Income Tax & Financial Year-End Checklist – FY 2024–25

✅ To be completed before 31st March 2025

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👤 FOR INDIVIDUALS – OLD TAX REGIME

(These deductions are not applicable under New Regime)

1️⃣ Section 80C – Tax-Saving Investments

• PPF, ELSS, LIC, NSC, 5-Year FD
• Home Loan Principal, Sukanya Samriddhi
• Tuition fees for children
  🟡 Limit: ₹1.5 lakh
  🗓️ Deadline: Before 31st March 2025

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2️⃣ Section 80CCD(1B) – NPS Extra Deduction

• Additional deduction up to ₹50,000 (over 80C)
• Must be invested before March 31

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3️⃣ Section 80D – Medical Insurance

• Self + Family: ₹25,000
• Parents (Senior Citizen): ₹50,000
• Preventive Check-up (max ₹5,000 included in limits)
  💡 Pay via non-cash mode only

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4️⃣ Section 80G – Donations

• 50% or 100% deduction depending on trust/institution
• Receipt must include PAN & 80G approval

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5️⃣ Section 80E – Education Loan Interest

• No upper limit
• Only interest on education loan for self/spouse/children

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6️⃣ Section 80EE / 80EEA – Housing Loan Interest

• 80EE: ₹50,000 (loan before Apr 2016)
• 80EEA: ₹1.5 lakh (loan Apr 2019–Mar 2022 for affordable housing)

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7️⃣ Section 80TTA / 80TTB – Interest on Deposits

• 80TTA (non-senior): ₹10,000 on savings interest
• 80TTB (senior citizens): ₹50,000 on FD + savings

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8️⃣ Submit Proofs to Employer (for salaried)

• Investment proofs (80C, 80D, etc.)
• Rent receipts for HRA
• Travel bills for LTA
  📌 Do this before March salary cut-off

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9️⃣ Form 15G / 15H – Prevent TDS on Interest

• Submit if total income is below exemption limit

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🔟 Link PAN with Aadhaar

• Mandatory to avoid PAN becoming inoperative
  🗓️ Deadline: 31st March 2025

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1️⃣1️⃣ Pay Advance Tax

• If total tax liability (after TDS) > ₹10,000
  🗓️ Final installment due: 15th March 2025

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1️⃣2️⃣ Review Form 26AS, AIS & TIS

• Verify all TDS, TCS, income & high-value transactions
  Examples:
• MF purchases > ₹10 lakh
• Property deals > ₹30 lakh

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1️⃣3️⃣ Book Capital Losses

• Sell loss-making assets to offset gains
• Carry forward unadjusted capital loss for 8 years

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1️⃣4️⃣ File Updated ITR (ITR-U) for AY 2023–24

• Last date to revise/file missed return: 31st March 2025

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👨‍🔧 FOR BUSINESS OWNERS / FREELANCERS / PROFESSIONALS

• Opt for Presumptive Taxation if eligible (44AD / 44ADA)
• Pay statutory dues (GST, PF, ESI) before 31st March (if cash-basis)
• Conduct stock & fixed asset verification
• Prepare P&L and Balance Sheet comparisons
• Reconcile with GST, TDS & IT returns

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👥 FOR PARTNERSHIP FIRMS / LLPs

• Finalize books of accounts for FY 2024–25
• Pay advance tax by 15th March
• Check Tax Audit applicability (Sec 44AB)
• Ensure partner remuneration & interest complies with 40(b)
• Deduct and deposit TDS on payments made in March
• Perform closing stock verification and asset reconciliation

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🏢 FOR COMPANIES

• Finalize accounts for audit
• Pay 100% advance tax by 15th March
• Check MAT applicability (Sec 115JB)
• Deduct TDS on March salaries, contracts, rent, etc.
• Pay all statutory dues (PF, GST, ESI) to claim deduction
• Match books with Form 26AS / AIS
• Prepare for Statutory, Tax & Transfer Pricing Audits

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📑 TDS-SPECIFIC CHECKLIST (For All Deductors)

Task	Deadline
Deduct TDS on March transactions	31st March 2025
Deposit TDS (March)	30th April 2025
File Q4 TDS Return (24Q/26Q/27Q)	31st May 2025
Issue Form 16 / Form 16A	By 15th June 2025
Apply for Lower/Nil TDS Certificate (Form 13)	Before 31st March
Reconcile TDS with Form 26AS	Before ITR filing

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✅ SUMMARY CHECKLIST

✔️ Make all investments under Old Regime
✔️ Submit proofs to employer (HRA, LTA, etc.)
✔️ File Form 15G / 15H if needed
✔️ Link PAN with Aadhaar
✔️ Pay advance tax (by 15 March)
✔️ Book capital losses (if applicable)
✔️ Check and match 26AS, AIS, TIS
✔️ File ITR-U (if required)
✔️ Close books & verify stock (for firms/businesses)
✔️ Deduct & deposit TDS correctly