Advance Tax Deadline: March 31, 2025

• 20 Mar 2025
• 64 Views

Are you rushing to reduce your income tax before the financial year ends? With the March 31 advance tax deadline fast approaching, this guide will help you stay organized and avoid last-minute stress. Missing this deadline could lead to higher tax deductions—so act now!

How to Reduce Income Tax

To minimize tax deductions in your Form-16, submit your investment proof to your employer by March 31, 2025. This is especially important if you follow the old tax regime. While many companies require investment proof by January, you still have time until the financial year closes. However, submitting proof after March 31 will not reduce TDS deductions.

Why Submitting Investment Proof Matters

✅ Maximize Tax Savings
Tax benefits under Sections 80C, 80D, and 80G of the Income Tax Act are available only if you submit proof on time.

✅ Avoid Excess TDS Deductions
Failure to submit proof could result in higher TDS deductions, reducing your take-home pay.

✅ Simplify ITR Filing
Timely submission of proofs makes the tax filing process smoother and helps avoid last-minute issues.

Investment Proof: Required Documents

Section 80C

• PPF passbook

• ELSS statement

• LIC policy receipt

• Children’s tuition fee receipt

• Home loan principal repayment receipt

Section 80D

• Health insurance premium receipt

Section 80G

• Donation receipt

House Rent Allowance (HRA)

• Rent receipt

• Landlord’s PAN (if rent exceeds ₹1 lakh)

Interest on Home Loan

• Certificate from the lender

How to Submit Investment Proof

1. Organize Your Documents – Sort proofs by category.

2. Upload to HR Portal – If your company allows online submission, upload documents through the HR portal.

3. Submit Physical Copies – If online submission isn’t available, provide hard copies to HR.

4. Meet Deadlines – Follow your company’s submission deadline.

Consequences of Not Submitting Proof

• Higher TDS Deductions – Without proof, your employer will deduct more TDS from your salary.

• Delayed Refunds – Excess deductions may lead to delays in receiving tax refunds.

• Financial Disruptions – Poor planning and missed submissions can affect your cash flow.

Tips to Save Tax

✔️ Start investing early.
✔️ Choose tax-saving options like PPF, ELSS, and health insurance.
✔️ Keep all investment-related documents organized.
✔️ Stay informed about your employer’s submission deadlines.

Submitting investment proof before March 31 is crucial to reducing tax liabilities and ensuring smooth financial planning. Act early to avoid last-minute stress and unnecessary deductions!

Source: MSN News