“To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024,” said the Income-tax department in an order dated March 31, 2024.
If you are required by income tax law to deduct TDS and you have already done this then you must file, the TDS return by March 31. This is also the deadline to make tax-saving investments for FY 2023-24 like tax saver FD, ELSS, ULIP, PPF, SCSS, NSC and so on.
If you are planning to do some tax-related work at the end of this month you need to check whether the relevant institution will work or not. For instance, the stock market will be closed on this long weekend, however, banks will be open on Saturday, March 30, as it will be the fifth Saturday, which is a working day.
Also read: After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins
File ITR-U by March 31, 2024
Eligible taxpayers need to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21) by March 31, 2024, as this is the last date to do so. ITR-U can be used for under-reporting or misreporting of income problems or any other error in the previously filed ITR. Also, ITR-U can also be filed by an individual who was required to file ITR as per the law but did not do so by the due date. The deadline to file ITR-U is any time within 24 months from the end of the relevant assessment year. For the financial year 2023-24, a person can file ITR-U for AY 2021-22 and AY 2022-23.Also read: Deadline for opting GST Composition Scheme for FY 2024-25 is March 31, 2024.
If an individual does not fix the errors and the tax department catches them on their own, penalties up to 200% of the tax payable can be levied. According to section 270A of the Income-tax Act, 1961 if an individual conceals income and does not report it then effective from the assessment year 2017-18, a penalty up to 200% of the tax may be levied.
However, do note that to file ITR-U, an additional tax up to 50% of the aggregate tax and interest needs to be paid. However, in case ITR-U is submitted after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year, the additional tax payable shall be 25% of the aggregate of tax and interest payable.
Income Tax Department Cancels Long Weekend, Will Work March 29-31 to Help Taxpayers
“To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024,” stated the Income-tax department in an order dated March 31, 2024.
If you are required by income tax law to deduct TDS and have already done so, you must file the TDS return by March 31. This deadline also applies to making tax-saving investments for FY 2023-24, such as tax saver FD, ELSS, ULIP, PPF, SCSS, NSC, and more.
If you plan to do tax-related work at the end of this month, ensure to check if the relevant institutions will be open. While the stock market will be closed on this long weekend, banks will be open on Saturday, March 30, as it falls on the fifth Saturday, which is a working day.
Also read: After facing income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins
File ITR-U by March 31, 2024
Eligible taxpayers must file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21) by March 31, 2024, as this is the deadline. ITR-U can be used to correct under-reporting or misreporting of income issues or any other errors in a previously filed ITR. It can also be filed by individuals who were required to file ITR per the law but missed the due date. The deadline to file ITR-U is within 24 months from the end of the relevant assessment year. For FY 2023-24, ITR-U can be filed for AY 2021-22 and AY 2022-23.Also read: Deadline for opting GST Composition Scheme for FY 2024-25 is March 31, 2024.
If errors are not rectified and the tax department discovers them, penalties of up to 200% of the tax payable can be imposed. Under section 270A of the Income-tax Act, 1961, concealing income and not reporting it may lead to a penalty of up to 200% of the tax from AY 2017-18 onwards.
It’s important to note that to file ITR-U, an additional tax of up to 50% of the aggregate tax and interest must be paid. However, if ITR-U is submitted after the due date but before 12 months from the end of the assessment year, the additional tax payable is reduced to 25% of the total tax and interest due.
