We are on the cusp of the new financial year 2024-25, presenting a crucial time for both individuals and businesses to organize and remain vigilant about their tax responsibilities. Awareness of key income tax deadlines is essential to sidestep penalties. Here’s a detailed income tax calendar for 2024 to guide you through upcoming tax obligations and deadlines, ensuring you stay ahead in managing your tax commitments efficiently.
March 2024: Final Preparations and Deadlines
In March, as the fiscal year 2023-24 draws to a close, numerous tax deadlines loom on the horizon. Apart from those set by the income tax department, individuals must also bear in mind that March 31 is the deadline for completing their tax-saving practices for the fiscal year 2023-24.
It’s important to know that starting April 1, 2023, the new tax regime has become the default option for tax filing. Consequently, individuals who have chosen the old tax regime and intend to avail the deductions under Section 80C, 80D, etc., are required to make specific investments within the given timeframe.
- March 2: Due date for filing challan statement for tax deducted under Section 194-IA, Section -194IB, and Section 194 M in January 2024.
- March 7: Due date for depositing TDS/TCS deducted in February 2024.
- March 15: This is the last date for depositing the fourth installment 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 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 expenditures under Section 80C. This includes investing in ELSS mutual funds, Life insurance premiums, PPF, 5-year fixed deposits 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, and 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 cannot file the updated return for FY2020-21. An individual can also file updated returns for FY 2021-22 (AY 2022-23) by paying 25% as a penalty by March 31. However, if the updated return for FY 2021-22 is filed on or after April 1, 2024, then the penalty of 50% will be applicable.
Read more about income tax return file here.
April 2024: New Financial Year Kick-off
April marks the beginning of the new financial year 2024-25. Any announcements made in Budget 2024 will come into effect from April 1st.
There are a lot of other tasks as well in April. Salaried individuals are 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, dividends, 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 the January-March 2024 quarter.
- April 30: Due date for uploading Form 15G/Form 15H for the January-March 2024 quarter.
May to June 2024: Compliance and Preparation
- 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: This is the last date for filing the 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 the 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 purposes. This TCS certificate will work in the same way as Form 16 from your employer works.
- May 31: This is the last date for filing quarterly statements 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 Section 80G.
June 2024:
All taxpayers should start collecting their documents for filing itr from June. If you are a salaried individual, then you must collect your FORM 16 from your employer for TDS on your 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 installment 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.
If you are unaware of Form 16 or how to file your itr, then you can get in touch with the best Chartered Accountant near you, who will help you in filing your itr.
July to August 2024: Quarterly Compliance and Returns
- 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 to October 2024: Advanced Tax and Audits
- 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 to get their firms audited by a chartered accountant.
- 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.
This calendar emphasizes the importance of timely action across various tax obligations to avoid penalties and ensure compliance. Whether you’re an individual taxpayer or a business, staying proactive with your tax planning and submissions is crucial.
