Income Tax news Deadline: The new financial year has started. While the tax related work starts for the new financial year, the pending work related to the previous financial year is also settled. In such a situation, today we are going to give you information about some important deadlines which are very important for the taxpayers. If these tasks are not completed before these due dates, heavy fines may also be imposed.
The new financial year 2024-25 has started from 1 April 2024. This date is especially important for financial institutions, because if there is any change in the tax system, it comes into effect from this day. Let us know which dates are important from the Income Tax point of view in April (Income Tax Deadline 2024).
Taxpayers should keep these dates of April in mind
7 April
April 7 is the due date for depositing the tax collected or deducted by any government office for the previous month i.e. March 2024. However, the amount collected or deducted will be paid into the government account on the same day the tax is paid without producing the income tax challan.
14 April
April 14 is the last date for issuance of TDS certificate for tax deducted under sections 194-IA, 194-IB, 194M and 194S in the month of February.
15th April
April 15 is the last date for furnishing quarterly statement regarding foreign remittances in Form No. 15CC for the quarter ending March 2024. It is offered by registered dealers.
30 April
- This is the last and very important date. Many things have due date on this day (April due date).
- This is the last date to submit Form 24G from the government office where TDS/TCS payment for March 2024 has been made without presenting the challan.
- This is the deadline to submit Challan-Cum-Statement in respect of tax deducted under sections 194-IA, 194-IB and 194M in March 2024.
- This is the last date for depositing the tax for March which has been deducted by any assessee other than the government office.
- This is the last date for e-filing of declaration in Form No. 61 containing details of Form No. 60 received during the period October 1, 2023 to March 31, 2024.
- Due date for uploading Form 15G/Form 15H for the quarter January-March 2024
New tax regime will be default
For information, let us tell you that from April 1, 2024, the new tax regime has become the default option in the country. Meaning that if you have not chosen between the new and old tax regime, then your income tax return (ITR file) will be filed under the new regime. Its objective is to bring more people under its ambit by improving the methods of filing returns. It does not provide many deductions and exemptions, but includes low tax rates.
And if you want to pay tax through the old system, then you will have to tell your company about this. Otherwise he will deduct it from your salary as per the new tax regime.
