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| Year-End Tax Planning & Filing Best Practices for FY 2024-25 |
🧠Why Year-End Planning Matters
Most taxpayers rush in March to invest or submit proofs — but smart tax planning happens before the deadline. Year-end planning (Jan–Mar) helps you:
- ✅ Max out eligible deductions (like under Sections 80C to 80U)
- ✅ Avoid rejection of investment proofs
- ✅ Minimize tax liability and optimize cash flow
- ✅ File your Income Tax Return (ITR) smoothly
📅 Key Tax Deadlines for FY 2024-25 (AY 2025-26)
| Activity | Due Date |
|---|---|
| TDS/TCS return (Q4) | 31 May 2025 |
| Issue of Form 16 by employer | 15 June 2025 |
| ITR Filing (non-audit cases) | 31 July 2025 |
| ITR Filing (audit cases) | 31 October 2025 |
| Belated/Revised return deadline | 31 December 2025 |
📄 Step-by-Step ITR Filing Preparation
1. 🧾 Gather Proofs for Chapter VI-A Deductions
- 80C: LIC, ELSS, PPF, tuition fees, NSC
- 80D: Health insurance premiums & check-up bills
- 80E/80EE/80EEA: Loan interest certificates
- 80G: Donation receipts (with PAN of NGO)
- 80U/80DD/80DDB: Disability or illness certificate
📥 Use our downloadable checklists from previous articles to stay organized.
2. 🧮 Reconcile Form 26AS, AIS & TIS
- ✅ Login to https://www.incometax.gov.in
- ✅ Match income (FDs, salary, dividends, rent) with Form 26AS
- ✅ Cross-check interest, SFTs in AIS (Annual Information Statement)
- ✅ Review TIS (Taxpayer Information Summary) for red flags
⚠️ Mismatches can trigger scrutiny or delay refunds.
3. 📊 Calculate Tax Regime Benefit (Old vs. New)
Use income-tax calculator tools to compare:
- Old Regime: All Chapter VI-A deductions + HRA/LTA
- New Regime: Lower tax slab but only few deductions (80CCD(2), 80JJAA)
📌 If switching regimes, file Form 10IEA before ITR (for salaried/business).