Due Date for Income tax Compliance (March 2024)
| Due Date |
Compliance |
| 1st March 2024 |
Furnishing of challan-cum-statement for TDS deducted in the month of January, 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 |
| 7th March 2024 |
Deposit of TDS/ TCS deducted/collected for the month of February, 2023. |
| 15th March 2024 |
Furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2024 has been paid without the production of a challan.
Payment of whole amount of advance tax in respect of assessment year 2024-25 for assesse covered under presumptive scheme of section 44AD / 44ADA.
Fourth instalment of advance tax for the Assessment Year 2024-25.
Form 13 Application for lower/nil deduction certificate under section 197 of the Income Tax Act 1961 for F.Y. 2023-24. |
| 16th March, 2024 |
Issue of TDS Certificates for TDS deducted in the month of January, 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 |
| 30th March 2024 |
Furnishing of Challan Cum Statement for TDS withheld 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 Assets |
| 31st March, 2024 |
Country-By-Country Report in Form No. 3CEAD for the Financial 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 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 financial year 2022-23, to claim foreign tax credit [if return of income has been furnished within the time specified under section 139(1) or section 139(4).
Furnishing of an updated return of income for the Assessment Year 2021-22. |
1.Vide notification dated 13.02.2024 and Folio N0 – 375/02/2023, relating to extinguishment of outstanding tax demand
Consequent upon the Finance Minister’s budget speech on 01.02.2024, tax demands related to the assessment years mentioned below, which were outstanding as on 31st January, 2024 would be extinguished. The following demands shall be extinguished:
| Assessment Year |
Monetary limit of the outstanding tax demands which are to be remitted and extinguished |
| Up to AY 2010-11 |
Each demand entry up to Rs. 25,000/- |
| AY 2011-12 to AY 2014-15 |
Each demand entry up to Rs. 10,000/-. |
The remission and extinguishment of the above outstanding tax demand shall be subject to maximum ceiling of Rs. 1,00,000/- for the following types of demand entries-
a. Principal component of tax demand under the Income Tax Act, 1961 or corresponding provisions of Wealth-tax Act, 1957 or Gift-Tax Act, 1958.
b. Interest, penalty, fees, cess or surcharge under various provisions of Income Tax Act, 1961 or corresponding provisions, if any, of Wealth-tax Act, 1957 or Gift-Tax Act, 1958
The above remission and extinguishment of the entries of outstanding tax demand shall not be applicable to the demands raised against TDS or TCS provisions of the Income Tax Act, 1961.
As per income tax provisions, if demand is not paid within 30 days of raising demand, interest @1% p.m. is charged for the period of delay. Accordingly, at the income tax portal, along with outstanding demand; accrued interest also appears from the date on which demand is raised to a particular date, till which interest is calculated.
In the order dated 13.02.2024, it is specified that there shall not be requirement of calculation of interest on account of delay in payment of demand and therefore, the same shall not be considered for the purpose of determining the ceiling of Rs. 1,00,000/- of each demand entry. For e.g., Mr A’s outstanding demand is Rs.20,000 for AY 2005-06 and no interest is charged till date. It is likely that demand of Mr A will be extinguished as outstanding demand is less than specified limit. In another example, Mr B’s outstanding demand is Rs.20,000 for AY 2005-06 and interest of Rs.10,000 is charged till date. It is likely that demand of Mr B will not be extinguished as outstanding demand is more than specified limit.
It is also specified that in order to compute the aforesaid maximum ceiling of Rs 1,00.000/-, any demand entry having value more than the specified monetary limits shall not be taken into calculation. For e.g., Mr A’s outstanding demand is Rs.25,000 for AY 2003-04, AY 2005-06, AY 2006-07 and AY 2007-08. There is a demand of Rs. 30,000 for AY 2004-05 also. Total demand outstanding is Rs.1,30,000. However, as for AY 2004-05, outstanding demand is more than specified limit; said demand will not be extinguished and same will not be considered for overall limit of Rs. 1,00,000.
Also wherein, on or before 30.01.2024, if demand is already adjusted against refund or if demand is paid; benefit is not likely to be available for said taxpayers.
2. Vide notification dated 26.02.2024, implementation of e-verification scheme 2021 related to mismatch between interest and dividend income as per ITR and AIS/TIS of the taxpayers
In order to reconcile the mismatch or provide reason for mismatch, an on-screen functionality has been made available in the Compliance portal of the e-filing website https://eportal.incometax.gov.in for taxpayers. At present, the information mismatches relating to Financial Years 2021-22 and 2022-23 have been displayed on the Compliance portal.
The taxpayers are being notified the mismatch through SMS and emails as per details available with the Department.
In case the taxpayer has disclosed the interest income in the ITR under the line item ‘Others’ in the Schedule OS, he/she need not respond to the mismatch pertaining to the interest income. The said mismatch shall be resolved on its own and will be reflected in the portal as ‘Completed’.
