As May approaches, it brings with it a series of important dates and deadlines for taxpayers to remember. From depositing taxes deducted or collected to issuing TDS certificates and filing various statements, May is a crucial month in the income tax calendar.
To help you stay on top of your tax obligations, here’s a comprehensive guide to the essential dates you need to mark in your calendar for May 2024.
Also Read: Income Tax return filing 2024: What is Form 16, when is issue date and why is it crucial? — Explained
7 May, 2024
Mark your calendar for the deadline to deposit taxes deducted or collected for the month of April 2024. It’s important to note that 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.
15 May, 2024
The due date for issuing TDS certificates for tax deducted under various sections such as 194-IA, 194-IB, 194M, and 194S for the month of March 2024. Additionally, it marks the deadline for furnishing Form 24G by government offices for TDS/TCS paid in April 2024 without the production of a challan.
It is also the deadline for filing the quarterly statement of TCS deposited for the quarter ending March 31, 2024, and for furnishing statement in Form no. 3BB by stock exchanges regarding transactions in which client codes have been modified after registration in the system for the month of April 2024.
Also Read: PAN-Aadhaar linking: Tax Department defers penalty on TDS till May 31. Here is how to link both
30 May, 2024
Submission of a statement (in Form No. 49C) by non-residents having a liaison office in India for the financial year 2023-24. Additionally, it’s the due date for furnishing the challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB, and 194S (by specified persons) in April 2024. Furthermore, TCS certificates for the 4th quarter of the financial year 2023-24 are also issued on this date.
31 May, 2024
There are various important tax-related deadlines due on this date. These include the quarterly statement of TDS deposited for the quarter ending March 31, 2024, as well as the return of tax deduction from contributions paid by the trustees of an approved superannuation fund.
Additionally, it’s the due date for furnishing the statement of financial transaction (in Form No. 61A) for the financial year 2023-24 and the e-filing of the annual statement of reportable accounts (in Form No. 61B) for the calendar year 2023 by reporting financial institutions.
Also Read: Avoiding TDS: What are 15G/15H forms? Who needs them and why?
Moreover, 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, as well as for individuals holding specified positions as per Rule 114(3)(v) who haven’t been allotted any PAN yet.
Also, applications in Form 9A for exercising the option available under Explanation to section 11(1) and statements in Form no. 10 for accumulating income for future application under section 10(21) or section 11(1) are due if the assessee is required to submit a return of income on or before July 31, 2024.
Lastly, 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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 30 Apr 2024, 03:35 PM IST