Income Tax deadline today: Finish these tasks to avoid penalties
What's the story
As the financial year 2024-25 comes to an end today, taxpayers are reminded of important tasks that need to be finished to avoid penalties, interest charges, or loss of tax benefits.
The tasks include filing of updated Income Tax Return (ITR-U) for FY 2022-23 (AY 2023-24), completing tax-saving investments under Sections 80C, 80D, and 80G, advance tax payment, and submission of foreign income statement.
Here are all the details.
ITR filing
Filing updated ITR-U for FY 2022-23
Taxpayers must file their updated ITR-U for FY 2022-23 (AY 2023-24) before today ends.
Filing after this date attracts a penalty of an additional 25% tax on undisclosed income.
The government plans to extend the ITR-U filing period to four years starting April 2025, but higher penalties will apply in case of late submission.
Investment deadline
Tax-saving investments under Sections 80C, 80D, and 80G
Taxpayers choosing the old tax regime are reminded to make their tax-saving investments under Sections 80C, 80D, and 80G before end of day.
This is crucial for claiming deductions for FY 2024-25.
ELSS funds, Public Provident Fund (PPF), National Savings Certificate (NSC), life insurance premiums, and health insurance are some of the eligible options.
Tax obligations
Advance tax payment and foreign income statement submission
Salaried individuals who haven't paid advance tax on additional income, have a few days left to do so.
They can request their employer to deduct extra tax at source (TDS), or make direct payments.
Taxpayers claiming foreign tax credit must submit Form 67 by today, applicable for tax deducted/paid on foreign income for FY 2022-23.
The credit is solely available if the return is filed within the deadlines specified under sections 139(1) or 139(4).