New Delhi: On the calendar of each taxpayer, March 31 is a big event because the fiscal 12 months 2023–24 involves an finish. This deadline represents a rush of vital work that must be completed earlier than the clock strikes midnight, subsequently it is extra vital than simply the conclusion of a fiscal quarter.
Taxpayers want to ensure they full their revenue tax necessities by March 31 to keep away from penalties or points. Because of this, a more in-depth have a look at the numerous duties that must be completed earlier than this essential deadline is required. (Additionally Learn: 1 vs 3 vs 5 Yr FD Charges: Test How A lot Return You Will Get From Main Banks)
1. Up to date ITR Submitting Deadline
The final date to file an up to date revenue tax return for the monetary 12 months 2020-21 (Evaluation Yr 2021-22) is March 31, 2024. (Additionally Learn: Do You Know How To Convert Your Credit score Card Invoice Into Straightforward EMI Choices? This is How To Do It)
This deadline is especially related for taxpayers who missed submitting their returns for the talked about 12 months or have to rectify any inaccuracies of their beforehand filed returns.
2. Tax Saving Scheme Deadline For FY2023-24
For people choosing the outdated tax regime, March 31, 2024, marks the deadline to put money into tax-saving schemes to avail of advantages for the monetary 12 months 2023-24.
Schemes like PPF, ELSS, and FDs beneath Part 80C provide tax exemptions, together with deductions for bills like medical health insurance premiums and training loans.
3. TDS Submitting Certificates For Tax Deduction
Taxpayers have to concern TDS submitting certificates for deductions made beneath varied sections for January 2024. Particular deadlines apply for various sections, equivalent to submitting challan statements for tax deducted beneath sections 194-IA, 194-IB, and 194M by March 30 – February 2024.
4. Minimal Funding Deadline
Authorities financial savings schemes like PPF and SSY require a minimal annual funding to keep away from penalties for default. Make sure you meet the minimal funding requirement by March 31, 2024, to maintain your account operational with out incurring penalties.
5. FASTag KYC Deadline
The deadline for updating FASTag KYC particulars has been prolonged to March 31, 2024. FASTag customers should full their KYC to keep away from any disruptions of their utilization.
