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However, as we approach  April month we hardly remember to have a week to get prepared for our deadlines for payment. More than that, their financial aspect is going to become vital as of this April for at least some residents of this shelter. Whether you are an ordinary taxpayer, a small startup owner, or a big-spender planning your budget, this is the month of juggling  the many business choices you may want to make. This involves the foremost functions like filing the 1040 tax forms and complying with the deadlines for contributions to savings into retirement and many other technical duties. Today, we will examine a step-by-step financial prioritization formula that helps you to complete April’s deadlines, no matter how complicated your situation is. What matters here is to act within the agreed time period set and acting in the best interest of your finances would not necessarily lead to stress and penalties. It is still possible to have prosperity with parting in time.

Tax Filing Dates

  • Personal Income Tax

During April, the personal tax filing deadline is the most salient financial affair which gives rise to a lot. In April 2024, the particular date for filing personal income tax returns in India for the assessment year 2023-2024 would not be the deadline for filing personal income tax returns in India for the assessment year 2023-2024. Generally, the tax filing date for personal income tax in India falls on July 31st of the year of assessment. On the other hand, people who are in a tax audit must file their returns by September 30th of the assessment year. Hence, even though there are no personal income tax filing deadlines for  April, it is imperative to start preparing and collecting essential documents quite early to be ready for the later deadlines. It is crucial to have all your necessary bills handy when you file for your taxes, these include your W-2 form and receipts, and it is very important to do this diligently and as soon as possible to avoid fines or interest charges.

  • Business Tax Returns

Business owners, just like anyone else, can avoid penalties related to the filing of their taxes if they do so by the April deadline as they are  subject to the same deadlines as everyone else. Varies depend on the structure of your entity, for instance, sole proprietorship, partnership or cooperation. Thus, deadlines for tax filing may differ. The time-limit for submitting business tax files of April 2024 has numerous risk factors as various companies arrive at different points in taxation. Commonly, it is the 30th day of either September or November that it is set to expire. However, it is also critical for businesses not to fall behind on the deadlines they have, so they might not attract penalties and totally comply with tax legislation.

  • Advance Tax Payment:

Any taxpayer who has agreed to pay advance tax for the financial year 2023-24 has their first installment due on or before April 15th, 2024.

Also Read: Meeting Year-End Tax Deadlines: A Guide for Financial Compliance

GST Return Submissions

  • Quarterly GST Returns

For enterprises registered to spend on Goods and Service Tax (GST), April constitutes a due deadline to send a quarterly GST return. In fact, in places such as India where GST is enacted business owners should adhere to the deadline and file their returns before the 20th of April of the preceding quarter. A non-compliance with this date can bring along charges, penalties and legal repercussions.

Also Read: Don’t Miss Out: Key Dates for Filing Your GST Returns

Other Financial Deadlines

captainbiz other financial deadlines

  •  TDS/TCS Payment:

The due date per Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) amounts for business carried out in the March 2024 fiscal year is April 30th, 2024 (30/04/2024).

  • EPF Payment:

The employers need to make monthly checks of the Employee Provident Fund (EPF) contributions of their employees and submit them all in one monthly time frame according to the regulations in force. EPF Payment Deadline for March 2024 is set on April 15, 2024 by default.

  • ESI Payment:

Employers also deduct Employees’ State Insurance (ESI) and pay these contributions every month . The Employee State Insurance (ESI) payment for March 2024 is likely on April 21, 2024.

Other Critical Deadlines

  • IRA Contributions

Individual accounts, known as Individual Retirement Accounts (IRAs), have to be up-to-date by the end of April as well. For anyone targeting to max savings ahead of the day of tax, contributing to an IRA right away could be a wise move because it brings in major tax benefits. The cut-off date for IRA contributions generally coincides with the individual’s income tax filing date, i.e. it falls on April 15 each year.

  • Health Insurance Enrollment

In certain countries, including the United States, people would be allowed to sign up for or adjust their health insurance plans only in April, which is their final chance to do this. The Special enrollment period is likely to coincide with the incoming tax season giving individuals ample time to reconsider their healthcare needs and perfect it if needed.

  •  Financial Reporting Obligations:

Organizations may also face extra financial reporting duties, for example, preparing and submitting statements of financial position, auditing reports and regulators’ disclosure as of April 2024. Ensuring these commitments is the key to the transparency and accountability of financial reporting.

