What Are the Key Income Tax Deadlines Ending Today?
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Synopsis
As the month of April concludes, key income tax deadlines are approaching. Don't miss your chance to apply for the ‘Vivad Se Vishwas’ scheme, submit Forms 15G and 15H, and settle your TDS payments for the first quarter of 2025. Stay informed to avoid penalties!
Key Takeaways
- Vivad Se Vishwas scheme concludes today.
- Forms 15G and 15H must be submitted to avoid TDS deductions.
- Ensure TDS payments are made for the January-March quarter.
- Relief from penalties is available under the scheme.
- Be aware of all tax deadlines to prevent penalties.
New Delhi, April 30 (NationPress) As April comes to an end, several crucial income tax-related deadlines will conclude today, including the final opportunity to enroll in the ‘Vivad Se Vishwas’ scheme, the filing of Forms 15G and 15H at financial institutions, and the remittance of TDS for the January-March quarter.
The ‘Vivad Se Vishwas’ scheme, launched by the government to mitigate income tax disputes, will wrap up on April 30.
This initiative permits taxpayers to declare their outstanding tax obligations and resolve conflicts by paying solely the principal tax amount.
Upon payment of the designated tax, all penalties and interest associated with it will be eliminated, effectively resolving the case.
The 2024 iteration of the scheme aims to provide a straightforward avenue for settling old tax matters currently pending in courts or appellate bodies.
As per the Finance Ministry, the scheme offers full relief from penalties and interest if the contested tax amount is cleared in its entirety.
This initiative is anticipated to assist the government in alleviating a significant backlog of tax litigation while offering relief to taxpayers encumbered with long-standing disputes.
Another pivotal deadline today involves the submission of Forms 15G and 15H to banks. These self-declaration forms are for individuals whose annual income falls below the taxable threshold.
By providing these forms, taxpayers request banks to refrain from deducting TDS (Tax Deducted at Source) on their interest income.
Form 15G is intended for individuals under 60 years, while Form 15H is designated for senior citizens aged 60 and above.
Furthermore, today is also the deadline for depositing TDS under Sections 192, 194A, 194D, and 194H for the January-March 2025 quarter, which pertains to tax deductions on salaries, interest income, insurance commissions, and brokerage or commissions, respectively.
Additionally, April 30 marks the due date for submitting challan-cum-statements for tax deducted under Sections 194-IA, 194-IB, and 194M, along with Section 194S, specifically in instances where the deduction was made by a designated person for March 2025.
Point of View
My perspective emphasizes the importance of timely action in tax compliance. With the deadlines fast approaching, taxpayers must navigate these obligations carefully to ensure they are not burdened with unnecessary penalties. The 'Vivad Se Vishwas' scheme presents a valuable opportunity for resolution, and we encourage everyone to seize it.
NationPress
13/06/2025
Frequently Asked Questions
What is the 'Vivad Se Vishwas' scheme?
The 'Vivad Se Vishwas' scheme allows taxpayers to settle outstanding tax disputes by paying only the principal amount, waiving penalties and interest.
Who should submit Forms 15G and 15H?
Individuals with annual income below the taxable limit should submit these forms to request banks not to deduct TDS on their interest income.
When is the deadline for these tax forms?
The deadline to submit Forms 15G and 15H is April 30, along with other TDS payments for the January-March quarter.
