Important tax-related dates you need to know, ET BFSI

It is important to remember income tax related deadlines in a year to avoid paying penalties, penal interest, to file income tax return (ITR) in time etc.

Abhishek Soni, CEO, Tax2Win.in – an ITR filing website, explains the important income tax-related due dates or deadlines between January and December 2024.

January 2024

January 7: Due date for deductors to deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2023. This is also the due date for deductors to deposit TDS for the period October-December 2023 under Section 192 (for Salaries paid), Section 194A (on Interest other than interest on securities), 194D (on Insurance commission) and 194H (on Commission and brokerage).
January 14: Due date for issuing TDS certificate under Section 194-IA (TDS on payment made for buying of immovable property other than agricultural land), 194-IB (on monthly rent of house exceeding Rs 50,000) and 194M (on payment made for contractual work).
January 15: Last date for filing quarterly statement of TCS deposited for quarter ending December 31, 2023.
January 15: Due date for furnishing Form 15G/Form 15H declarations received during October-December 2023 quarter. The Income-tax Act does not specify any due date for submission of Form 15G/Form 15H for Nil TDS. However, whenever an individual submits Form 15G/Form 15H to a bank, company or any other financial institution, then they are required to inform the income tax department about it.
January 30: Last date for issuing TCS certificate in respect of the tax collected for quarter ending December 31, 2023. This is also the due date for filing challan statement for TDS deducted under Section 194-IA, Section 194-IB and Section 194M for December 2023.
January 31: Last date for filing quarterly statement of TDS deposited for the quarter ending December 31, 2023.

February 2024

February 7: Due date to deposit TDS/TCS for the month of January 2024.
February 14: Due date for issuing TDS Certificate under Section 194-IA, Section 194-IB and Section 194M. This is for tax deducted in the month of December 2023.
February 15: Deadline for issuing quarterly TDS certificate with respect to tax deducted on income other than salaries for the quarter ending December 31, 2023.

March 2024
There are lot of deadlines in the month of March as it is the end of the financial year 2023-24. Other than the deadlines mentioned by the income tax department, March 31 is also the deadline for individuals to complete their tax-saving exercise for FY 2023-24. It is important to note that the new tax regime has become the default option from April 1, 2023. Hence, individuals who have opted for the old tax regime and want to claim deductions under Section 80C, 80D etc. must make specified investments and expenditures before March ends.

March 2: Due date for filing challan statement for tax deducted under Section 194-IA, Section -194IB and Section 194 M in the month of January 2024.
March 7: Due date for depositing TDS/TCS deducted in February 2024.
March 15: Is the last date for depositing the fourth instalment of advance tax (if liable to pay any) for FY 2023-24. It is also the due date for making payment of advance tax by those self-employed individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA.
March 17: Due date for issuing TDS certificates for tax deducted under Section 194-IA, Section 194-IB and Section 194 M for the month of January 2024.
March 30: Due date for filing challan statement for tax deducted under Section 194-IA, Section 194-IB and Section 194M in February 2024.
March 31: Last date to complete tax saving exercise for FY 2023-24. This is important if you have opted for the old tax regime. One can complete tax-savings by making eligible investments and expenditure under Section 80C. This includes investing in ELSS mutual funds, Life insurance premium, PPF, 5-year fixed deposits either with bank or post office and expenditure on tuition fees for children etc. Those opting for the old regime can also claim deductions under other sections like 80D,80G,80CCD(1B).
March 31: If you are living in a rented house and paying rent of Rs 50,000 or more per month, then don’t forget to deduct TDS on rent paid in a financial year. As per income tax laws, an individual is either required to deduct TDS on house rent at the time of vacating the house or at the end of the financial year. For convenience purposes, a tenant can deduct TDS every month as well from the rent paid amount.
March 31: This is also the last date to file an updated return for FY 2020-21 (AY 2021-22). Post this date, an individual will not be able to file updated return for FY2020-21. An individual can also file updated returns for FY 2021-22 (AY 2022-23) by paying 25% as penalty by March 31. However, if updated return for FY 2021-22 is filed on or after April 1, 2024, then penalty of 50% will be applicable.

April 2024
This month marks the beginning of the new financial year i.e., FY 2024-25. Apart from income tax related deadlines, there are certain other tasks as well. Further, any announcements made in Budget 2024 also come into effect from April 1 (unless specifically stated otherwise). In the new financial year, an individual must estimate the taxes that are payable as per new income tax rules (if any). One must also compare the tax payable in both the tax regimes. Normally, a salaried individual is required to communicate the tax regime of his/her choice for TDS on salary and submit the investment declaration accordingly to his/her employer in the beginning of the FY. Senior citizens and individuals must also submit Form 15G/Form 15H, as applicable, to avoid TDS on interest, dividend and other incomes.

April 14: Due date for issuing TDS certificate for tax deducted under Section 194-IA, Section 194-IB, Section 194M and Section 194S in February 2024.
April 30: Due date for filing challan statement for tax deducted under sections 194-IA, 194-IB, 194M and 194S in March 2024.
April 30: Due date to deposit tax deducted by an assessee for March 2024.
April 30: Due date for depositing tax deducted under sections 192, 194A, 194D and 194H for January-March 2024 quarter.
April 30: Due date for uploading Form 15G/Form 15H for January-March 2024 quarter.

