New Delhi: The end of this financial year is near. You have to complete many tasks related to money before 31st March. If you do not complete these tasks before the end of the financial year, you will not get another chance. Due to this, you may have to pay a penalty. Moneycontrol is telling you about those important tasks, which will be beneficial for you to complete before the beginning of the new financial year.
1. Tax-saving investments
If you are following the old income tax regime, you must make tax-saving investments by March 31 for this financial year.Only then will you be able to claim the deduction while filing your income tax return by July 31, 2025. You will not be able to claim deduction on tax-saving investments made after March 31 in your FY25 income tax return. Under Section 80C of the Income Tax Act, 1961, a maximum deduction of up to Rs 1.5 lakh can be claimed on tax-saving investments in a financial year.
2. Updated ITR (ITR-U) Filing
To correct any errors in the Income Tax Return for FY 2021-22, you can file an updated return by March 31.If for some reason you have not filed income tax return for the financial year 2022 and have not been able to file belated return, you can still file updated return till 31st March.
3. Investment in Mahila Samman Savings Certificates
The government had introduced this special deposit scheme for women. This scheme will not be available after March 31, 2025. If you want to invest in this scheme, then you can get an attractive interest of 7.5% by investing in this scheme with a tenure of two years. Investment in this scheme can be made in the post office.
4. Deposit amount in PPF and Sukanya Samriddhi Yojana
If you are a subscriber of PPF and Sukanya Samriddhi Yojana, then it is necessary for you to deposit a minimum deposit amount in both the schemes. This deposit amount has to be deposited before the end of the financial year.In PPF you have to deposit a minimum of Rs 500, while in Sukanya Samriddhi Yojana you have to deposit a minimum of Rs 250. If you do not do this, your account will become inactive.
5. Benefit of tax-loss harvesting
You can use the profit earned on investments in the financial year for tax-saving. For this, you will have to sell some stocks or mutual funds on which you are incurring losses. Your profit will be adjusted with this loss. This will reduce your tax liability. It is important to note that short-term capital gains can be adjusted with both short-term and long-term capital gains. But, long term capital gains have to be adjusted only with long term capital gains.