Tax Calendar 2024: Important deadlines for income taxes in January, February, and March

2024 Income Tax Calendar: The tax authorities have released the income tax calendar for the current year, starting from the beginning of 2024. 

To avoid fines and penalties, it's crucial to be aware of the key dates related to income taxes. Typically, July 31, 2024, marks the deadline for filing the Income Tax Return (ITR) for the financial year 2023–24 (Assessment Year 2024–25) without incurring a late fee. 

You need to report the income earned between April 1, 2023, and March 31, 2024, during the fiscal year 2023–24. The filing of returns and declaration of investments for tax assessment occurs in the Assessment Year (AY), the reviewing year for FY 2023–2024. Here are some important dates to note in January and February.

1. January 7

On January 7, the deadline is set for those who need to deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2023. It is also the target date for depositing TDS for the period from October to December 2023 under various sections: Section 192 (for Salaries paid), Section 194A, 194D, and 194H.

2. January 14

On January 14, the due date arrives for issuing TDS certificates under Section 194-IA (TDS on payment made for buying immovable property excluding agricultural land), 194-IB (on monthly rent of a house exceeding Rs 50,000), and 194M (on payment made for contractual work).

3. January 15

January 15 is the final date for submitting the quarterly statement of TCS deposited for the quarter ending December 31, 2023.

4. January 15

On January 15, the deadline is also in place for providing Form 15G/Form 15H declarations received during the October-December 2023 quarter. While the Income-Tax Act doesn't specify a due date for submitting Form 15G/Form 15H for zero TDS, it can be submitted during this month. Additionally, it's essential to inform the income tax department after submitting Form 15G/Form 15H to a bank, company, or any other financial institution.

5. January 30

The due date for issuing Tax Collected at Source (TCS) certificates for the tax collected in the quarter ending December 31, 2023, is January 30, 2024. This date also marks the deadline for filing the challan statement for Tax Deducted at Source (TDS) deducted under Section 194-IA, Section 194-IB, and Section 194M for December 2023.

6. January 31

January 31, 2024, marks the final day for submitting the quarterly statement of TDS deposited for the quarter ending December 31, 2023.

February

1. February 7

This date is the deadline for depositing TDS/TCS for January 2024.

2. February 14

February 14 is the due date for issuing TDS Certificates under Section 194-IA, Section 194-IB, and Section 194M for the month of December 2023.

3. February 15

February 15 is the last day for issuing a quarterly TDS certificate related to tax deducted on income other than salaries for the quarter ending December 31, 2023.

March

March is a critical month with several important deadlines, being the last month of the financial year 2023-24. By March 31, individuals opting for the Old Tax Regime need to submit their investments to claim deductions under Section 80C, 80D.

1. March 2

This date is the due date for filing the challan statement for tax deducted under Section 194-IA, Section -194IB, and Section 194M for January 2024.

2. March 7

March 7 is the due date for depositing TDS/TCS deducted in February 2024.

3. March 15

March 15 marks the final date for depositing the fourth installment of advance tax (if liable to pay any) for FY 2023-24. It's also the due date for making advance tax payments by self-employed individuals covered under sections 44AD and 44ADA.

4. March 17

This is the last day for issuing TDS certificates for tax deducted under Section 194-IA, Section 194-IB, and Section 194M for January 2024.

5. March 30

March 30 is the due date for filing the challan statement for tax deducted under Section 194-IA, Section 194-IB, and Section 194M in February 2024.

6. March 31

March 31 is important for a couple of deadlines. It marks the final day to wrap up your tax-saving activities for the financial year 2023-24, but this is applicable only for those who have chosen the Old Tax Regime. You can achieve tax savings by making eligible investments and expenditures under Section 80C, a well-known and widely used deduction clause.

Saving money on taxes:

You can claim deductions on several things, like:

•    Life insurance premiums
•    PPF contributions
•    Fixed deposits (5 years, with bank or post office)
•    ELSS mutual funds
•    Children's tuition fees

If you choose the "old" tax system, you can also claim deductions under other sections (80D, 80G, 80CCD(1B)).

Paying rent:

If you pay a monthly rent of Rs 50,000 or more, the deadline to deduct tax (TDS) from your rent is March 31st.

You can choose to deduct TDS monthly or wait until the end of the year.

Updating your tax return:

March 31st is the last day to update your return for the tax year 2020-21 (2021-22 tax assessment year).

You can still update your return for 2021-22 (2022-23 tax assessment year) until March 31st, but you'll pay a penalty of 25%.

Updating after April 1st comes with a 50% penalty.

Remember:

These are just the highlights. Consult a tax professional for specific advice. Deadlines and penalties may change, so stay updated. I hope this makes the information more accessible!

Also Read: Tax Compliance Calendar for January 2024

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