CA Umesh Sharma
Quick Summary
Arjuna (Fictional Character): Krishna, the financial year 2024-25 is about to end, and the new financial year is about to start. How should a taxpayer prepare himself for this year's march ending? Krishna (Fictional Character): Arjuna, the month of March is very important for all Taxpayers. In our
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The last date to file an updated income tax return for FY 21-22 is March 31, 2025.
To claim deductions under sections like 80C and 80G for FY 2024-25, investments and donations must be made before March 31, 2025.
Salaried employees should provide details of their investments and deductions to their employer before March to avoid excess TDS (Tax Deducted at Source) being deducted from their salary.
Taxpayers should download Form 26AS and verify TDS deducted and TCS collected. They should also check if income and transactions like mutual fund purchases or property sales are reflected correctly in Form 26AS and AIS compared to their books of accounts.
Booking capital losses before March 31st allows them to be adjusted against taxable capital gains in the current year or carried forward for up to 8 years to offset future gains.
Closing stock verification ensures that the physical stock matches the book value. If there's a discrepancy, a reconciliation statement should be prepared.
CAclubindia
