March 2025: Don't miss these key income tax deadlines
What's the story
As we near March 2025, it is imperative for taxpayers to remain abreast of the forthcoming income tax deadlines.
This is important to ensure timely compliance and avoid penalties. The month is replete with important deadlines for tax payments, filings, and submissions that must be followed religiously.
Let's take a look at these important deadlines and their significance in the income tax calendar.
Early obligations
TDS/TCS deposit and advance tax payment
March 7, 2025, is the deadline for depositing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for February 2025.
Government offices making payments without a challan are required to remit tax on this day.
Thereafter, taxpayers must pay the fourth installment of advance tax for the assessment year 2025-26 by March 15, 2025.
Mid-month tasks
TDS certificate issuance and challan-cum-statement submission
Taxpayers falling under the presumptive taxation scheme (Section 44AD/44ADA) must pay their entire advance tax liability by March 15, 2025.
Government offices that paid TDS/TCS for February without a challan must also file Form 24G on this date.
Moving on to March 17, taxpayers must issue TDS certificates for tax deducted under certain sections in January.
End-of-month responsibilities
Filing requirements and foreign tax credit
March 30, 2025, is the due date for taxpayers to furnish the challan-cum-statement for tax deducted under certain sections in February.
The last day of March brings more work. If the parent or alternate reporting entity, entities must submit the Country-by-Country Report (Form 3CEAD) for FY 2023-24 on this day.
Taxpayers claiming Foreign Tax Credit (FTC) for last year's income must upload Form 67 if their ITR was filed on time.