Tax Deadline: Here's A Checklist Of Things To Do Before March 31

The end of the financial year 2024 is fast approaching. March 31, 2024, marks the end of the financial year 2023–24, which also serves as a deadline for financial and tax tasks that you don't want to miss out on.

Here's a list for you to bookmark:

Filing Of Updated Income Tax Returns

In case you missed filing your ITR, want to modify your original return because some details have been inadvertently missed or wish to update your returns by declaring additional income, you can file an ITR-U. ITR U can be filed by March 31, 2024, for assessment years 2021–22 and AY 2022–23, which correspond with fiscal 2021 and 2022, respectively.

The provision to file belated returns was introduced in the 2022 budget, falling under Section 139(8A) of the Income Tax Act, allowing taxpayers to file belated returns within two years of an assessment year.

The Ministry of Finance has also announced in a notification dated March 18 that all income tax offices across the country would be open through the last long weekend of this month from March 29 to March 31, 2024, to assist taxpayers with their queries as the deadline approaches.

Committing To An Investment Plan For Tax Deductions 

If you have opted for the old tax regime, March 31 is the deadline to choose a tax-saving instrument for the current fiscal. Taxpayers can choose from tax-saving investment options, such as the Public Provident Fund, Equity-Linked Savings Scheme, Unit-Linked Insurance Plan, Senior Citizen Savings Scheme, National Savings Certificate, and/or term deposits, to claim deductions on their overall tax liability. Tax deduction benefits can be availed of under sections 80C, 80D, 80G, and 80CCD(1B) of the ITA.

Health insurance premiums, education loans and home loans are some of the other provisions that can reduce your tax liability under the old regime.

Investments like government savings also require a minimum investment commitment by the end of the fiscal year. Schemes like the Sukanya Samriddhi Yojana or PPF require the individual to pay the minimum deposit in order to avoid defaulting or paying a penalty before the financial year ends.

Don't Forget Your TDS Filing Certificate  

If you've made tax-deductible at-source deductions, you will be required to issue TDS-filing certificates. A challan-cum-statement in forms 26QB and 26QC, provided by the deductor, is required to be filed if tax is deducted at source under sections 194-IA and 194-IB.

March 30 is the deadline for filing challan statements for the tax deducted under Section 194-IA, Section 194-IB and Section 194-M in February.