Several crucial income tax deadlines are set to expire today, including the last date to apply under the Vivad Se Vishwas scheme, submission of Forms 15G and 15H at banks, and payment of TDS for the January-March quarter. These deadlines mark an important moment for taxpayers seeking to resolve disputes, minimize deductions, and comply with tax obligations.
The Vivad Se Vishwas scheme, introduced to reduce income tax-related litigation, allows taxpayers to settle pending disputes by paying only the principal tax amount. All associated penalties and interest are waived upon full payment, effectively resolving cases. The 2024 version of the scheme offers a streamlined process for clearing outstanding disputes before appellate authorities. The Finance Ministry has emphasized that the initiative is expected to significantly reduce the backlog of tax-related litigation while providing relief to affected taxpayers.
Forms 15G and 15H must also be submitted to banks today. These self-declaration forms help individuals whose income falls below the taxable threshold avoid TDS deductions on interest earnings. Form 15G applies to individuals under 60 years of age, while Form 15H is designated for senior citizens. By submitting these forms, eligible taxpayers ensure that banks do not deduct tax on their interest income.
Additionally, today marks the deadline for depositing TDS under Sections 192, 194A, 194D, and 194H, covering tax deductions on salaries, interest income, insurance commissions, and brokerage fees for the January-March 2025 quarter. April 30 is also the due date for submitting challan-cum-statements for tax deducted under Sections 194-IA, 194-IB, and 194M, alongside Section 194S in cases where deductions were made by a specified person for March 2025 transactions.
As these deadlines approach, taxpayers and financial institutions are advised to ensure timely submissions and compliance with applicable regulations to avoid penalties or procedural complications.
