It is important to meet deadlines especially when it comes to income tax as it can help avoid paying penalties, penal interest, and file income tax return (ITR).
Abhishek Soni, the CEO of Tax2Win.in—an ITR filing website—details the significant income tax-related deadlines from January to December 2024.
January 14: It is the due date for issuing TDS certificates under Section 194-IA (TDS on payment made for buying immovable property excluding agricultural land), 194-IB (on monthly rent of a house exceeding Rs 50,000), and 194M (on payment made for contractual work).
January 15: It will be the last date for filing the quarterly statement of TCS deposited for quarter ending December 31, 2023.
January 30: The last date for issuing TCS certificates regarding the tax collected for the quarter ending December 31, 2023, is January 30, 2024. Also, it is the due date for filing the challan statement for TDS deducted under Section 194-IA, Section 194-IB, and Section 194M for December 2023.
January 31: The last date for filing the quarterly statement of TDS deposited for the quarter ending December 31, 2023, is January 31, 2024.
FEBRUARY 2024
February 7: For January 2024, this is the due date to deposit TDS/TCS.
February 14: To issue TDS certificate under Section 194-IA, Section 194-IB, and Section 194M for the tax deducted in December 2023, this is the due date.
February 15: The deadline for issuing quarterly TDS certificates concerning tax deducted on income other than salaries for the quarter ending December 31, 2023, is on February 15, 2024.
MARCH 2024
As the financial year 2023-24 comes to an end in March, there are several deadlines in this month. Apart from the deadlines stipulated by the income tax department, March 31 serves as the deadline for individuals to finalize their tax-saving activities for the financial year 2023-24. Notably, the new tax regime became the default option from April 1, 2023. Hence, individuals who have chosen the old tax regime and aim to claim deductions under Section 80C, 80D, etc., need to make specific investments and expenditures before the conclusion of March.
March 2: To file challan statement for tax deducted under Section 194-IA, Section 194IB, and Section 194 M in January 2024, March 2 is the due date.
March 7: To deposit TDS/TCS deducted in February 2024, March 7 will be the last date.
March 15: This marks the last date for depositing the fourth installment of advance tax for the financial year 2023-24. Also, it serves as the due date for self-employed individuals covered under the presumptive taxation scheme (under sections 44AD and 44ADA) to make their advance tax payment.
March 17: This is the last date for issuing TDS certificates for tax deducted under Section 194-IA, Section 194-IB, and Section 194 M for January 2024.
March 30: To file challan statement for tax deducted under Section 194-IA, Section 194-IB, and Section 194M in February 2024, March 30 is the due date.
March 31: The deadline for concluding tax-saving activities for the financial year 2023-24 is approaching. This is particularly crucial for individuals who have chosen the old tax regime. Meeting this deadline allows individuals to avail themselves of tax-saving benefits by engaging in eligible investments and expenses under Section 80C. These include investing in ELSS mutual funds, paying life insurance premiums, contributing to PPF, depositing in 5-year fixed deposits at banks or post offices, and covering tuition fees for children, among other options. Additionally, individuals under the old tax regime can claim deductions under other sections such as 80D, 80G, and 80CCD(1B).
March 31: If you have a rented residence and paying a monthly rent of Rs 50,000 or higher, it’s essential to remember the requirement of deducting TDS on the rent paid within a financial year. According to income tax regulations, individuals are mandated to deduct TDS on house rent either upon vacating the premises or by the end of the financial year. For ease and convenience, tenants have the option to deduct TDS each month from the rent paid amount.
March 31: The deadline for filing an updated return for the financial year 2020-21 (Assessment Year 2021-22) is approaching. After this date, individuals will not be permitted to file an updated return for FY 2020-21. However, there is an opportunity to file updated returns for the financial year 2021-22 (Assessment Year 2022-23) by paying a 25% penalty by March 31. Yet, if an updated return for FY 2021-22 is filed on or after April 1, 2024, a penalty of 50% will be applicable.
APRIL 2024
The new financial year begins in April, FY 2024-25. Other tasks come along the income tax-related deadlines. Additionally, any announcements made in Budget 2024 will also come into effect from April 1, unless another date is specified.
As a new financial year begins, individuals need to assess the taxes they are liable to pay according to the latest income tax regulations, if any changes have occurred. It’s advisable to compare the tax liabilities in both the existing and new tax regimes. Generally, salaried individuals are required to inform their employer about their preferred tax regime for TDS on salary and furnish the investment declaration accordingly at the beginning of the financial year.
Additionally, senior citizens and qualifying individuals must submit Form 15G or Form 15H, as applicable, to prevent TDS on interest, dividends, and other incomes, thus ensuring their income does not attract unnecessary tax deductions at source.
April 14: This is the due date for issuing TDS certificate for tax deducted under Sections 194-IA, Section 194-IB, and Section 194M and 194S in March 2024.
April 30: This is the due date for filing challan statement for the tax deducted under Sections 194-IA, Section 194-IB, and Section 194M and 194S in March 2024.
April 30: To deposit tax deducted by an assessee for March 2024, the due date is April 30.
April 30: The deadline for depositing tax deducted under sections 192, 194A, 194D, and 194H for the January-March 2024 quarter is April 30, 2024.
April 30: This is also the due date for uploading Form 15G/Form 15H for the January-March 2024 quarter.
MAY 2024
May 7: Deadline for depositing TDS and TCS for April 2024.
May 15: Deadline for issuing TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in March 2024.
