Chandigarh 10 march 2025 : The last month of the financial year 2024-25 has begun. In this month, people are required to file their income tax returns. The Income Tax Department has appealed to citizens to resolve all outstanding dues by the due dates so that there is no difficulty in filing the income tax return by March 31. If you do not file your ITR by March 31 or if there are any pending payments, you may have to pay a penalty. People can file updated returns for the financial years 2021-22 and 2022-23 by March 31. Those who need to file returns for the current financial year can also do so.
The provision for filing updated returns was introduced in the Finance Act 2022. Finance Minister Nirmala Sitharaman presented the amended Act, which allows taxpayers to file updated returns to correct mistakes. When this new provision was implemented in 2022, the maximum time limit to file updated returns was 2 years, but in Budget 2025, this time limit was extended to 48 months. Therefore, now people can file updated returns for the years 2021, 2022, and 2023.
2 March to 30 March
- Date to provide details of challans related to tax deducted under section 194-IA in February 2025.
- Date to provide details of challans related to tax deducted under section 194-IB in February 2025.
- Date to provide details of challans related to tax deducted under section 194-M in February 2025.
- Date to provide details of challans related to tax deducted under section 194-S in February 2025.
31 March
- Last date to file Form 3CEAD for the year 2022-23.
- Last date to upload details in Form 67 to claim foreign tax credit for the year 2022-23, including foreign income, deduction, or tax paid on such income.
- If you haven’t filed the updated Income Tax Return for the assessment year 2021-22, file it by 31 March.
January 2025:
- Last date for submitting challan details related to tax deducted under section 194-IA.
- Last date for submitting challan details related to tax deducted under section 194-IB.
- Last date for submitting challan details related to tax deducted under section 194-S.
- Last date for submitting challan details related to tax deducted under section 194-M.
7 March:
- Last date for depositing tax deducted in the month of February 2025.
15 March:
- Last date for payment of the fourth installment of advance tax for the assessment year 2024-25.
- Last date for full payment of advance tax under the presumptive scheme of sections 44AD/44ADA for the assessment year 2024-25.
- Last date for filing Form 24G for TDS/TCS payments made without depositing challans in February 2025.
16 March:
- Last date for issuing TDS certificates for tax deducted in January 2024 under sections 194-IA, 194-IB, 194-M, and 194-S.
17 March:
- Last date for issuing TDS certificates for tax deducted in January 2025 under sections 194-IA, 194-IB, and 194-S.
Summary: Here are 7 important tips to keep in mind to ensure a smooth and accurate process when filing your income tax return.