Save Tax Before March 31: FY 2024-25 Guide Administrator Feb 12, 2026 Tax share Facebook Twitter Google + LinkedIn Pinterest Email Share... How to Save Tax Before March 31: A Last-Minute Guide for FY 2024-25 March 31 is the most important tax deadline for salaried professionals, freelancers, and business owners. Any eligible tax-saving investment or payment made before March 31, 2025 will count toward FY 2024-25. Miss this deadline, and you lose the opportunity to reduce your taxable income for the current financial year. If you are looking for last minute tax saving options before March 31, this guide explains what you can still do, how much you can save, and how to avoid common mistakes. Why March 31 Matters for Tax Saving The financial year ends on March 31. Investments eligible under Section 80C, 80D, 80CCD, and other provisions must be completed before this date to claim deductions in FY 2024-25. While income tax return filing may happen later in the year, the investment deadline does not extend. Even if the ITR filing date is extended, March 31 remains the final date to make eligible investments for this financial year. Step 1: Check Your Current Tax Liability Before investing blindly, calculate your projected taxable income. Use a reliable Income Tax Calculator to determine: Your total taxable income Current deductions already claimed Remaining deduction limit available Tax payable under old vs new regime This helps you avoid over-investing or choosing the wrong instrument at the last minute. Top Last-Minute Tax Saving Options Before March 31 1. Section 80C – Invest Up to ₹1.5 Lakh You can claim deductions up to ₹1.5 lakh under Section 80C. If you have not exhausted the limit, consider: ELSS mutual funds (3-year lock-in) Public Provident Fund (PPF) Tax-saving fixed deposits (5-year lock-in) National Savings Certificate (NSC) Life insurance premium payments ELSS is often preferred for last-minute tax saving because it has the shortest lock-in among 80C instruments. 2. NPS – Extra ₹50,000 Deduction (Section 80CCD(1B)) Contributions to the National Pension System provide an additional deduction of ₹50,000 beyond the ₹1.5 lakh 80C limit. This makes it one of the most effective last-minute tax saving strategies. 3. Health Insurance Premium (Section 80D) Premiums paid for self, spouse, children, and parents qualify for deduction. If you have not yet purchased or renewed a health insurance policy, doing so before March 31 can reduce your taxable income. 4. Home Loan Benefits Interest certificate is collected from your lender Principal repayment is included under 80C Interest claim under Section 24 is properly calculated 5. Donations Under Section 80G Donations to eligible charitable institutions can be claimed as deductions. Ensure you receive a valid receipt with PAN of the trust. 6. Capital Loss Adjustment If you have unrealised capital losses in equities or mutual funds, you may consider booking losses before March 31 to offset gains and reduce taxable capital gains. Worked Example: How Much Tax Can You Save? Suppose your taxable income (after salary deductions) is ₹10,50,000 under the old regime. 80C investment: ₹1,50,000 NPS contribution: ₹50,000 Health insurance: ₹25,000 Total additional deduction = ₹2,25,000 Revised taxable income = ₹8,25,000 Tax savings could exceed ₹45,000 to ₹60,000 depending on slab rate. Always verify final figures using the Income Tax Calculator before investing. Last-Minute Strategy for Salaried Employees Submit investment proofs to employer immediately Check Form 16 projections Recalculate TDS impact for March salary Compare old vs new regime before investing Employers should update payroll settings using reliable Payroll Software to ensure accurate TDS deduction. Last-Minute Strategy for Self-Employed Individuals Review advance tax liability Make legitimate business expense payments before year-end Reassess turnover thresholds Ensure GST compliance filings are current For smooth compliance, consider automated GST Filing Software and TDS Filing Software to avoid errors and penalties. What You Should Not Do Do not invest without understanding lock-in period Avoid unverified tax saving schemes Do not forget documentation Avoid investing only for tax saving without liquidity planning 60-Minute Action Plan Before March 31 Calculate projected tax liability Identify unused deduction limits Select appropriate 80C and NPS options Complete transactions online before March 31 Download and save receipts Inform employer if salaried Documents to Keep Ready ELSS / PPF receipts NPS contribution confirmation Health insurance premium receipt Home loan interest certificate Donation receipts Bank statements Frequently Asked Questions Can I invest on March 31 and claim deduction for FY 2024-25? Yes, as long as the investment is successfully completed and reflected before March 31, 2025. What is the last date to buy ELSS for FY 2024-25? The last date is March 31, 2025. Units must be allotted on or before this date to qualify. If I miss March 31, can I claim deduction later? No. Investments made after March 31 will count toward the next financial year. Does ITR filing extension change investment deadline? No. The investment deadline remains March 31 regardless of return filing extensions. Should I choose old or new tax regime for FY 2024-25? You must compare both regimes carefully. Use the Income Tax Calculator to evaluate which regime gives you lower tax liability before making investments. Final Thoughts Last-minute tax saving before March 31 requires clarity, speed, and documentation discipline. Instead of rushing into random investments, calculate your liability, use eligible deductions wisely, and maintain proper proof. For faster compliance and filing, leverage professional tools such as Income Tax Filing Software, Payroll Software, GST Filing Software, and TDS Filing Software available at Computax Online.