Long weekend cancelled for income tax department; it will work on March 29 to 31st to facilitate taxpayers Further March 31 is a sunday. In light of the financial year 2023-24 ending on March 31, 2024, the income tax department has cancelled the holiday and said that its office will be open on all three days
The financial year 2023-24 ends on March 31, 2024, which is a Sunday, and March 30 is a Saturday and while March 29 is Good Friday, a public holiday. This makes the last week of March a long weekend with three consecutive non-working days. However, considering the pending tax-related work, the Income-tax department has decided to cancel the long weekend for its employees."To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024," said the Income-tax department in an order dated March 31, 2024.
If you are required by income tax law to deduct TDS and you have already done this then you must file, the TDS return by March 31. This is also the deadline to make tax-saving investments for FY 2023-24 like tax saver FD, ELSS, ULIP, PPF, SCSS, NSC and so on.
If you are planning to do some tax-related work at the end of this month you need to check whether the relevant institution will work or not. For instance, the stock market will be closed on this long weekend, however, banks will be open on Saturday, March 30, as it will be the fifth Saturday, which is a working day.
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File ITR-U by March 31, 2024
Eligible taxpayers need to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21) by March 31, 2024, as this is the last date to do so. ITR-U can be used for under-reporting or misreporting of income problems or any other error in the previously filed ITR. Also, ITR-U can also be filed by an individual who was required to file ITR as per the law but did not do so by the due date.The deadline to file ITR-U is any time within 24 months from the end of the relevant assessment year. For the financial year 2023-24, a person can file ITR-U for AY 2021-22 and AY 2022-23.
Also read: Deadline for opting GST Composition Scheme for FY 2024-25 is March 31, 2024.
If an individual does not fix the errors and the tax department catches them on their own, penalties up to 200% of the tax payable can be levied. According to section 270A of the Income-tax Act, 1961 if an individual conceals income and does not report it then effective from the assessment year 2017-18, a penalty up to 200% of the tax may be levied.
However, do note that to file ITR-U, an additional tax up to 50% of the aggregate tax and interest needs to be paid. However, in case ITR-U is submitted after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year, the additional tax payable shall be 25% of the aggregate of tax and interest payable.
This story originally appeared on: India Times - Author:Faqs of Insurances
