March is the last month of a financial year in India.
Keeping track of key dates in March empowers individuals to effectively navigate their financial responsibilities and personal information throughout the month.
March 2024 marks a pivotal period for individuals managing their financial and administrative obligations, with a flurry of deadlines demanding attention. From tax-saving investments to crucial document updates, staying organised is paramount to sidestepping last-minute hassles.
Keeping track of key dates in March empowers individuals to effectively navigate their financial responsibilities and personal information throughout the month.
Among these deadlines, March 31, 2024, looms large, with requirements for furnishing various tax-related statements under different sections. It’s a crucial date for ensuring compliance and avoiding penalties.
March 30, 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of February, 2024
March 31, 2024
- Tax-saving investments: This is the deadline to make investments that can help you save tax for the financial year 2023-2024.
- The deadline for submitting a revised ITR for the fiscal year 2021-22 is March 31, 2024. Therefore, taxpayers who failed to file their returns for that financial year or may have overlooked reporting any income have the opportunity to submit a revised ITR or ITR-U.
- Taxpayers have the option to file an updated return within 24 months (2 years) from the conclusion of the relevant assessment year, provided certain conditions are met. Therefore, if taxpayers failed to file for the fiscal year 2019-20, they can still do so until March 31.
March 31, 2024
- Country-by-country report in Form No. 3CEAD for the previous year 2022-23 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group
- Country-by-country report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2022 to March 31, 2023) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
- Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in the previous year 2022-23, to claim foreign tax credit [if the return of income has been furnished within the time specified under section 139(1) or section 139(4)
- Furnishing an updated return of income for the assessment year 2021-22.
March 31, 2024: Pradhan Mantri Vaya Vandana Yojana
Registration for the Pradhan Mantri Vaya Vandana Yojana is open until March 31, 2024. This initiative provides seniors aged 60 and above with a steady income in exchange for a one-time contribution. With an annual interest rate of 7.4%, the scheme offers financial stability over its ten-year tenure.
March 31, 2024: FASTag Know Your Customer Update
In light of the challenges experienced by Paytm Payments Bank FASTag users, the National Highways Authority of India (NHAI) has extended the compliance deadline for the ‘One Vehicle, One FASTag’ initiative until March 31, 2024.
As a result, FASTag users now have an extra month to complete the KYC requirements.
