Updated March 4th, 2024 at 16:09 IST

Feeling the tax deadline tension? March 2024 calendar demands your attention

Provided by the income tax department, the March 2024 tax calendar outlines important dates that taxpayers must remember.

Reported by: Business Desk
Tax deadlines looming | Image:Pexels
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Tax activity deadlines: Are you feeling the pressure of tax season creeping up? As March progresses, taxpayers are encountering a series of upcoming deadlines vital for staying financially compliant. As tax regulations continue to change, it's essential for both individuals and businesses to remain vigilant and ensure they meet all regulatory obligations, say experts.

Provided by the income tax department, the March 2024 tax calendar outlines important dates that taxpayers must remember:

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  • March 7, 2024: Last day for depositing tax deducted or collected during February 2024. Notably, government offices are required to remit taxes to the Central Government on the same day if done without an income tax challan.
  • March 15, 2024: The fourth instalment of advance tax for the assessment year 2024-25 must be paid by this date. Additionally, taxpayers covered under the presumptive scheme of sections 44AD/44ADA are obligated to settle the entire amount of advance tax for the same assessment year. Moreover, the submission of Form 24G for TDS/TCS in February 2024 is also due.
  • March 16, 2024: Deadline for issuing TDS certificates for taxes deducted in January 2024 under specified sections.
  • March 30, 2024: Final day for furnishing the challan-cum-statement regarding tax deductions made in February 2024.
  • March 31, 2024: Statement submission for foreign income offered to tax and taxes paid on such income in the previous year (2022-23) is due. Additionally, taxpayers must file an updated return of income for the assessment year 2021-22 by this date.

Notably, March 1 also marked the deadline for submitting tax deductions under specified sections for January 2024.

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"On March 1, 2024, there was a requirement to submit a challenge-cum-statement regarding the tax deductions made under sections 194-IA, 194-IB, 194M, and 1945 by specified individuals during January 2024," Suri added.

According to experts, it's crucial for taxpayers to adhere to these deadlines to ensure compliance with tax regulations and avoid any potential penalties.

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Published March 4th, 2024 at 16:09 IST