Important Financial timelines before 31st March 2024

As we approach the financial year end, it’s crucial to ensure that you complete all of your financial tasks before the deadline to avoid any fines or penalties. 

Here’s a list of essential tasks which cover financial timelines that must be completed by March 31, 2024:

Applicable for Individuals

1. Tax Saving Investments: This is applicable to individuals opting for the old tax regime under income tax. March 31, 2024, is the cutoff date for making all your tax-saving investments such as LIC premium, Public Provident Fund, ELSS, National Pension Scheme, Donations, etc. for claiming Donations under section 80C, 80D, 80G, 80GGB, etc., for F.Y. 2023-24.
2. Investment Declarations: March 2024, is the final month for submitting the Investments & Expenses proofs to the employer. Failure to do so will result in the deduction of higher TDS from Salary. Employers usually keep a deadline of February 15 or March 15 for submissions of investment declarations to consider while processing the payroll for the month of March.

Applicable for Companies

1. Filing of PTRC Returns for the State of Maharashtra: The Annual PTRC returns for the state of Maharashtra for the period March 2023 to February 2024 should be filed on or before March 31, 2024, to avoid a penalty.
2. Provision of Expenses in the Books: Ensure that all your expenses related to FY 2023-24 are provided in the books before March 31, 2024 and relevant TDS payments on those expenses are done as per the applicable due dates.

Applicable for Individuals, Firms and Companies

1. Payment of Advance Tax: 

• The last date for payment of fourth installment of advance tax (if applicable) for FY 2023-24 is March 15, 2024.
• For Professionals and Business paying taxes on presumptive income under section 44ADA and 44AD of the Income Tax Act respectively, the due date for payment of advance tax for FY 2023-24 is March 15, 2024.

2. Updated Return (ITR-U): The Finance Act of 2022 introduced a new provision of “Updated Return,” which gives an opportunity to the assessee to rectify their mistakes or omissions, if they missed out on declaring some income. This updated return can be filed within two years from the end of the relevant assessment year. Therefore, March 31, 2024, is the last date to file the updated return in ITR-U for FY 2020-21 (AY 2021-22).

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Chintan Doshi

Principal Associate | VCFO | [email protected]

Focuses on financial planning, cash flow management, budgeting, and strategic advisory. Brings extensive experience in audit, assurance, and corporate advisory to drive growth and stability for startups and established businesses.