March 31, 2026, Tax Deadline: The date of March 31st is now near. This is the deadline for many tax-related rules. If you want to avoid any penalties, complete these tasks on or before March 31st. Let’s explore these matters one by one.
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March 31, 2026, Tax Deadline: The date of March 31st is now near. This is the deadline for many tax-related rules. If you want to avoid any penalties, complete these tasks on or before March 31st. Let’s explore these matters one by one.
1-Updated Income Tax Return
Section 139(8A) of the Income Tax Act provides for an updated income tax return. Under this provision, taxpayers can disclose any past errors or previously undisclosed income. An updated return provides taxpayers with another opportunity to correct their mistakes.
Taxpayers can file an updated return for the assessment year 2021-22 by March 31, 2026. Failure to do so and an error being detected could result in higher penalties and legal consequences.
2- Foreign Tax Credit (Form 67)
This provision provides taxpayers with relief on income already taxed abroad. Double taxation can be avoided through the Foreign Tax Credit (Form 67). Taxpayers must submit Form 67 along with a certificate of foreign income and the taxes paid on it. This provision is applicable for individuals who are employed abroad or who earn income from foreign sources.
The deadline for filing Form 67 has been fixed as March 31, 2026.
3- Advance Tax
Ensure that your advance tax is paid by March 31st. This is essential for those who earn money from F&O, freelancing, rental housing, capital gains, and interest. Such individuals can pay advance tax by March 31st, 2026, to reduce their liability. It should be noted that in case of delayed payment, 1 percent interest is charged per month on the outstanding amount under sections 234B and 234C.
