Income Tax News: It’s critical to keep in mind annual income tax deadlines in order to avoid paying fines or interest and to ensure that income tax returns (ITRs) are filed on time. The significant deadlines and due dates for income taxes between January and December of 2024.
January 2024
January 7
December 2023 is the deadline for deductors to deposit their December 2023 Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). Additionally, under Sections 192 (for Salaries paid), 194A (on Interest other than interest on securities), 194D (on Insurance commission), and 194H (on Commission and brokerage), deductors have until this date to deposit TDS for the period of October through December 2023.
January 14
The deadline for obtaining a TDS certificate under Sections 194-IA (TDS on payments made for the purchase of real estate other than agricultural land), 194-IB (on monthly rent exceeding Rs 50,000), and 194M (on payments made for contractual work) is approaching.
January 15
The deadline for submitting TCS’s quarterly statement for the quarter ending December 31, 2023, is December 31, 2023. Date of deadline for submitting Form 15G/Form 15H declarations received in the quarter of October through December 2023. There is no deadline stated in the Income-tax Act for submitting Form 15G or Form 15H for Nil TDS. Nonetheless, if a person files Form 15G/Form 15H with a bank, business, or any other type of financial organisation, they must notify the income tax department of the submission.
January 30
The deadline for releasing a TCS certificate regarding taxes collected for the quarter ending December 31, 2023 is fast approaching. Additionally, for December 2023, this is the deadline for filing the challan statement for TDS deducted under Sections 194-IA, 194-IB, and 194M.
January 31
The deadline for submitting the TDS deposited quarterly statement for the quarter ending December 31, 2023, is December 31.
February 2024
February 7
Date of the January 2024 TDS/TCS deposit deadline.
February 14
Date by which TDS certificates must be issued in accordance with Sections 194-IA, 194-IB, and 194M. This relates to taxes withheld in December 2023.
February 15
The deadline for releasing the quarterly TDS certificate for the quarter ending December 31, 2023, with regard to taxes withheld from income other than salaries.
March 2024
March 2
The deadline for submitting the challan statement for taxes withheld under Sections 194-IA, 194-IB, and 194-M in January 2024 is approaching.
March 7
February 2024 is the deadline for depositing TDS/TCS that was deducted.
March 15
is the deadline for paying the fourth advance tax installment for FY 2023–2024 (if applicable). Additionally, it is the deadline for self-employed people who are subject to the presumptive taxation scheme under sections 44AD and 44ADA to pay advance tax.
March 17
The deadline for releasing TDS certificates for taxes deducted in January 2024 under Sections 194-IA, 194-IB, and 194 M is approaching.
March 30
February 2024 is the deadline for filing the challan statement for taxes deducted under Sections 194-IA, 194-IB, and 194M.
March 31
Final date to finish the FY 2023–24 tax-saving exercise. This is crucial if you chose to use the previous tax system. Tax savings can be completed by making qualified investments and spending under Section 80C. This covers paying for children’s tuition, purchasing ELSS mutual funds, paying life insurance premiums, setting up PPF, and making 5-year fixed deposits with banks or the post office, among other things. People who choose to stick with the previous system are still eligible for deductions under 80D, 80G, and 80CCD (1B).
Remember to deduct TDS from your rent if you pay at least Rs 50,000 in rent each month for a rented home during a financial year. Income tax laws mandate that an individual deduct TDS on rent at the time of moving out of the house or at the end of the fiscal year. Tenants may also choose to deduct TDS from their monthly rent payment for convenience.
Additionally, this is the deadline for filing an amended return for FY 2020–21 (AY 2021-22). A person will not be able to file an updated return for FY2020–21 after this date. A 25% penalty must be paid by March 31 in order to file amended returns for FY 2021–22 (AY 2022-23) by an individual. On the other hand, there will be a 50% penalty if the amended return for FY 2021–22 is filed on or after April 1, 2024.
April 2024
April 14
February 2024 is the deadline for submitting a TDS certificate for taxes deducted under Sections 194-IA, 194-IB, 194M, and 194S.
April 30
March 2024 is the deadline for filing the challan statement for the taxes deducted under sections 194-IA, 194-IB, 194M, and 194S.
The date on which an assessee must deposit taxes withheld for March 2024.
The date on which taxes deducted for the January–March 2024 quarter under sections 192, 194A, 194D, and 194H must be deposited.
Date of submission for Form 15G/Form 15H for the quarter ending in January–March 2024.
May 2024
May 7
April 2024 is the deadline for TDS and TCS deposits.
May 15
March 2024 is the deadline for submitting a TDS certificate for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S.
The deadline for submitting TCS’s quarterly statement for the quarter ending March 31, 2023, is this date.
May 30
April 2024 is the deadline for submitting challan statements for TDS under sections 194-IA, 194-M, 194-IB, and 194S.
The date on which TCS certificates for the January–March 2024 quarter must be issued. Obtaining this certificate is crucial for ITR filing purposes if you have travelled abroad and TCS was deducted. This TCS certificate will function in the same manner as your employer’s Form 16.
