Advance Tax Deadline 2025 March 31 deadline approaches last chance to save tax avoid excess deductions Section 80C tax benefits House Rent Allowance Form 16 ITR filing

Are you in a hurry to save on income tax as FY25 ends? With the March 31st advance tax deadline approaching, this guide will help you stay stress-free. If you miss this deadline, your tax deduction could increase, so take action now!

How to save on income tax?

To save taxes, submit proof of investment with your employer March 31, 2025. This guarantees a reduction in FORM-16 tax credits. This is especially important for individuals under the old tax system. Many companies require proof of investment by January, but if you miss it, you still have time until the fiscal year ends. Submitting after this deadline will not help reduce your TDS deduction.

Why is it important to submit proof of investment?

1. Opportunities to save taxes

   Under the Income Tax Act, exemptions such as Sections 80C, 80D, 80G apply only if submitted within the deadline.

2. Prevents excessive TDS deductions

   Failure to submit proof will result in a higher TDS deduction, affecting your monthly cash flow.

3. Ease of applying for ITR

   Submitting proof within the deadline will ensure a hassle-free tax return process.

Documents required for Investment Proof

1. Section 80c
   • Passing PPF
   • ELSS Statement
   • LIC Policy Receipt
   • Children’s tuition receipt
   • Mortgage Principal Receipt
2. Section 80D
   • Health insurance premium receipt
3. Section 80g
4. House Rent Allowance (HRA)
   • I’ll borrow a receipt
   • Landlord’s pot (if rent exceeds 1,000 rupees)
5. Interest in mortgages
   • Certificate from lender

Procedure for submitting proof of investment

1. Organize the documents

   Place all proofs according to the category.

2. Upload to HR portal

   Many companies have an online submission process through the HR portal.

3. Send a physical copy

   If your employer is not using a digital system, send a hard copy to HR.

4. We will adhere to the deadline

   Follow the deadlines set by your company.

What happens if I have not submitted my proof of investment?

1. Higher TDS Deduction

   Without proof, your employer will subtract more TDs from your salary.

2. Refund delay

   Excessive deductions can lead to long waits for refunds during ITR applications.

3. Financial plan has been suspended

   Lack of plans and missed submissions can have a negative impact on your finances.

Saving Tips

1. Plan your investment early.
2. Choose tax-free means such as PPF, ELSS, and health insurance.
3. Organize your investment documents thoroughly.
4. Keep your employer submission deadline up to date.

Submitting proof of investment is an important step to ensuring financial health and saving taxes. To avoid unnecessary deductions and delays, make sure all documents have been prepared and submitted before the March 31 deadline.