March 2024 is no ordinary month—it’s an important chapter in our financial story.
Imagine this: as we wave goodbye to the financial year 2023-24, March 31 isn’t just a date; it’s a deadline buzzing with importance, urging us to tackle essential tasks before the clock strikes midnight. Amidst the hustle and bustle of our daily routines, it’s easy to lose track of time and deadlines. But fear not! Staying organized and informed can be our secret weapon, rescuing us from the chaos of last-minute rushes and dreaded penalties. That’s why it’s important to mark key dates in March 2024!
Read our previous blog to know important dates for taxation in March 2024 : Income Tax Calendar for March 2024
To avoid any kind of problem or loss, complete these important tasks before March 31, 2024.
Tax saving activities:
One of the primary tasks that individuals need to address before March 31, 2024, is finalising their investments in tax-saving instruments, particularly for those operating under the old tax regime. These instruments, including Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), term deposits, health insurance premiums, education loans, and home loans, offer avenues for tax deduction and financial security. Ensuring compliance with regulatory requirements by investing before the deadline is essential to optimize tax benefits and secure one’s financial future.
TDS Filing
Furthermore, individuals must pay heed to the deadline for filing Tax Deductible at Source (TDS) deductions under various sections such as 194-IA, 194-IB, and 194M. The last date for filing the challan statement for these deductions is March 30, underscoring the importance of timely submission to avoid potential penalties or discrepancies in tax filings.
Minimum Investment Deadline
Additionally, March 31 holds significant importance for taxpayers planning to invest in schemes like PPF or Sukanya Samriddhi Scheme (SSY), which necessitate a minimum annual deposit of Rs 500 and Rs 250, respectively. If you miss this minimum deposit in any financial year, your account may be marked as default and penalty may be imposed for making such account operational. Therefore, if you have invested in any such scheme, but have not invested the minimum amount in it during the current financial year, then you have time till March 31, 2024 to avoid default or paying penalty.
Advance Tax :
The government collects tax in advance in the form of quarterly instalments during the financial year and it is not optional but mandatory requirement. It is paid in four instalments where 15% is paid by June 15, 45% by September 15, 75% by December 15, and 100 per cent by March 15, of the financial year. So, if you are a salaried individual but have other sources of income such as fixed deposits or rent, then you need to pay advance tax before 15th March 2024.
Importantly, senior citizens who are 60 years or above and do not have any income from business are not required to pay advance tax. If you have not paid advance tax before March 15th, then it shall be paid before March 31st so that less interest will be levied under Section 234B of the Income Tax Act of 1961.
Updated ITR Filing
It’s worth noting that taxpayers have the opportunity to file updated returns for assessment years 2021–22, 2022–23, and 2023–24. However, along with the updated return, they must pay additional tax as per the prescribed rates. For the assessment year 2021–22, the additional tax amounts to 50% of the aggregate tax and interest, while for 2022–23 and 2023–24, it stands at 25%. In conclusion, as March 31, 2024, draws near, individuals must proactively manage their financial affairs and ensure compliance with various tax-related deadlines. By staying informed, organized, and proactive, taxpayers can navigate the complexities of the financial landscape with confidence and secure their financial well-being for the future.
Salaried Individuals
For salaried individuals who switched jobs during the fiscal year (between April 1, 2023, and March 31, 2024), submitting Form 12B to their new employer becomes imperative. This form aids the employer in calculating the total taxable income for the year accurately, ensuring the correct deduction of taxes and the issuance of Form 16 accordingly.
FASTag KYC Deadline
Recently, in view of the problems faced by FASTag users, the National Highway Authority of India (NHAI) has extended the deadline for updating FASTag KYC details from February 29 to March 31, 2024.
As March 31 approaches, taxpayers are motivated to act swiftly, ensuring adherence to tax regulations and implementing effective financial planning strategies before the close of the fiscal year. The Union Finance Ministry has also issued a fresh notification directing all the Income Tax offices to remain open on the last Sunday of the month.
Read more : No Holiday For IT Dept, Offices To Remain Open From March 29-31
At Fintaco Consultants, we don’t just prioritize; we strategize with our expertise, ensuring that every move we make is tailored to the benefit of our diverse clientele. Whether you’re a proprietor dreaming big or a mid-scale business ready to soar, our team is there to guide you towards financial success with expertise honed over 15 years.
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