Income Tax News: As the new month of May begins, taxpayers are reminded of crucial tax-related tasks that need attention to reduce tax liability and maximize savings. The Income Tax Department has released a tax calendar outlining the key due dates for tax liabilities in May 2024.
May 2024 Brings Important Tax Deadlines for Taxpayers
15 May 2024:
- Deadline for depositing tax collected or deducted by any government office for April 2024.
- Due date for issuing TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M, and 194S for March 2024.
- Last date for submission of Form 24G by a government office for TDS/TCS paid without challan for April 2024.
- Deadline for submission of quarterly TCS details for the quarter ending March 31, 2024.
- Final date for submitting details in Form No. 3BB by the stock exchange for transactions with modified client codes after registration in the system for April 2024.
Issuance of TCS certificates for the fourth quarter of the financial year 2023-24.
30 May 2024:
- Submission of statement (Form No. 49C) on behalf of non-resident entities having a Liaison office in India for the financial year 2023-24.
- Deadline for submitting Challan-Cum-Statement for tax deducted under sections 194-IA, 194-IB, 194M, and 194S for April 2024.
- Issuance of TCS certificates for the fourth quarter of the financial year 2023-24.
31 May 2024:
- Submission of quarterly statement of TDS deposited for the quarter ending March 31, 2024.
- Filing of tax deduction return for contributions paid by trustees of approved superannuation funds.
- Furnishing statement of financial transactions (Form No. 61A) for the financial year 2023-24.
- Application for PAN by non-individual resident persons who conducted financial transactions of Rs 2.5 lakh or more in FY 2023-24 and do not have a PAN.
- Submission of Form No. 10, statement under section 10(21) or section 11(1), for collecting income for future applications.
- Filing of statement of donation in Form 10BD by persons reporting under section 80G(5)(iii) or section 35(1A)(i) for FY 2023-24.
Taxpayers are advised to adhere to these deadlines to avoid penalties and ensure compliance with tax regulations.
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