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March 31 Deadline Approaching: Complete These Income Tax Tasks Now!”

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By SK_INSIGHTMEDIA

March 31
March 31 Deadline Approaching: Complete These Income Tax Tasks Now!" 4

Last-Minute Tax Tasks: Don’t Miss These Essential To-Dos Before March 31 Deadline!

As the clock ticks towards March 31, handling those vital income tax tasks is crucial before the fiscal year wraps up. Whether you’re a seasoned taxpayer or just starting your journey in tax matters, overlooking these key deadlines could have significant consequences. Here’s what you need to tackle before it’s too late:

Maximize Your Tax Benefits Under Section 80C:

For individuals under the old taxation regime, March 31 is the deadline for making investments eligible for deductions under Section 80C of the Income-Tax Act, 1961. From PPF contributions to tax-saving fixed deposits, seize the chance to maximize your tax benefits before time runs out.

Settle Advance Taxes:

Have you missed the March 15 deadline for advance tax payments? No need to panic. You still have until March 31 to settle your dues without facing penalties under Section 234B of the Income-Tax Act. Ensure you’ve paid at least 90% of your assessed tax to avoid unnecessary charges.

Submit Form 12B If You’ve Changed Jobs:

If you’ve changed jobs between April 1, 2023, and March 31, 2024, you must submit Form 12B to your new employer. This form assists in accurately calculating your total taxable income, ensuring precise tax deductions and the issuance of Form 16.

File Updated Income-Tax Return (ITR-U):

Did you miss the deadline for filing your income tax return (ITR) for the assessment year 2021-22? March 31 presents your final chance to rectify this. File your updated ITR (ITR-U) to sidestep penalties and comply with tax regulations.

With March 31 fast approaching, it’s time to act. Don’t let procrastination cost you. Stay ahead by completing these essential tax tasks and safeguarding your financial future.

March 31 deadline:

Explain why March 31 is significant in the context of income tax, particularly in terms of filing returns, making investments, and settling outstanding tax liabilities.

Tax benefits:

Detail various tax benefits available to taxpayers, including deductions, exemptions, and credits. Examples of common tax-saving opportunities include investments in ELSS funds, insurance premiums, and home loan repayments.

Section 80C:

Explain Section 80C of the Income Tax Act, outlining the eligible investments and expenditures that qualify for deductions under this section. Provide a list of popular options such as PPF, NSC, EPF, life insurance premiums, and tuition fees.

Advance taxes:

Define advance tax and its significance in the income tax regime. Discuss the obligation of taxpayers to pay advance tax based on estimated income and the consequences of non-compliance, including penalties and interest.

Form 12B:

Describe Form 12B and its purpose in the income tax process, particularly for individuals who switch jobs during the fiscal year. Explain how submitting Form 12B to a new employer helps ensure accurate tax deductions and compliance with reporting requirements.

Income-Tax Return (ITR):

Provide an overview of the income tax return filing process, including the different types of ITR forms and their applicability based on taxpayer profiles. Discuss the consequences of failing to file returns on time and the benefits of timely compliance.

Tax compliance:

Emphasize the importance of tax compliance for individuals and businesses to avoid legal penalties and maintain financial integrity. Discuss common compliance requirements, such as filing returns, paying taxes, keeping records, and responding to tax notices.

Financial planning:

Highlight the role of tax planning in overall financial planning and wealth management. Discuss strategies for optimizing tax efficiency, including retirement, investment diversification, and estate planning.

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Deadline extension:

Discuss circumstances under which tax deadlines may be extended, such as natural disasters, technical glitches, or government interventions. Guide how taxpayers can stay informed about deadline extensions and adjust their tax planning accordingly.

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Disclaimer: The opinions and suggestions provided above belong to individual analysts, experts, and brokerage firms, and do not necessarily reflect those of insightmediahub. We strongly advise investors to consult certified financial experts before making any investment decisions.

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