The Revenue-tax division introduced in an official order, “To facilitate completion of pending departmental work, all of the Revenue Tax Workplaces all through India shall stay open on twenty ninth, thirtieth and thirty first March 2024.”
Based on an ET report, it can be crucial for people obligated underneath earnings tax legal guidelines to deduct TDS (Tax Deducted at Supply) to file challan statements for tax deducted underneath specified sections, like 194M or 194-IA, by March 30. Furthermore, March 31 marks the deadline for tax-saving investments comparable to tax saver FDs, ELSS, ULIPs, PPF, SCSS, NSC, and extra.
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For those who’re planning tax-related duties on the month-end, make sure the establishments you want are open. For instance, whereas the inventory market is closed on the lengthy weekend, banks can be open on Saturday, March 30, as it is a common working day.
Why is the Revenue Tax Division engaged on March 29, 30, and 31?
Ankit Jain, Accomplice at Ved Jain & Associates, a good CA agency, make clear the rationale behind the choice to maintain tax workplaces operational. Based on him, there are essential duties that demand consideration earlier than the March 31 deadline, together with:
- Evaluation completions: The tax division should full assessments for the fiscal 12 months ending on March 31, 2022, by the top of this month. Evaluation orders issued after this fiscal 12 months deadline are thought-about invalid.
- Reassessment notices: The tax division can also be required to ship notices for reassessment of incomes suspected to be underreported. These notices give attention to undeclared incomes exceeding Rs 50 lakhs for FY 2016-17 and different related situations for FY 2019-20.
Jain explains that preserving tax workplaces operational goals to make sure well timed assortment of important info, completion of assessments, and dispatch of reassessment notices throughout the set deadlines.
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Submit ITR-U by March 31, 2024
Eligible taxpayers should submit an up to date earnings tax return (ITR-U) for Evaluation Yr (AY) 2021-22 (FY 2020-21) by March 31, 2024, which marks the ultimate deadline. ITR-U serves to rectify underreported or misreported earnings and some other errors in beforehand filed returns. Moreover, people required by legislation to file ITR however missed the due date may also file ITR-U.
Taxpayers have a window of 24 months from the top of the related evaluation 12 months to file ITR-U. For the monetary 12 months 2023-24, people can submit ITR-U for Evaluation Yr (AY) 2021-22 and AY 2022-23.
If errors are usually not rectified and the tax division discovers them independently, penalties of as much as 200% of the tax payable may be imposed. As per Part 270A of the Revenue-tax Act, 1961, people who conceal earnings and fail to report it could face penalties of as much as 200% of the tax, efficient from the evaluation 12 months 2017-18.
It is vital to notice that when submitting ITR-U, an extra tax of as much as 50% of the combination tax and curiosity is required. Nevertheless, if ITR-U is submitted after the due date for submitting a belated or revised return however earlier than the completion of 12 months from the top of the related evaluation 12 months, the extra tax payable is 25% of the combination tax and curiosity payable.
