As we step into the second half of 2024, individuals and businesses alike must stay informed about the various tax deadlines looming on the horizon. From TDS and TCS deposits to income tax returns and advance tax payments, the months from July to December are packed with financial obligations. In this comprehensive guide, we break down the critical dates and obligations for each month, helping you stay on top of your tax responsibilities.

July 2024: Managing Mid-Year Milestones

July 7: Deadline for depositing TDS and TCS for tax deducted in June 2024. 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. Final date for filing the quarterly statement of TCS deposited in the April to June 2024 quarter.

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. 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. Deadline for filing income tax returns for individuals whose accounts are not mandated to be audited. Failure to meet this deadline may result in a penalty of up to Rs 5,000.

August 2024: Navigating the Mid-Year Mark

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: Stepping into the Second Half

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. 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: Navigating the Tax Labyrinth

October 7: Deadline for depositing TDS and TCS in September 2024. 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, 194S, 194M, and 194S in August 2024. Final date for filing the quarterly statement of TCS deposited for the July-September quarter, 2024. 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. 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. Deadline for filing income tax returns for FY 2023-24 for individuals requiring audited accounts. Last date for submitting the audit report for FY 2023-24 for taxpayers involved in international or specified domestic transactions.

November 2024: Approaching Year-End

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. 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: Wrapping up the Year

December 7: The 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. The 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.

As we navigate through the months, these deadlines serve as guiding lights, ensuring a seamless and compliant journey through the fiscal year. Stay organized, mark your calendars, and let fiscal responsibility be your companion in 2024!