New Delhi: As April draws to a close, several important income tax-related deadlines are set to end on Wednesday, including the last date to apply under the ‘Vivad Se Vishwas’ scheme, the submission of Forms 15G and 15H at banks, and payment of TDS for the January-March quarter.
The ‘Vivad Se Vishwas’ scheme, introduced by the government to reduce income tax-related litigation, will conclude on April 30.
This scheme allows taxpayers to declare their pending tax dues and settle disputes by paying only the principal amount of tax.
If the taxpayer pays the specified tax amount, all associated penalties and interest will be waived, and the case will be considered resolved.
The 2024 version of the scheme aims to offer a simplified route to resolve old tax cases that are currently pending before courts or appellate authorities.
According to the Finance Ministry, the scheme provides complete relief from penalty and interest if the disputed tax amount is paid in full.
This move is expected to help the government clear a significant backlog of tax litigation and provide relief to taxpayers burdened with long-pending disputes.
Another critical deadline today is the submission of Forms 15G and 15H to banks. These self-declaration forms are submitted by individuals whose annual income is below the taxable limit.
By submitting these forms, taxpayers request banks not to deduct TDS (Tax Deducted at Source) on interest income.
Form 15G is applicable for individuals below 60 years of age, while Form 15H is for senior citizens above 60 years.
Additionally, this is also the deadline for depositing TDS under Sections 192, 194A, 194D, and 194H for the January-March 2025 quarter, which cover tax deductions on salaries, interest income, insurance commission, and brokerage or commission, respectively.
Moreover, April 30 is the due date for submitting challan-cum-statements for tax deducted under Sections 194-IA, 194-IB, and 194M, as well as under Section 194S — specifically in cases where the deduction was made by a specified person for the month of March 2025.
(IANS)
