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Money and taxes: Checklist After January 01st 2025
March 2025 marks the end of FY 2024-25, and individuals looking to make financial or tax-related decisions should ensure they complete all necessary actions, such as filing income tax returns, making investments, or claiming deductions, before the deadline. Below are some of the
To know the list of activities you should have performed after Jan 01st 2024, refer Money and taxes: Checklist After January 01st 2024
To know the list of activities you should have performed before Dec 31st 2024, refer Money and taxes: Checklist before December 31st
Income Tax Return FilingThe taxpayers who want to file income tax returns for AY 2022-23 (FY 2021-22) needs to file them on or before 31st March 2025.Also the taxpayers who missed due date for AY 2024-25 wants to file updated income tax returns can start filing them from 16th January 2025. Learn more from Updated Return (ITR-U) u/s 139(8A) Income Tax Guide | |
Union Budget 2025Budget 2025 will be presented by Finance Minister Nirmala Sitharaman on 01st February 2025. The budget 2025 will impact the decisions of finance and taxation by the persons. Most of the people in India are awaiting the Budget 2025 Refer Indian Budget 2025 | Pre-Budget Expectations for more information | |
Tax PlanningAs the Financial year 2024-25 is coming to an end, the taxpayers are required to plan the taxes as only 2 months left for investments planning. If any taxpayer wants to choose the old tax regime, they need to plan for the investments in these months. Learn more on Best Income Tax Saving Investment Options in India | |
Restriction on UPI transactionsNPCI has notified that UPI transactions will be rejected if the UPI transaction ID’s contains the special characters like $, # etc w.e.f 01st February 2025. Hence the users of UPI are required to ensure that their UPI Id’s should not contain any special characters Learn more on Top 5 UPI Payment app in India | |
Tax Loss harvestingAs the financial year 2024-25 is coming to an end, the taxpayers who has profits in stock market can plan for the tax loss harvesting to minimize or optimize the taxes for FY 2024-25 Learn more on Taxation on — Futures & Options (FOs) Trading | |
Advance Tax Payment15 th March / 31 st March 2025 is the due date for payment of advance tax for FY 2024- 25. The taxpayers are required to pay the advance tax before the due date to avoid interest u/s 234B Learn more on Advance Tax: What, When & How to Pay? | |
Application for Lower deduction of TDSNRI's who are selling the properties in FY 2024-25 can apply for lower deduction of TDS by 15th March 2025. Otherwise they need to file the tax returns and claim the refund once the IT Filing starts Learn more on How to Submit Form 13 ? | |
Filing of GSTR 9/9C for FY 2017-18, 2018-19, 2019-20, 2020-21, 2021-22 and 2022-23The late fee for the GST taxpayers who need to file GSTR-9C but have not furnished GSTR 9C and already filed GSTR 9 for FY 2017-18, 2018-19, 2019-20, 2020-21, 2021-22 and FY 2022-23 is waived off if such GSTR 9C is filed before March 31st 2025 . Hence the taxpayers are required to utilize the option and file the pending GSTR 9C Refer GSTR 9 Explained | |
Opt for Composition Scheme for FY 2025-26The taxpayer who wants to convert from regular GST to Composition scheme for FY 2025-26 can change between 04th Feb 2025 to 31st March 2025. As this is a 1 time window given by GST department, the desired taxpayers are required o utilize the option Refer Indian Budget 2025 | Pre-Budget Expectations for more information |