Long weekend cancelled for income tax department; it will work on March 29 to 31st to facilitate taxpayers

However, considering the pending tax-related work, the Income-tax department has decided to cancel the long weekend for its employees.. "To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024," said the Income-tax department in an order dated March 31, 2024...

If you are required by income tax law to deduct TDS and you have already done this then you must file challan statement for tax deducted under section 194M, or 194-IA and other specified sections for the month of February by March 30..

Eligible taxpayers need to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21) by March 31, 2024, as this is the last date to do so..

According to section 270A of the Income-tax Act, 1961 if an individual conceals income and does not report it then effective from the assessment year 2017-18, a penalty up to 200% of the tax may be levied...

However, in case ITR-U is submitted after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year, the additional tax payable shall be 25% of the aggregate of tax and interest payable..

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