ITR calendar 2024: It is important to be familiar with all the deadlines in May in order not to miss any.
The month of May is an important one as far as ITR calendar is concerned as it has a number of important deadlines that have to be met by those on whom these are applicable. Yes, income tax return filing time is looming for everyone, personal, institutional, corporate and others, and here we take a look at all the important deadlines that taxpayers just cannot afford to ignore. If they do, they will only put themselves in peril as the taxman will be watching and keeping account. And increasingly, the penalties that are levied are getting bigger and quite unaffordable. That means missing out on anything willfully or otherwise, is just not a sound option for anyone.
Read More: Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment
Having said that, the first thing to do is to be aware of the Income-tax calendar May 2024. Why May, you may ask? Well, because it brings a number of deadlines including about depositing taxes deducted or collected to issuing TDS certificates and filing various statements, LiveMint reports.
Here’s a thorough guide to the key dates you’ll want to note down in your calendar for May 2024, ensuring you’re well-prepared to manage your income tax return responsibilities.
Check out the list of deadlines below:
May 7:
* Deadline to deposit taxes deducted or collected for the month of April 2024. Any sum deducted or collected by a government office must be paid to the Central Government’s credit on the same day if the tax is paid without the production of an income-tax challan.
May 15:
* TDS certificates for tax deducted under various sections such as 194-IA, 194-IB, 194M, and 194S for the month of March 2024.
* Deadline for furnishing Form 24G by government offices for TDS/TCS paid in April 2024 without the production of a challan.
* Deadline for filing the quarterly statement of TCS deposited for the quarter ending March 31, 2024
* Deadline for furnishing statement in Form no. 3BB by stock exchanges regarding transactions in which client codes have been modified.
May 30:
* Submission of a statement (in Form No. 49C) by non-residents having a liaison office in India.
* Deadline for furnishing the challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB, and 194S (by specified persons) in April 2024.
* Deadline for TCS certificates for the 4th quarter of the financial year 2023-24.
May 31:
* Deadline for quarterly statement of TDS deposited for the quarter ending March 31, 2024
* Deadline for the return of tax deduction from contributions paid by the trustees of an approved superannuation fund.
* Due date for furnishing the statement of financial transaction (in Form No. 61A) for the financial year 2023-24.
* Applications for PAN allotment are due for non-individual resident persons who entered into financial transactions of Rs. 2,50,000 or more during FY 2023-24 and haven’t been allotted any PAN
* Also for individuals holding specified positions as per Rule 114(3)(v) who haven’t been allotted any PAN yet.
* Due date for the statement of donation in Form 10BD and the certificate of donation in Form no. 10BE for the financial year 2023-24 are also due.
