Major news for common people. The financial year 2024-25 is wrapping up, so make sure to finalize your investments and preparations before it ends on March 31. There’s a bank strike planned for next week, which could lead to several holidays, so it’s wise to handle your tasks carefully.

 

Keep in mind that there are deadlines for various financial activities. For instance, if you have a Sukanya Samriddhi Account, need to maintain the minimum balance for your PPF, complete KYC for Fastag, or file your updated ITR and TDS, all of these must be done by March 31. GST taxpayers should also apply for the composition scheme for the 2024-25 financial year by this date.

 

Make sure to invest in the Sukanya Samriddhi Yojana, PPF, and NPS before the financial year ends on March 31. This means you should deposit a set amount each year into your Sukanya Samriddhi Yojana, NPS, and PPF accounts. The interest rates offered by the government for these accounts are more favorable than many others. If you don’t deposit the required amount into your Sukanya Samriddhi account, it will be frozen. Remember, you need to deposit at least Rs 500 annually in your PPF and Rs 250 in your Sukanya Samriddhi Yojana.

 

Don’t forget to file your updated tax returns on time. If you haven’t submitted your tax return for the financial years 2020-21 to 2023-24 yet, there’s still an opportunity. If you discover any errors in your previous tax return, you can update it using Form ITR U before March 31, 2025.

 

Ensure timely payments to MSMEs

 

It’s important to make prompt payments for transactions with micro and small enterprises as outlined in the Finance Act 2023. According to government regulations, payments should be made within 15 days if there is no written agreement, or within 45 days if a written agreement exists.

 

Balance your income tax gains and losses

 

If your income increases in the financial year 2024-25, consider selling some shares or mutual funds that are currently at a loss. This strategy can help offset your tax liabilities. Consulting with an Income Tax expert can assist you in effectively managing short-term and long-term capital gains and losses to maximize your tax savings.