Due Date for Income tax Compliance (April 2024)
| Due Date |
Compliance |
7th April
2024 |
Deposit of TDS/ TCS deducted/collected by an office of the government for the month of March, 2024. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan |
| 14th April 2024 |
Due date for issue of TDS Certificate for TDS deducted in the month of February, 2024:
• Purchase of Immovable Property
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year
• Payment on transfer of Virtual Digital Asset. |
| 15th April 2024 |
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2024.
For furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2024. |
| 30th April 2024 |
Furnishing of Challan Cum Statement for TDS withheld in the Month of March, 2024:
• Purchase of Immovable Property
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year.
• Payment on transfer of Virtual Digital Assets.
Deposit of TDS/ TCS deducted/collected by an assesse other than an office of the government for the month of March, 2024.
For e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2023 to March 31, 2024.
For uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2024.
For deposit of TDS for the period January 2024 to March 2024 when Assessing Officer has permitted quarterly deposit of TDS for:
• Payment of salary
• Premature withdrawal from EPF
• Insurance Commission
• Commission on Brokerage |
1.Income Tax Circular for filing Appeal by the IT Department- Exception to Monetary Limit
CBDT, vide Notification No. 5/2024 dated 15th March, 2024 overrides previous limit for IT department appeals, ensuring filing in specific cases regardless of tax impacts.
For detailed information please refer our article on the same by referring the link:
https://www.linkedin.com/posts/skpatodia.in_incometax-circular-latestupdate-activity-717583364907281203qrpO?utm_source=share&utm_medium=member_ios
Income Tax Circular on Application of Income in case of Charitable Trust
CBDT, vide Notification No 3/2024 dated 06th March, 2024 clarifies on the amendment related to application of income in case of charitable trust.
For detailed information please refer our article on the same by referring the link:
https://www.linkedin.com/posts/skpatodia.in_incometax-incometaxapplication-incometaxreturn-activity-7171400923536060416-meV0?utm_source=share&utm_medium=member_ios
Judgement
1. Where undisclosed income surrendered during search and seizure proceedings is derived from regular business activities, it is liable to be taxed at normal rate instead of tax rate stipulated under section 115BBE:
Principle Commissioner of Income Tax v. Krisna Kumar Verms (Madhya Pradesh : ITAT)
In this case, A search and seizure carried out under section 132 where the assesse surrendered undisclosed income of Rs. 4.53 crores during the assessment year 2017-18. The Assessing Officer taxed this income at a special rate under section 115BBE. However, on appeal, the Commissioner (Appeals) held that the income should be taxed at the normal rate as it was derived from regular business activities. The Tribunal upheld this decision.
On further appeal to the High Court, it was held that no substantial question of law arose from the Tribunal’s order. The High Court emphasized that an appeal to the High Court requires the presence of a substantial question of law, which was not found in this case. The appeal was dismissed as there was no merit in challenging the Tribunal’s decision, and the findings were based on a thorough consideration of the evidence available.
Bases on the above observations, The High Court dismissed the appeal, affirming the Tribunal’s decision and ruling that no substantial question of law arose from the case.
