Direct Tax Advisory
BASIC CHECKLIST FOR 31st MARCH, 2024 FOR INCOME TAX PERSPECTIVE
March 26, 2024
- The taxpayers who wish to opt for old regime and avail deductions shall invest (80C, 80D etc.) / donate (80G) their money before 31st March, 2024 to avail deductions in their ITR for AY 2024-25.
- If the taxpayers have not paid the advance tax before 15th March, 2024 then it shall be paid before 31st March, 2024 so that less interest will be levied.
- The time limit to file an updated return u/s 139 (8A) is 24 months from the end of the relevant assessment year. The updated return of FY 2020-21 can be filed by 31ST March, 2024 by paying 50% additional tax.
- Last chance to file updated income tax return for FY 21-22 by paying only 25% additional tax; thereafter, it would increase to 50% additional tax.
- Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises within 45 days as per section 15 of the MSMED Act 2006, depending on the presence of a written agreement. In the absence of a written agreement, payment should be made within 15 days. In case there is a written agreement, payment shall be made within 45 days.
- If turnover for FY 2023-24 exceeds Rs. 10 crores, and purchase made during the year exceeding 50 Lakhs then, TDS provisions under section 194Q will be applicable to the purchaser, and if the purchaser do not deduct the TDS then the seller have to deduct the TCS under section 206C(1H) which will be applicable for FY 2024-25.
- Obtain declarations from transporters for non-deduction of TDS under section 194C, if a transporter owns 10 or less than 10 vehicles on the date of transaction
- Reconcile and/or account for the TDS and TCS credit in books of accounts.