Financial Deadlines Before 31 March 2024: The current financial year 2023-24 is nearing its end. March 31, 2024 is not only the last day for the end of the financial year 2023-24, but this date is also the deadline for all personal finance related work like investment, tax filing, tax saving. Which includes works like Fastag KYC, TDS filing certificate for tax deduction, tax saving, ITR. The last month of the current financial year is going on. This month there are many finance related tasks whose deadlines are approaching. To avoid any kind of problem or loss, complete these important tasks before March 31, 2024.
Updated ITR filing deadline
The last date to file an updated income tax return for FY21 (AY 2021-22) is March 31, 2024. This deadline can be used by taxpayers who have previously missed filing their returns for FY 2020-21 (AY 2021-22) or inadvertently missed reporting any of their income or have previously filed Incorrect income details have been provided while applying. Additionally, taxpayers have the facility to file updated returns within 24 months i.e. 2 years from the end of the assessment year, subject to certain rules. In such a situation, taxpayers who have not applied for the financial year 2019-20 still have a chance to do so till March 31, 2024.
Tax Saving Scheme Deadline for FY2023-24
If you have opted for the old tax regime and want to invest in a scheme to avail the benefit of tax exemption for the financial year 2023-24, then March 31, 2024 is the deadline for choosing the option. You can avail tax benefits by investing before this date. Various tax saving schemes like Public Provident Fund (PPF), Equity-Linked Saving Scheme (ELSS) and Term Deposit (FD) are available under Section 80C of Income Tax. Apart from this, expenses like health insurance premium, education loan and home loan are also some other options which can give you the benefit of tax deduction on your income and reduce your tax liability. Apart from this, taxpayers choosing the old tax release option can also avail additional benefits under sections 80D, 80G, and 80CCD(1B) of Income Tax. For this you can take help from your financial advisor.
TDS Filing Certificate for Tax Deduction
Taxpayers will have to issue TDS filing certificate for tax deduction made under various sections for January 2024. The specific deadlines applicable to different sections are mentioned below;
TDS Certificate for tax deducted under section 194-IA, 194-IB and 194 M for March 17 – January 2024.
Filing Challan Statement for Tax Deducted Under Section 194-IA, 194-IB and 194M in March 30 – February 2024.
Minimum investment deadline
Government savings schemes like PPF or Sukanya Samriddhi Yojana (SSY) require a minimum investment of Rs 500 and Rs 250 respectively annually. 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.
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.
