Year-End Tax Planning Checklist: What to Do Before Filing

A year-end tax planning checklist enables one to undertake eligible tax-saving measures before March 31 and to be ready with documentation prior to filing the ITR. Under the old tax regime, one may avail of tax deductions such as 80C & 80D, provided he/she is eligible for them.

A year-end tax planning checklist is useful before the close of the financial year can be very handy. This is because certain deductions depend on payments made during that particular year. After March 31, the payments will normally go into the account of the next financial year. The year-end tax planning checklist provides for the taxation system and eligible deductions for Indians.

• A year-end tax planning begins with the assessment of the relevant tax regime.

• Under the old tax regime, an eligible deduction can be made under Section 80C up to ₹1.5 lakh.

• Section 80D provides an opportunity for making deductions for eligible health insurance premiums.

• Form 16, Form 26AS and AIS should be checked before filing.

• ITR deadlines vary by taxpayer type and can change through official notifications.

The new tax regime is the default under a year-end tax planning checklist. Eligible taxpayers can opt for the old regime while filing.

The old regime in a year-end tax planning checklist allows 80C, 80D, HRA and certain home loan deductions. The new regime allows fewer deductions. For AY 2026-27, the standard deduction is ₹75,000 under the new regime and ₹50,000 under the old regime.

Compare taxable income and deductions in your year-end tax planning checklist under both regimes.

Complete eligible payments before March 31. The old regime allows several deductions when their conditions are met.

Section 80C in a year-end tax planning checklist covers eligible payments such as PPF, EPF, ELSS and life insurance premiums. The combined limit is ₹1.5 lakh.

Section 80D in a year-end tax planning checklist covers eligible health insurance premiums. The limit is ₹25,000 for self, spouse and dependent children, or ₹50,000 for senior citizens. A separate limit applies to parents.

Section 80CCD(1B) in a year-end tax planning checklist provides an additional deduction of up to ₹50,000 for eligible NPS contributions under the old regime.

Verify current rules.

Documents are another key year-end tax planning checklist item. Keep Form 16, Form 16A, Form 26AS and Annual Information Statement (AIS) ready. Check relevant statements and receipts.

The Income Tax Department advises taxpayers to compare AIS and Form 26AS with their records and reconcile mismatches.

Supporting documents generally do not need to be attached. Keep them safely in case authorities ask later.

Check the filing deadline. The due date depends on your taxpayer category and whether an audit applies.

For Assessment Year 2026-27, the relevant filers of ITR-1/ITR-2 would be due to submit by 31st July 2026. The relevant filers for ITR-4 would need to file on or before 31st Aug 2026.

Verify the latest deadline on the Income Tax Department portal.

A belated return can generally be filed, but fees and interest may apply.

This tax planning checklist for the end of the year will assist you in reviewing the tax structure, tax exemptions, and documents required for filing your tax return. Verify all the details by March 31 and recheck Form 16, Form 26AS and AIS. This is because of the constant changes in the tax regulations and deadlines.

Ans. The choice depends on your income, deductions and tax rules. The old regime allows more deductions, while the new regime has fewer. Compare the tax calculation under both regimes before deciding.

Ans. Eligible Section 80C payments generally need to be made within the relevant financial year. Payments made after March 31 generally belong to the next financial year. Section 80C is available under the old regime, subject to conditions.

Ans. The deadline for filing ITR-1/ITR-2 for AY 2026-27 is 31 July 2026. It is according to the existing rules. The ITR filing deadline can vary from time to time, and hence, one should verify it from the portal of Income Tax Department.

Ans. The late filing of returns is generally possible, but the individual may have to pay late filing charges and interest. Delayed filing can also impact carry forward of losses in some cases.

Ans. Most ITR forms are annexure-less, so supporting documents generally do not need to be attached. Keep receipts, insurance documents, Form 16 and other records safely in case authorities request them.