Income Tax Department Building (Representative picture)
The date of March 31, 2024 marks the tip of the monetary yr 2023–24 and in addition serves because the deadline for main monetary and tax-associated duties.
With the monetary yr drawing to its finish, the Union Finance Ministry has issued a contemporary notification directing all of the Income Tax workplaces to stay open on the final Sunday of the month. Thus cancelling the prolonged weekend for the Income Tax Department, the ministry has requested them to function usually on March 29 (Friday), 30 (Saturday), and 31 (Sunday).
In its order issued on 18 March, the ministry additionally talked about that the Central Board of Direct Taxes has issued the directive within the train of powers conferred beneath Section 119 of the Income Tax Act 1961 to make sure administrative comfort.
Also Read: 5 Money Tasks To Complete By March 31, Check Key Dates Here
It must be famous that whereas March 29 occurs to be a closed vacation this yr as a result of Good Friday, March 30 and 31 fall over the weekend.
Tax deadline ends on 31 March: Things to do
The date of March 31, 2024 marks the tip of the monetary yr 2023–24 and in addition serves because the deadline for main monetary and tax-associated duties. With just some days left till the deadline, taxpayers must file their up to date revenue tax returns.
For those that have opted for the previous tax regime and need to put money into a tax-saving instrument, 31 March is the final date. They can select from a spread of choices, together with PPF, ELSS, time period deposits, medical health insurance premiums, schooling loans, and residential loans.
On the opposite hand, whereas Tax Deductible at Source (TDS) submitting certificates are required for deductions beneath varied sections, together with Section 194-IA, Section 194-IB, and Section 194M, 30 March is the final date for submitting the challan assertion.
Lastly, March 31 additionally marks main significance if taxpayers aiming to PPF or Sukanya Samriddhi Scheme (SSY). Such investments want a minimal of Rs 500 and Rs 250 in a yr. If one fails to make the minimal deposit in a monetary yr, his/her account could possibly be marked as a default, attracting a penalty. Therefore, one should make the mandatory deposits till 31 March.
Note: Taxpayers will be capable of file up to date returns for any of the evaluation years, 2021–22, 2022–23, and 2023–24. But they might want to pay the payable further tax together with the up to date return. With that stated, whereas one has to pay 50 per cent of the combination tax and curiosity as an extra tax for 2021–22, it’s 25 per cent of the combination tax and curiosity for 2022–23 and 2023–24.
