Complete These Key Tasks Before Financial Year Ends to Save Tax and Avoid Penalties
With the financial year 2025-26 nearing its end, taxpayers should complete a few important financial tasks before March 31, 2026. Taking timely action can help reduce your tax burden and prevent unnecessary penalties. From making tax-saving investments to submitting proof to your employer, these steps are essential for smooth tax planning.
1. Make Tax-Saving Investments Under Section 80C
Taxpayers who opt for the old tax regime can claim deductions under Section 80C of the Income Tax Act, 1961. Popular options include Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Savings Certificate (NSC). Investing in these schemes before the financial year ends allows you to claim deductions and also helps keep these accounts active with the required minimum deposit.
2. Submit Investment Proof to Your Employer
Employees who declared tax-saving investments at the start of the year must submit proof of those investments to their employer before March 31. If you fail to provide the documents, your employer may deduct a higher TDS (Tax Deducted at Source) from your salary.
1. Make Tax-Saving Investments Under Section 80C
Taxpayers who opt for the old tax regime can claim deductions under Section 80C of the Income Tax Act, 1961. Popular options include Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Savings Certificate (NSC). Investing in these schemes before the financial year ends allows you to claim deductions and also helps keep these accounts active with the required minimum deposit. 2. Submit Investment Proof to Your Employer
Employees who declared tax-saving investments at the start of the year must submit proof of those investments to their employer before March 31. If you fail to provide the documents, your employer may deduct a higher TDS (Tax Deducted at Source) from your salary.Next Story