As the financial year draws to a close on March 31, 2025, Bengaluru residents and business owners must address several critical financial tasks to avoid penalties and ensure compliance with local regulations. Here are the key actions to complete before the deadline:
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Property Tax Payment:
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Deadline: March 31, 2025.
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Penalty for Late Payment: Starting April 1, 2025, the Bruhat Bengaluru Mahanagara Palike (BBMP) will impose a 100% penalty on unpaid property tax, along with an annual interest of 15%. Property owners should ensure all dues are cleared before the deadline to avoid these charges.
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Trade License Renewal:
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Deadline: March 31, 2025.
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Penalties for Late Renewal:
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Renewals between April 1 and April 30, 2025, will incur a 25% penalty.
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Renewals after April 30, 2025, will face a 100% penalty.
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Action Required: Businesses must renew their trade licenses promptly to avoid these additional charges. The BBMP facilitates online renewals through its official website.
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One-Time Settlement (OTS) Scheme for Government Buildings and PSUs:
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Deadline: March 31, 2025.
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Details: The Karnataka government has reintroduced the OTS scheme to address property tax arrears for central and state government-owned buildings and public sector undertakings (PSUs) in Bengaluru. Relevant organizations should utilize this opportunity to settle outstanding dues.
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Tax-Saving Investments:
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Deadline: March 31, 2025.
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Action Required: To avail tax deductions under Section 80C of the Income Tax Act, individuals should invest in eligible instruments such as Public Provident Fund (PPF), Employees’ Provident Fund (EPF), National Savings Certificates (NSC), tax-saving fixed deposits, and Equity Linked Savings Schemes (ELSS) before the financial year ends.
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Filing Updated Income Tax Returns (ITR):
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Deadline: March 31, 2025.
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Action Required: Taxpayers who need to correct errors or omissions in their previously filed ITRs for the financial year 2023-24 have until this date to submit an updated return. Delaying beyond this period may result in higher penalties.
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Linking PAN with Aadhaar:
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Deadline: March 31, 2025.
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Action Required: It is mandatory to link your Permanent Account Number (PAN) with your Aadhaar card by this date. Failure to do so may lead to the deactivation of your PAN, affecting banking and financial transactions.
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Special Fixed Deposit Schemes:
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Deadline: March 31, 2025.
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Details: Several banks are offering special fixed deposit schemes with higher interest rates, set to expire on this date. For instance, State Bank of India’s Amrit Vrishti scheme offers a 7.25% interest rate for a 444-day tenure. Investors should consider these options before the deadline.
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By promptly addressing these tasks, Bengaluru residents and businesses can ensure compliance with financial regulations and avoid unnecessary penalties.
