Income tax

May 2024: Meeting Income Tax and GST Deadlines

Highlights upcoming deadlines for income tax compliance and GST filing. It emphasizes the need for prompt action to avoid potential penalties and legal issues.

Tax Deadlines for May 2024

Keeping up with tax deadlines can feel overwhelming, but a little planning goes a long way. This in-depth guide breaks down Income Tax compliance and GST filing requirements for May 2024, ensuring you stay on top of your financial obligations.

Income Tax

While there are no deadlines for filing Income Tax returns in May, there are crucial dates related to tax deductions made at source:

Date	Description
May 7th	Deposit TDS and TCS: Ensure you deposit any Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) liabilities you have for April 2024 by this date. Delaying these payments can result in late fees.
May 15th	Issue TDS Certificates: If you deducted tax at source under sections 194-IA, 194-IB, 194M, and 194S for tax deducted in March 2024, you must issue TDS certificates to the relevant taxpayers by May 15th. These certificates are essential for taxpayers to claim their tax credits when filing their returns.
May 15th	Form 24G for Government Offices: If you represent a government office that deducted TDS/TCS for April 2024 without a challan (a document used for tax payments), you need to furnish Form 24G by May 15th.
May 31st	Quarterly TDS Statement and Superannuation Tax: If you are responsible for deducting TDS, you must submit a quarterly statement of TDS deposited for the quarter ending March 31, 2024, by May 31st. Trustees of approved superannuation funds must also file a return of tax deduction from contributions by May 31st.

GST

May is a busy month for GST filers. The deadlines for various forms depend on your GST registration type and turnover. Here's a breakdown:

Date	Description
May 10th	GSTR-7 (Taxable Supplies to Registered Persons): This form captures details of taxable supplies made to other registered businesses (B2B transactions) for the month of April 2024. Ensure you file it by May 10th.
May 11th	GSTR-1 (Outward Supplies and Exports): If you have an annual aggregate turnover exceeding ₹1.5 crore or have opted for monthly return filing, the deadline to file GSTR-1 for April 2024 is May 11th. This form captures details of all your outward supplies and exports during the month.
May 13th	GSTR-5 (Non-Resident Taxpayers): All non-resident persons filing GST in India must file GSTR-5 along with their GST payment by May 13th for transactions in April 2024.
May 13th	GSTR-6 (Input Service Distributors): Input Service Distributors (ISDs) must file GSTR-6 for the period of April 2024 by May 13th. This form reports details of input services received by the ISD from various service providers.
May 31st	Other Important Filings: TDS Challan and TCS Certificates: Furnish the challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB, and 194S in April 2024 and issue TCS certificates for the 4th quarter of FY 2023-24, all by May 31st. Form 61A (Financial Transactions): If you are required to file Form 61A, a statement of financial transactions for FY 2023-24, the deadline is May 31st. PAN Application for Non-Individuals: Non-individual resident persons who entered into a financial transaction of ₹2,50,000 or more in FY 2023-24 must apply for a Permanent Account Number (PAN) by May 31st if they don't already have one. Forms 10 and 10BD (Income Accumulation): If you are accumulating income for future application under specific sections of the Income Tax Act, you may need to furnish statements in Forms 10 and 10BD by May 31st.

FILING YOUR INCOME TAX RETURN F.Y 2023-24 (A.Y. 2024-2025) WITH MYITRONLINE

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Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com

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Krishna Gopal Varshney

An editor at apnokaca

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Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.

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