May 2024

May 7: Due date for depositing TDS and TCS for April 2024.
May 15: Due date for issuing TDS certificate for tax deducted under sections 194-IA, 194-IB, 194M and 194S in March 2024.
May 15: Is the last date for filing quarterly statement of TCS deposited for the quarter ending March 31, 2023.
May 30: Due date for filing challan statement for TDS under sections 194-IA, 194M, 194-IB and 194S for April 2024.
May 30: Due date for issuing TCS certificates for January-March 2024 quarter. If you have taken any overseas trip on which TCS has been deducted, then collecting this certificate is important for ITR filing purpose. This TCS certificate will work in same way as Form 16 from your employer works.
May 31: Is the last date for filing quarterly statement of TDS deposited for the January-March 2024 quarter.
May 31: Due date for getting Form 10BE for any donation made in FY 2023-24 (AY 2024-25). This form serves as a proof for the donation made under Section80G.

June 2024
This is the month when one should start collecting documents for filing ITR. Many TDS certificates are due to be given to individuals. For instance, salaried individuals must collect their Form 16 from their employer for TDS on salary. Similarly, if TDS is deducted on interest earned from bank fixed deposits, dividends earned from company shares, mutual funds etc., then Form 16A must be collected as well.

June 7: Due date for depositing TDS and TCS for May 2024.
June 14: Due date for issuing TDS certificate for tax deducted under Section 194-IA, 194-IB, 194M and 194S in April 2024.
June 15: The due date for depositing the first instalment of advance tax for FY 2024-25.
June 15: Date for collecting TDS certificates – Form 16 from employer, Form 16A from banks, mutual funds, companies etc. It is important to note that Form 16 is issued on annual basis whereas Form 16A is normally issued on quarterly basis. One must collect Form 16A depending on the quarter in which tax is deducted.
June 30: Due date for filing challan statement under sections 194-IA, 194-IB, 194M and 194S.

July 2024

July 7: Due date to deposit TDS and TCS for tax deducted in June 2024.
July 7: Due date to deposit TDS for April to June 2024 quarter under sections 192, 194A, 194D and 194H.
July 15: Due date for issuing TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M and 194S in May 2024.
July 15: last date to file quarterly statement of TCS deposited in April to June 2024 quarter.
July 15: Due date for banks to upload the Form 15G/ Form 15H declarations received by them.
July 30: Date to collect TCS certificate for the quarter ending June 30, 2024 for tax collected on purchase of motor vehicles, overseas travel.
July 30: Last date to file challan statement under sections 194-IA, 194-IB, 194M and 194S for June 2024.
July 31: Due date for filing quarterly TDS statement for April-June 2024 quarter.
July 31: Last date to file income tax return for those individuals whose accounts are not required to be audited which includes most salaried and a substantial number of non-salaried people. Missing this deadline will invite a penalty of up to Rs 5,000.

August 2024

August 7: Last date for depositing TDS and TCS for July 2024.
August 14: Last date to issue TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M and 194S in June 2024.
August 15: Last date for issuing quarterly TDS certificate for the tax deducted from payments other than salary (such as interest income etc.) for the April-June quarter 2024.
August 30: Last date for filing challan statement for tax deducted under sections 194-IA, 194-IB, 194M and 194S for July 2024.

September 2024

September 7: Last date to deposit TDS and TCS for August 2024.
September 14: Last date to issue TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M and 194S in July 2024.
September 15: last date to deposit the second instalment of advance tax for FY 2024-25.
September 30: last date for submitting audit report for FY 2023-24 for those taxpayers who have not undertaken international or specified domestic transactions.
September 30: Last date for filing challan statement under sections 194-IA, 194-IB, 194M and 194S for August 2024.

October 2024

October 7: Last date to deposit TDS and TCS in September 2024.
October 7: Last date to deposit TDS for July-September quarter, 2024, for tax deducted under sections 192, 194A, 194D and 194H.
October 15: Deadline to issue TDS certificates for tax deducted under sections 194-IA, 194-IB, 194S and 194M in August 2024.
October 15: Last date for filing quarterly statement of TCS deposited for July-September quarter, 2024.
October 15: Due date for banks, financial institutions to upload the Form 15G/Form 15H received for quarter ending September 2024.
October 30: Deadline to file challan statement for tax deducted under sections 194-IA, 194-IB, 194M and 194S in September 2024.
October 30: Last date for issuing quarterly TCS certificate for the quarter ending September 30, 2024.
October 31: Last date for filing quarterly statement of TDS deposited for the quarter ending September 30, 2024.
October 31: Last date for filing income tax return for FY 2023-24 for those whose accounts are required to be audited.
October 31: Last date for submitting audit report for FY 2023-24 for taxpayers having international or specified domestic transactions.

November 2024

November 7: Last date to deposit TDS and TCS deducted in October, 2024.
November 14: Last date to issue TDS certificates for TDS deducted under sections 194-IA, 194-IB,194M and 194S in September 2024.
November 15: Deadline to issue quarterly TDS certificate for the tax deducted on payments other than salaries for quarter ending September 30, 2024.
November 30: Last date to file challan statement for tax deducted under sections 194-IA, 194-IB, 194M and 194S for October 2024.
November 30: Last date to file ITR for FY 2023-24 for those taxpayers whose accounts are required to be audited and have international or specified domestic transactions.

December 2024

December 7: Deadline to deposit TDS and TCS deducted in November 2024.
December 15: Last date to deposit the third instalment of advance tax for FY 2024-25, if any is due.
December 15: Due date to issue TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M and 194S in October 2024.
December 30: Deadline to file challan statement for tax deposited under sections 194-IA, 194-IB, 194M and 194S in November 2024.
December 31: Last date for filing belated/revised ITR for FY 2023-24.