May 31
is the deadline for submitting the TDS deposited quarterly statement for the quarter ending in January 2024.
Date on which donations made in FY 2023–24 (AY 2024–25) must be received on Form 10BE. This document acts as documentation for the Section 80G donation.
June 2024
June 7
May 2024 is the deadline for depositing TDS and TCS.
June 14
April 2024 is the deadline for submitting a TDS certificate for taxes deducted under Sections 194-IA, 194-IB, 194M, and 194S.
June 15
The date on which the first advance tax installment for FY 2024–2025 must be deposited.
Date of Form 16 (employer) and Form 16A (banks, mutual funds, companies, etc.) TDS certificate pickup. It is significant to remember that Form 16A is typically issued on a quarterly basis, while Form 16 is issued annually. Form 16A needs to be collected, depending on which quarter the tax is subtracted.
June 30
deadline for challan statements filed in accordance with sections 194-IA, 194-IB, 194M, and 194S.
July 2024
July 7
June 2024 is the deadline for depositing TDS and TCS for taxes withheld.
Deadline to deposit TDS under sections 192, 194A, 194D, and 194H for the April–June 2024 quarter.
July 15
May , 2024 is the deadline for obtaining TDS certificates for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S.
deadline for filing TCS quarterly statements for deposits made in the April–June 2024 quarter.
The deadline for banks to upload the declarations on Form 15G and Form 15H that they have received.
July 30
Date of TCS certificate pickup for taxes collected on foreign travel and vehicle purchases for the quarter ending June 30, 2024.
June 2024 is the deadline for submitting challan statements under sections 194-IA, 194-IB, 194M, and 194S.
July 31
Date of the April–June 2024 quarter’s quarterly TDS statement submission deadline.
The deadline for filing income tax returns for those, primarily salaried individuals and a sizable portion of non-salaried individuals, whose accounts are exempt from audit requirements. There will be a penalty of up to Rs 5,000 if this deadline is missed.
August 2024
August 7
July 2024 is the deadline for TDS and TCS deposits.
August 14
June 2024 is the deadline for releasing TDS certificates for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S.
August 15
The deadline for releasing the quarterly TDS certificate for the April–June quarter of 2024 is fast approaching. This certificate covers taxes withheld from non-salary payments, like interest income.
August 30
The deadline for submitting a challan statement for taxes withheld for July 2024 under sections 194-IA, 194-IB, 194M, and 194S.
September 2024
September 7
August 2024 is the deadline for TDS and TCS deposits.
September 14
The deadline for issuance of TDS certificates for taxes deducted in July 2024 under sections 194-IA, 194-IB, 194M, and 194S.
September 15
deadline for depositing the second advance tax installment for the fiscal year 2024–2025.
September 30
deadline for filing audit reports for taxpayers who haven’t engaged in any foreign or specific domestic transactions for the fiscal year 2023–2024.
August 2024 is the deadline for submitting challan statements under sections 194-IA, 194-IB, 194M, and 194S.
October 2024
October 7
September 2024 is the deadline for TDS and TCS deposits.
The deadline to deposit TDS for taxes deducted under sections 192, 194A, 194D, and 194H is September 30, 2024, for the July-September quarter.
October 15
August 2024 is the deadline for issuance of TDS certificates for taxes deducted under sections 194-IA, 194-IB, 194S, and 194M.
The deadline for submitting TCS’s quarterly statement for the July–September quarter of 2024 is July 31.
Date of submission for banks and other financial institutions of their completed Form 15G/Form 15H for the quarter ending in September 2024.
October 30
September 2024 is the deadline for filing the challan statement for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S.
The deadline for quarterly TCS certificates, which ends on September 30, 2024, is approaching.
October 31
September 30, 2024, is the deadline for submitting the quarterly statement of TDS deposited for that quarter.
The deadline for filing income tax returns for those whose accounts need to be audited in fiscal year 2023–2024.
The deadline for filing an audit report for taxpayers with foreign or specific domestic transactions in FY 2023–2024 is approaching.
November 2024
November 7
October 2024 is the deadline for depositing TDS and TCS deductions.
November 14
September 2024 is the deadline for issuing TDS certificates for TDS deducted under sections 194-IA, 194-IB, 194M, and 194S.
November 15
The deadline for releasing the quarterly TDS certificate for the quarter ending September 30, 2024, for the tax withheld from non-salary payments
November 30
The deadline for submitting a challan statement for taxes withheld for October 2024 under sections 194-IA, 194-IB, 194M, and 194S
The deadline for taxpayers whose accounts need to be audited and have specific domestic or foreign transactions to file their ITR for FY 2023–2024
December 2024
December 7
November 2024 is the deadline for depositing TDS and TCS deductions.
December 15
The deadline for paying any outstanding advance taxes for FY 2024–2025 (if any) is the third installment.
October 2024 is the deadline for issuance of TDS certificates for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S.
December 30
November 2024 is the deadline for filing challan statements for taxes deposited under sections 194-IA, 194-IB, 194M, and 194S.
December 31
Deadline to file amended or belated ITR for fiscal year 2023–2024.
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