May 15: Final date for filing the quarterly statement of TCS deposited for the quarter ending March 31, 2023.
May 30: Deadline for filing challan statement for TDS under sections 194-IA, 194M, 194-IB, and 194S for April 2024.
May 30: Deadline for issuing TCS certificates for the January-March 2024 quarter. Collecting this certificate is crucial for ITR filing if TCS has been deducted during any overseas trips. This TCS certificate holds similar significance to Form 16 from your employer for income tax return (ITR) filing.
May 31: Final deadline for filing the quarterly statement of TDS deposited for the January-March 2024 quarter.
May 31: Deadline for obtaining Form 10BE for any donations made in FY 2023-24 (AY 2024-25). This form acts as proof for donations made under Section 80G.
JUNE 2024
This month marks the commencement of document collection for filing Income Tax Returns (ITR). Various TDS certificates are expected to be issued to individuals. For instance, salaried individuals need to acquire Form 16 from their employer, reflecting TDS on salary. Similarly, for TDS deductions on interest earned from bank fixed deposits, dividends from company shares, mutual funds, etc., it is essential to collect Form 16A.
June 7: Deadline for depositing TDS and TCS for May 2024.
June 14: Deadline for issuing TDS certificates for tax deducted under Section 194-IA, 194-IB, 194M, and 194S in April 2024.
June 15: Due date for depositing the initial installment of advance tax for FY 2024-25.
June 15: Collection date for TDS certificates – Form 16 from the employer and Form 16A from banks, mutual funds, companies, etc. It’s crucial to understand that Form 16 is issued annually, while Form 16A is typically issued quarterly. The collection of Form 16A should align with the quarter in which tax deductions occurred.
June 30: Deadline for filing the challan statement under sections 194-IA, 194-IB, 194M, and 194S.
JULY 2024
July 7: Deadline for depositing TDS and TCS for tax deducted in June 2024.
July 7: Due date for depositing TDS for the 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: Final date for filing the quarterly statement of TCS deposited in the April to June 2024 quarter.
July 15: Deadline for banks to upload the Form 15G/Form 15H declarations they have received.
July 30: Date to collect the TCS certificate for the quarter ending June 30, 2024, applicable to tax collected on purchases of motor vehicles and overseas travel.
July 30: Final date for filing the challan statement under sections 194-IA, 194-IB, 194M, and 194S for June 2024.
July 31: Due date for filing the quarterly TDS statement for the April-June 2024 quarter.
July 31: Deadline for filing income tax returns for individuals whose accounts are not mandated to be audited, covering most salaried individuals and a significant portion of non-salaried individuals. Failure to meet this deadline may result in a penalty of up to Rs 5,000.
AUGUST 2024
August 7: Deadline for depositing TDS and TCS for July 2024.
August 14: Final date to issue TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in June 2024.
August 15: Deadline for issuing quarterly TDS certificates for tax deducted from payments other than salary (e.g., interest income, etc.) for the April-June quarter 2024.
August 30: Last date for filing the challan statement for tax deducted under sections 194-IA, 194-IB, 194M, and 194S for July 2024.
SEPTEMBER 2024
September 7: Deadline for depositing TDS and TCS for August 2024.
September 14: Final date to issue TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in July 2024.
September 15: Last date for depositing the second installment of advance tax for FY 2024-25.
September 30: Final date for submitting the audit report for FY 2023-24 for taxpayers not involved in international or specified domestic transactions.
September 30: Last date for filing the challan statement under sections 194-IA, 194-IB, 194M, and 194S for August 2024.
OCTOBER 2024
October 7: Deadline for depositing TDS and TCS in September 2024.
October 7: Last date to deposit TDS for the 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: Final date for filing the quarterly statement of TCS deposited for the July-September quarter, 2024.
October 15: Due date for banks and financial institutions to upload Form 15G/Form 15H received for the quarter ending September 2024.
October 30: Deadline to file the challan statement for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in September 2024.
October 30: Last date for issuing the quarterly TCS certificate for the quarter ending September 30, 2024.
October 31: Final date for filing the quarterly statement of TDS deposited for the quarter ending September 30, 2024.
October 31: Deadline for filing income tax returns for FY 2023-24 for individuals requiring audited accounts.
October 31: Last date for submitting the audit report for FY 2023-24 for taxpayers involved in international or specified domestic transactions.
NOVEMBER 2024
November 7: Final date for depositing TDS and TCS deducted in October 2024.
November 14: Deadline for issuing TDS certificates for TDS deducted under sections 194-IA, 194-IB, 194M, and 194S in September 2024.
November 15: Last date for issuing quarterly TDS certificates for tax deducted on payments other than salaries for the quarter ending September 30, 2024.
November 30: Final date for filing the challan statement for tax deducted under sections 194-IA, 194-IB, 194M, and 194S for October 2024.
November 30: Last date for filing Income Tax Returns (ITR) for FY 2023-24 for taxpayers requiring audited accounts and having international or specified domestic transactions.
DECEMBER 2024
December 7: Final date to deposit TDS and TCS deducted in November 2024.
December 15: Last date for depositing the third installment of advance tax for FY 2024-25, if applicable.
December 15: Due date for issuing TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in October 2024.
December 30: Deadline for filing the challan statement for tax deposited under sections 194-IA, 194-IB, 194M, and 194S in November 2024.
December 31: Final date for filing belated or revised Income Tax Returns (ITR) for FY 2023-24.