Tax professionals say this last phase often decides how much tax is ultimately paid. A quick review now can still make a difference – not later.
Section 80C, 80D, NPS: Tax-saving investments to complete before March 31
Those under the old tax regime still have time to claim deductions under Section 80C. But only if investments are done before March 31.
This includes PPF, ELSS, LIC premiums, NSC, Sukanya Samriddhi Yojana, and tax-saving fixed deposits. The cap remains ₹1.5 lakh.
Health insurance is another area. Premiums paid under Section 80D qualify only within the financial year. Limits vary – ₹25,000 for individuals and families, ₹50,000 for senior citizens.
There’s also NPS. An additional ₹50,000 deduction under Section 80CCD(1B), but again, contributions must be made before the deadline.
A Business Today report quoted CA (Dr) Suresh Surana, who said taxpayers should “undertake a comprehensive review” before March 31 to avoid penalties and optimise tax outgo.
Home Loan, HRA and 80G Donations: Claims to check before March 31
Timing matters here.
Home loan interest under Section 24 is allowed only if actually paid within the year. Delay the payment, lose the benefit for FY26. The deduction can go up to ₹2 lakh, according to Business Today reports.
For HRA claims, documentation becomes critical. Rent receipts, agreements, landlord details – gaps here can increase taxable income.
Donations under Section 80G follow the same rule. If the payment is not made before March 31, it won’t count for this year.
Capital gains, education loans and tax-loss planning
Interest on education loans under Section 80E is fully deductible – but only when paid within the financial year.
Those with capital gains may still explore options under Sections 54, 54EC or 54F. There’s also tax-loss harvesting. Booking eligible losses can offset gains, reducing liability.
While it’s not always used, it remains relevant.
Advance tax, TDS and final checks
Advance tax applies where the liability exceeds ₹10,000. Miss it, and interest under Sections 234B and 234C can follow.
Employees need to submit investment proofs to employers. If not, higher TDS may be deducted.
For businesses and professionals, TDS and TCS compliance remains key. Delays here can lead to penalties and disallowances.
The March 31 deadline is fixed. After that, these options narrow. What isn’t done now moves to the next financial year – often with higher tax and fewer deductions available.