The Income Tax Department has published a tax calendar on its website, in which the due dates of tax liabilities in this month have been mentioned. Read further details in this news.
Good tax planning helps you in reducing tax liability and increasing savings. In such a situation, the new month of May is going to prove to be very important for the taxpayers. There are many tax related tasks which you should complete in May 2024. The Income Tax Department has published a tax calendar on its website, in which the due dates of tax liabilities in this month have been mentioned.
7 May 2024
This is the due date for depositing the tax collected or deducted by any government office for the last month of April 2024. However, the amount collected or deducted by any government office will be paid into the account of the Central Government on the same day when the tax is paid without presenting the income tax challan.
15 May 2024
This is the due date for issuance of TDS certificate for tax deducted under sections 194-IA, 194-IB, 194M and 194S in the month of March 2024. This is also the due date for submission of Form 24G by a government office, where TDS/TCS has been paid without challan for the month of April 2024. This is also the last date for submission of quarterly details of TCS for the quarter ending March 31, 2024.
Apart from this, this is also the last date for submission of details in Form No. 3BB by the stock exchange for the transaction in which the client code has been modified after registration in the system for April 2024.
30 May 2024
The statement (in Form No. 49C) should be submitted by May 30 on behalf of the non-resident having a Liaison office in India for the financial year 2023-24.
This is the deadline to submit Challan-Cum-Statement in respect of tax deducted under sections 194-IA, 194-IB, 194M and 194S in the month of April 2024.
The work of issuing TCS certificates for the fourth quarter of the financial year 2023-24 should also be completed by May 30.
31 May 2024
This is the deadline to submit quarterly statement of TDS deposited for the quarter ending March 31, 2024.
The return of tax deduction for contributions paid by the trustees of an approved superannuation must be filed by May 31.
This is the due date for furnishing the statement of financial transactions (in Form No. 61A) to be furnished under sub-section (1) of section 285BA of the Act in respect of the financial year 2023-24.
Non-individual resident person will have to apply for PAN by this date. This is for a person who has done financial transactions of Rs 2.5 lakh or more during the financial year 2023-24 and does not have a PAN.
Form no. 10. Statement under section 10(21) or section 11(1) should be furnished (if the assessee is required to furnish return of income on or before July 31, 2024). This is related to collecting income for future applications.
Statement of donation in Form 10BD is to be submitted by the person reporting under section 80G(5)(iii) or section 35(1A)(i) in respect of the financial year 2023-24.
