As ITR Season 2025 kicks off, now’s the time to take stock of your finances. Whether you’re salaried, self-employed, or running a business, making the right moves before March 31 can make a big difference to your tax bill.
Wrap Up Tax-Saving Investments Before the Deadline
If you’re following the old tax regime, locking in eligible tax-saving investments before March 31 is essential. Not only does it reduce your taxable income, but it also helps with long-term financial planning. Here are some key sections to focus on:
| Section | Deduction | Eligible Items |
|---|---|---|
| 80C | Up to ₹1.5 lakh | PPF, ELSS, LIC, NSC, tuition fees, housing loan principal, 5-year FDs |
| 80D | Up to ₹25,000 (₹50,000 for seniors) | Health insurance premiums |
| 80G | Varies | Donations to approved charities |
| 80CCD(1B) | Additional ₹50,000 | National Pension Scheme contributions |
Submit proofs for these investments to your employer by the internal deadline (or March 31 at the latest) to ensure your TDS is calculated correctly.
Get Your TDS and Income Reports in Order
Meanwhile, don’t forget to check your TDS records and match them with official tax statements. Review your Form 26AS, AIS, and TIS to confirm all your income and deductions are accounted for. If there are any mismatches, now’s the time to get them fixed.
If you’re expecting a shift in your income or eligible deductions, inform your employer or other deductors immediately to adjust TDS accordingly. Accurate reporting prevents future tax headaches.
Capitalize on Capital Gains and Advance Tax
Have gains from stock, mutual funds, or real estate? It’s wise to evaluate your capital gains strategy now. Consider harvesting losses if it helps offset taxable gains. If you’re liable for advance tax, ensure it’s paid on time to avoid penalties.
Notably, tracking market trends, especially movements in Nifty, can give you an edge. Bank rally and auto stocks have seen strong runs recently—timing exits strategically could help reduce tax liabilities.
With thoughtful planning and timely action, you’ll not only stay compliant but may also save more than you expect.