5 Key Tax Deadlines Today, March 31 That You Can't Miss - Full List

As the financial year 2024-25 ends today, March 31 is an important deadline for taxpayers and companies to complete important financial and tax-related activities.

For taxpayers under the old tax regime, it is the last date to check tax liabilities and benefits from the schemes provided. Though the new tax regime does not require conventional tax-saving investments, it is also an important deadline to complete and to benefit from maximum savings.

The important things to take care of before the day ends are given below:

Advance Tax Payments

Salaried people who have failed to pay advance tax on extra income also have an opportunity to correct the default. They can request their employer to deduct extra tax at source (TDS) in their March salary, if the payroll status allows the same.

Besides this, taxpayers also have the facility to file a revised return (ITR-U) for the financial year 2021-22 by today's deadline to correct any errors in income already disclosed, misreporting of taxes, or incorrect heads.

Mahila Samman Savings Certificate

Women depositors can also get a secure investment with the Mahila Samman Savings Certificate (MSSC) at a preferred rate of 7.5% per annum for two years. The interest rate is more than the rates for most fixed deposit schemes available in banks and post offices.

However, investors are suggested to compare the scheme with other high-returning savings schemes. Policyholders also need to pay health insurance premiums by today in order to avail deductions under Section 80D of the Income Tax Act.

Filing Challan-Cum-Statements

March 30 was the filing due date of challan-cum-statements of taxes deducted under Sections 194-IA, 194-IB, 194M, and 194S on February 2025 transactions.

Taxpayers are also required to upload foreign income statements via Form 67 today for availing of foreign tax credit. This also involves filing of income returns under Sections 139(1) or 139(4) in time. Taxpayers who are unaware of this need to take the help of a tax professional to avoid mistakes.

Property Tax Payments

For residential property owners earning rental income, property tax must be paid by today. The payment is deductible while calculating "income from house property," which in turn can reduce the overall taxable amount.

Health Insurance Renewal

If your medical insurance policy is set to expire or premiums due for FY 2024-25 are unpaid, pay immediately. In arrears, you may stand to lose Section 80D tax relief as well as medical insurance.