:

• Tax deducted under section 194-IA in February 2025.

• Tax deducted under section 194-IB in February 2025.

• Tax deducted under section 194M in February 2025.

• Tax deducted under section 194S (by specified person) in February 2025.

10. Submit foreign income statement

March 31 is the last date for uploading the statement of foreign income offered to tax and tax deducted or paid on such income in the previous year 2022-23. This statement has to be uploaded in Form 67 and can be used to claim foreign tax credit.

Please note that foreign tax credit can be claimed only when the return of income is furnished within the time specified under section 139(1) or section 139(4), according to the Income Tax Department's website.

Some taxpayers may find it difficult to submit a statement of foreign income on their own. It is therefore recommended to consult an expert.