Income Tax Department Cancels Long Weekend to Assist Taxpayers
As the fiscal year 2023-24 draws to a close, taxpayers face looming deadlines and obligations. Despite the extended weekend due to Good Friday falling on March 29, Saturday on March 30, and Sunday on March 31, the Income-tax department has decided not to observe this prolonged break for its personnel.
An official order issued by the Income-tax department stated, “To facilitate completion of pending departmental work, all Income Tax Offices throughout India shall remain open on March 29th, 30th, and 31st, 2024.”
According to media reports, certain taxpayers required to withhold TDS (Tax Deducted at Source) must submit challan statements by March 30th for taxes withheld under specific sections, such as 194M or 194-IA. Additionally, deadlines for tax-saving investments, including tax-saver FDs, ELSS, ULIPs, PPF, SCSS, NSC, and more, are set for March 31.
It is advised to ensure that the necessary institutions are open if you plan to fulfill tax-related duties at the end of the month. While banks will be operational on Saturday, March 30, as it is a regular business day, the stock market will remain closed during the extended weekend.
March 31, 2024, marks the final deadline for eligible taxpayers to file an amended income tax return (ITR-U) for Assessment Year (AY) 2021–22 (FY 2020–21). The ITR-U is utilized to rectify errors in previously filed returns, including underreported or misreported income. Individuals legally obligated to file an ITR but missed the deadline can also utilize the ITR-U option. Taxpayers have 24 months after the relevant assessment year ends to file an ITR-U. They can file ITR-U for Assessment Years (AY) 2021–22 and 2022–23 for the fiscal year 2023–24.
