Meeting deadlines in the realm of income tax is not just a matter of routine compliance; it is a crucial practice that can save you from penalties, and penal interest, and ensure a smooth filing of your Income Tax Return (ITR). In this comprehensive guide, we delve into the significant income tax-related deadlines spanning from January to December 2024.

January: Setting the Tone for the Year

January 7: Deductors mark this date as the deadline for depositing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2023. It is also the due date for the TDS deposit for October-December 2023 under Sections 192, and 194A. , 194D, and 194H.

January 14: Issuing TDS certificates under Sections 194-IA, 194-IB, and 194M for payments made in December 2023 is due.

January 15: The final date for filing the quarterly statement of TCS deposited for the quarter ending December 31, 2023.

January 30: The deadline for issuing TCS certificates for the quarter ending December 31, 2023, and filing the challan statement for TDS deducted under Sections 194-IA, 194-IB, and 194M for December 2023.

January 31: The last day for filing the quarterly statement of TDS deposited for the quarter ending December 31, 2023.

February: Staying on Track

February 7: The due date to deposit TDS/TCS for January 2024.

February 14: Issuing TDS certificates under Sections 194-IA, 194-IB, and 194M for tax deducted in December 2023.

February 15: The deadline for issuing quarterly TDS certificates for income other than salaries for the quarter ending December 31, 2023.

March: Wrapping up the Financial Year

As the financial year 2023-24 concludes in March, individuals face crucial deadlines for tax-saving activities and filings.

March 2: Due date for filing the challan statement for tax deducted under Sections 194-IA, 194-IB, and 194M in January 2024.

March 7: The last date for depositing TDS/TCS deducted in February 2024.

March 15: The final date for depositing the fourth installment of advance tax for the financial year 2023-24. Self-employed individuals under presumptive taxation schemes (Sections 44AD and 44ADA) must make their advance tax payments.

March 17: Last date for issuing TDS certificates for tax deducted under Sections 194-IA, 194-IB, and 194M for January 2024.

March 30: Due date for filing the challan statement for tax deducted under Sections 194-IA, 194-IB, and 194M in February 2024.

March 31: The deadline for concluding tax-saving activities for FY 2023-24 for those in the old tax regime, allowing them to claim deductions under various sections like 80C, 80D, and more.

April 2024: Key Milestones

April 14: The due date for issuing the TDS certificate for tax deducted under Sections 194-IA, Section 194-IB, and Section 194M and 194S is March 2024.

April 30: 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.

March 2024: Stay on Top of Obligations

Deadline for depositing tax deducted under sections 192, 194A, 194D, and 194H for the January-March 2024 quarter.

Due date for uploading Form 15G/Form 15H for the January-March 2024 quarter

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.

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.

Deadline for issuing TCS certificates for the January-March 2024 quarter. This certificate is crucial for ITR filing if TCS has been deducted during overseas trips, akin 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.

Deadline for obtaining Form 10BE for any donations made in FY 2023-24 (AY 2024-25), acting as proof for donations made under Section 80G.

June 2024: Preparing for the Tax Return Journey

June marks the initiation of document collection for filing Income Tax Returns (ITR). 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.

Collection date for TDS certificates – Form 16 from the employer and Form 16A from banks, mutual funds, companies, etc. Note that Form 16 is issued annually, while Form 16A is typically issued quarterly, aligning 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.

If you have a rented residence with monthly rent exceeding Rs 50,000, remember to deduct TDS on rent paid within the financial year.

As the curtain rises on the new financial year, FY 2024-25, individuals find themselves at the intersection of fresh opportunities and fiscal responsibilities. The commencement of the financial year in April not only brings in the promise of new beginnings but also ushers in a slew of income tax-related deadlines. Furthermore, any policy changes announced in Budget 2024 will come into effect from April 1 unless a different date is specified.

Assessing Tax Liabilities and Choosing the Right Regime

One of the first tasks individuals need to tackle is assessing their tax liabilities according to the latest income tax regulations. It is advisable to compare tax liabilities in both the existing and new tax regimes. Salaried individuals, in particular, must inform their employers about their preferred tax regime for TDS on salary and declare their investments at the beginning of the financial year.

Additionally, senior citizens and qualifying individuals need to submit Form 15G or Form 15H, as applicable, to prevent TDS on interest, dividends, and other incomes. This ensures that their income does not face unnecessary tax deductions at the source.

Mastering these deadlines ensures not just compliance but also financial prudence. Stay ahead of the calendar, plan wisely, and experience a hassle-free tax season in 2024!