As taxpayers, we have recently entered the new financial year 2024-25, which started on April 1, 2024. This means that we need to be aware of some new changes and important financial deadlines. It’s a good time to review our financial situation and plan for the coming year.
We need to make important decisions regarding investments and tax payments, and we must complete these tasks before the due dates to avoid any difficulties or penalties. Speaking of which, there are some important due dates that we need to keep in mind, especially related to income tax payments.
- April 1, 2024: The National Pension Scheme has introduced 2-factor Aadhaar Best Authentication, which is now mandatory. Additionally, SBI has revised its debit card charges, and new rates are now in effect. Finally, IRDAI has made the digitization of insurance policies mandatory, with E-Bima coming into effect on April 1.
- May 10, 2024: Akshaya Tritiya is coming on this date. While gold sales tend to increase on this occasion, it is recommended that you buy in instalments instead of investing all at once in gold, as this will help to average the price.
- June 15, 2024: If your tax payable in a financial year is more than Rs.10 thousand, you must pay advance tax. The Income Tax Department has fixed June 15 as the last date to pay the first advance tax instalment.
- June 30, 2024: This is the last date to appoint a nominee for demat accounts and mutual fund investments.
- July 31, 2024: The deadline for filing Income Tax Returns (ITR) is July 31. While this deadline has been extended in the past, it is best to file ITR by July 31.
- September 15, 2024: Income tax assessors should note that September 15 is the last date to pay the second instalment of advance tax.
- November 29, 2024: Dhanteras, one of the most important festivals in India for gold sales, is coming on this date.
- November 30, 2024: Central government employees must provide a life certificate to get a pension; November 30 is the last date to provide this certificate.
- December 15, 2024: This is the last date for income taxpayers to pay the third instalment of advance tax. 75 percent of the tax arrears will have to be paid by this time.
- December 31, 2024: The deadline for filing revised and billed returns for the financial year 2023-24 is until December 31.
- January 31, 2025: The revised returns filed for the financial year 2023-24 will have to be verified, and the deadline for this is January 31.
- February 1, 2025: The Union Government will present the annual budget on this date, which may include key changes and allocations related to income tax.
- March 15, 2025: If your tax payable exceeds Rs.10,000, you must pay advance tax. March 15 is the last date to pay the fourth instalment of advance tax.
- March 31, 2025: If you wish to avail yourself of income tax exemption benefits, March 31 is the last date to make tax-saving investments.
We hope this information helps you plan your finances for the coming year. Please adhere to the due dates to avoid any penalties or difficulties.
