5 Essential Money Tasks to Tackle Before March 31: Managing your financial and legal duties in March 2024 is essential to avoid last-minute problems. This includes making investments that save you money on taxes and updating important documents.
It’s easier for people to handle their personal and business matters in March if they remember important events.
5 Essential Money Tasks to Tackle Before March 31:
The deadline for filling different tax forms under different parts is March 31, 2024. This date looms large.
31st of March 2024
- The challan sheet and account for taxes taken out under Section 194-IA is due in February 2024.
- On the challan-cum-statement, you need to pay the tax that was taken out under section 194-IB in February 2024.
- On or before February 20, 2024, you must give the challan-cum-statement for tax collected under Section 194M.
- In February 2024, the challan-cum-statement for taxes taken under section 194S (by certain people) is due.
March 31, 2024
- Until this date, you can make investments that will help you pay less tax in 2023–2024.
- Taxpayers who didn’t file their forms or may have forgotten to report any income for the fiscal year 2021–22 have until March 31, 2024, to send in an updated ITR.
- Certain conditions must be met in order for a citizen to file a new return within two years of the end of the last assessment year.
March 31, 2024:
- Report from an Indian parent company or secondary reporting company about the foreign group it is a part of for the fiscal year 2022–23
- Fill out Form No. and write about each country. If a constituent entity based in India doesn’t have to file a report under section 286(2) or if the parent entity is based in a country with which India doesn’t have an agreement for the exchange of reports (for the accounting year April 1, 2022 to March 31, 2023), it may file a 3CEAD for the international group it is a part of.
- If the income tax return was turned in by the due date in Section 139(1) or Section 139(4), you can get the foreign tax credit. You will need to fill out Form 67, which lists the foreign income that was taxed and the tax that was withheld or paid on that income for the previous year (2022–2023).
For the tax year 2021–2022, a return of salary should be given.
The Pradhan Mantri Vaya Vandana Yojana starts on March 31, 2024.
- No one under the age of 60 can apply for the Pradhan Mantri Vaya Vandana Yojana after March 31, 2024. With an interest rate of 7.4% per year, the plan will provide stable finances for ten years. Individuals aged 60 and up can get a steady income in exchange for a one-time payment.
March 31, 2024: FASTag Know Your Customer Update
- The National Highways Authority of India (NHAI) has pushed back the deadline for the “One Vehicle, One FASTag” program until March 31, 2024. This is because Paytm Payments Bank FASTag users are having trouble meeting the new deadline.
- Users of FASTag now have an extra month to finish KYC.
