ITR Filing 2025: ITR filing will start from April 1, but proper planning is necessary to save tax. Mumbai-based chartered accountant Suresh Surana is giving some special tips, which will help you in reducing your tax liability.
ITR Filing 2025: Financial year 2024-25 is about to end. The new season of Income Tax Return (ITR) filing will start from April 1. ITR filing for assessment year 2025-26 will be done after April 1, but it is important to prepare from now to file tax returns correctly and on time.
Mumbai-based chartered accountant Suresh Surana has listed 6 important tax-related tasks to be completed before March 31. He says that timely tax planning will reduce the tax burden and make ITR filing easier.
Finalize tax saving investments
If you have opted for Old Tax Regime, then take full advantage of tax savings by investing under sections like 80C, 80D, 80G. For example:
- 80C: Deduction up to ₹1.5 lakh on investments in PPF, ELSS mutual funds, life insurance, home loan principal repayment, 5-year FD, etc.
- 80D: Deduction of up to ₹25,000 (up to ₹50,000 for senior citizens) on health insurance premium.
- 80G: Tax exemption on donations made to charity.
- 80CCD(1B): Additional exemption of up to ₹50,000 in National Pension Scheme (NPS).
Provide proof of tax deduction to the employer
If you are a salaried person, submit proof of 80C, 80D, home loan interest (section 24B) etc. to your employer by March 31, so that correct TDS is deducted and tax liability does not increase later.
Adjust your TDS/TAX
If there is any change in your income, deductions or exemptions, inform your employer or the TDS deducting authority immediately. This will help in assessing your tax liability correctly.
Pay advance tax (if applicable)
If your tax liability is more than ₹ 10,000, pay advance tax before March 31. If you do not do this, you may have to pay interest under sections 234B and 234C.
Plan for capital gains tax
If you have invested in stocks, mutual funds or property, understand capital gains tax. Also look for the option of carrying forward losses to subsequent years. Also, you can adjust the losses on investments against profits by using tax-loss harvesting .
Match data with Form 26AS/AIS/TIS
Before filing ITR, check Form 26AS, AIS and TIS to ensure that your TDS, advance tax and self-assessment tax details are recorded correctly. If you find any discrepancy, correct it immediately.
