Income tax planning generally aids in two ways: reduction in tax liabilities and enhancement of savings. There are a few of the tax-related commitments that are necessary to be completed in March 2024. This way, an individual can ensure comprehensive planning and reduce potential consequences.
The Income-Tax (I-T) Department has come up with a comprehensive tax calendar on its official website, which outlines the due dates scheduled for March 2024. Here’s the lowdown on these due dates that an individual should remain well aware of.
March 1, 2024: Due date for furnishing of challan-cum-statement regarding tax deducted under Section 194-IA, Section 194-IB, Section 194M , and Section 194S of the Income-Tax Act (ITA), 1961 by the specified person in January 2024.
March 7, 2024: Due date for deposit of tax deducted at source (TDS) or tax collected at source (TCS) for February 2024.
However, all sums deducted that an office of the government collects are required to be paid to the credit of the central government on the same day when tax has been paid without the production of an income tax challan.
March 15, 2024: On this date, the fourth instalment of advance tax for the assessment year (AY) 2024-25 is to be paid.
This is also the due date for payment of the whole amount of advance tax in respect of AY 2024-25 for the assessee covered under the presumptive scheme of Section 44AD and Section 44ADA of the ITA, 1961.
In addition, it is the deadline for furnishing Form 24G by an office of the government where TDS or TCS for February 2024 has been paid without the production of a challan.
March 16, 2024: Deadline for the issue of TDS certificate for tax deducted under Section 194-IA, Section 194-IB, Section 194M, and Section 194S of the ITA, 1961 by a specified person in January 2024.
March 30, 2024: Deadline for furnishing of challan-cum-statement regarding tax deducted under Section 194-IA, Section 194-IB, Section 194M, and Section 194S of the ITA, 1961 by a specified person in February 2024.
March 31, 2024: The statement is required to be submitted by March 31, 2024, of foreign income offered to tax and tax paid or deducted on such income in the previous financial year (FY) 2022-23 to claim foreign tax credit in case return of income has been furnished within the time specified under Section 139(1) or Section 139(4) of the ITA, 1961.
In addition, March 31, 2024, is the deadline for furnishing an updated return of income for AY 2021-22.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.
