The end of this financial year is near. You need 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.
1. Tax-saving investments
If you are using the old Income Tax regime , then you will have to make tax-saving investments for this financial year by March 31. Only then will you be able to claim deduction while filing income tax returns by July 31, 2025. You will not be able to claim deduction on tax-saving investments made after March 31 in the income tax return of FY25. Under Section 80C of the Income Tax Act, 1961, deduction can be claimed on tax-saving investments up to a maximum of Rs 1.5 lakh in a financial year.
2. Updated ITR (ITR-U) filing
You can file an updated return till March 31 to correct any mistake in the income tax return for the financial year 2021-22. If for some reason you have not filed the income tax return for FY22 and have not been able to file a belated return, then you can still file the updated return till March 31.
3. Invest 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 percent by investing in this scheme with a tenure of two years. Investment in this scheme can be made in the post office.
4. Deposit in PPF and Sukanya Samriddhi Yojana
If you are a subscriber of PPF and Sukanya Samriddhi Yojana, then it is necessary for you to make a minimum deposit in both the schemes. This deposit has to be made 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 inoperative.
5. Benefit from tax-loss harvesting
You can use the profit earned on investments in the financial year for tax-savings. For this, you will have to sell some stocks or mutual funds on which you are incurring a loss. 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 will have to be adjusted only with long-term capital gains.
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