DeadlineDescription
April 1, 2024Quarterly Tax Payments Due for Individuals
April 5, 2024Deadline for Filing Form 1099 and 1096 with the IRS
April 10, 2024Deadline for Filing Business Taxes (C Corporation)
April 15, 2024Deadline for Filing Individual Income Tax (Form 1040)
April 15, 2024Deadline for First Quarter Estimated Tax Payments
April 15, 2024Deadline for IRA Contributions for Tax Year 2023
April 15, 2024Deadline for Filing Partnership Tax Returns (Form 1065)
April 15, 2024Deadline for Filing S Corporation Tax Returns (Form 1120S)
April 30, 2024Deadline for Filing Financial Reports with SEC (Large Accelerated Filers)
April 30, 2024Deadline for Filing Financial Reports with SEC (Accelerated Filers)
April 30, 2024Deadline for Filing Financial Reports with SEC (Non-Accelerated Filers)
April 30, 2024Deadline for Filing Financial Reports with SEC (Foreign Private Issuers)

Conclusion

By April, there are some financial priorities that you should be aware of. Some of these deadlines may be completing your tax returns, contributing to your retirement funds, or making payments. Organizing and being alert of these deadlines is necessary to ensure there will be no penalties or late fees. It is advisable to plan well, collect essential documents, and also get help if need be to accomplish these deadlines smoothly. Keeping up with your financial responsibilities in this manner means that you will keep yourself from stress and maintain financial stability.

Also Read: Know Everything About GST Billing Software

FAQ

  • Do we need to submit the tax forms to the government in April?

The day of filing tax returns for individuals usually happens in April equates to April 15 by default in the United States. But, you must be careful to choose wisely since this date may be set for weekends or days during holidays.

  • What if my tax returns have not been submitted by that date?

Failure to file your tax return by the due date could imply that fines and interest payments will be charged on the amount you owe. It’s very important that you either file for an extension or submit your return by the due date to miss the tax lien process.

  • Will my IRA or HSA be eligible for deposits until the end of the tax bracket runs out?

Yes, you are usually allowed to do this after the normal April 15 tax filing deadline: you can contribute to your Individual Retirement Account (IRA) or Health Savings Account (HSA) from prior to the tax year until the tax filing deadline.

  • Other tax-related deadlines should be missed as well in April, right?

Yes, April is the time for ownership tax returns, tax calculations for quarterly tax returns and making estimated tax payments for all businesses, and for self-employed individuals.

  • What is the deadline to submit property taxes for the month of April?

In much of the area, property taxes are due by that time, in April. Make sure to deal with the local taxation authority for the specific dates that should be met.

  • Journey to the realm of student loans, what to do about that? This is the response I received, ? Will the last due date be in April?

A payment on interest on student loan installment plans may be made at the end of the calendar year regularly, but remember to confirm them first with your loan program. One main reason for not making payments can be the imposition of late penalties or credit rating damages.

  • Can I tweak the due date of my credit card so that it falls after April or can I skim through it?

It is true that the due date for credit card bills may differ from one card to the other, but if you are not in a position to meet the deadlines, then the charges to be levied are not the only thing you have to worry about because penalties will be inevitable and it won’t be a good omen on your credit scores.

  • How can I make sure that I get an additional period for assembling documents of tax if needed (additional time)?

For instance, if a taxpayer runs out of the required documents, he/she can apply and receive an extension for extra time to gather the necessary information. However let me reiterate that an extension for filing is dissimilar from a paying deadline extension, as you will still owe the taxes if you do not file on time.

  • Right now where can I get information about financial deadlines which apply in April?

A fastidious search for the source of the most credible information requires government websites, tax authorities, financial advisors, and trusted financial publications. However, keeping an ear to the ground and seeking help when you can is a good combination to help meet your fiscal targets.

  • What would happen if I couldn’t afford my tax payments by the April payment deadline?

When you become in a situation where you cannot clear off your taxes at the same time when the 15th April deadline is around the corner, stop panicking. The IRS  has help for the people who are facing financial problems either through several plans they made. Some solutions to this may be to file an application for installment agreement which lets you service the tax order over time by smaller and convenient amounts. As well, you could also take an offer in compromise that enables you to reduce the amount of money you owe through partial payment if you meet the criteria. Make it your priority to talk to the IRS immediately so that you can weigh your options and this would prevent unnecessary fines or penalties. 

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Rutuja Khedekar Freelance Copywriter
Rutuja is a finance content writer with a post-graduate degree in M.Com., specializing in the field of finance. She possesses a comprehensive understanding of financial matters and is well-equipped to create high-quality financial content.

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