The Business Bytes
THEBUSINESSBYYTES BUREAU
NEW DELHI, APRIL 30, 2025
As the financial year progresses into May, taxpayers across the country are racing to meet a series of important income tax deadlines that expire today, April 30. From the conclusion of the government’s ‘Vivad Se Vishwas’ dispute resolution scheme to critical tax declaration submissions, this day marks a significant checkpoint for compliance with the Income Tax Department’s mandates.
One of the most notable deadlines is for the ‘Vivad Se Vishwas’ scheme, a flagship initiative introduced by the government to resolve pending income tax litigations. Designed to alleviate the long-standing burden on courts and appellate authorities, the scheme enables taxpayers to declare outstanding tax dues and settle them by paying only the principal amount, while receiving full waiver on interest and penalties. The 2024 version of this initiative specifically targets long-pending cases and offers a simplified framework for resolution. With this window closing today, taxpayers who have not yet availed themselves of the scheme risk missing the opportunity to resolve disputes on favorable terms.
Also expiring today is the deadline for submitting Forms 15G and 15H to banks. These self-declaration forms are critical for individuals seeking exemption from Tax Deducted at Source (TDS) on interest income. Form 15G is applicable to individuals below 60 years of age whose income falls below the taxable threshold, while Form 15H is meant for senior citizens aged 60 and above. Failure to submit these forms by the due date could result in unnecessary TDS deductions by banks in the upcoming financial periods.
In addition to these declarations, April 30 is also the last date to deposit TDS for the January to March 2025 quarter under key sections of the Income Tax Act. These include Sections 192 (TDS on salary), 194A (interest income), 194D (insurance commission), and 194H (commission or brokerage). Employers, financial institutions, and service providers must ensure compliance to avoid penalties or interest for late payments.
Furthermore, taxpayers must also submit challan-cum-statements for tax deducted under Sections 194-IA (TDS on property transactions), 194-IB (TDS on rent by individuals or HUFs), 194M (TDS on payments to contractors or professionals by individuals), and 194S (TDS on virtual digital assets). These statements are mandatory where deductions were made in March 2025 by specified persons, marking another critical deadline on this date.
