Income Tax Due Date Calender: May 2024

Tax calender released by the Income tax department to avoid any delaying penalties, interest or others.

Here are some essential dates taxpayers need to keep in mind.

May 7

This is the due date where you have to deposit all the TDS deductions or TCS collections made in April, 24.

May 15

i) Under sec 194-IA, 194-IB, 194M & 194S, any TDS certificate for the month of March is to be issued on this date.

ii) Form of 24G, which is an electronic form required to be filled by Accounts office as per Income tax department should be provisioned by a government office where TDS/TCS has been cleared without challan production for month of April,2024.

iii) Form no 3BB should be provisioned by a stock exchange.

iv) For quarter ending March 31,2024, a quarterly statement of TCS shall be deposited.

Section 194IA of the Income Tax Act, 1961 claims that the buyer of any immovable property which is more than 50 lakh shall deduct TDS on settling the amount to the seller for which TDS rate would be 1%.

Section 194IB claims that individuals & hindu undivided families, not accountable under Section 44AB and not enclosed under Section 194I, must deduct TDS when paying rent to an Indian resident where rent should be more than 50,000  per month

May 30

i) For the FY 2023 – 24, non residents with a liason office in India are needed to hand over the statement in (Form No. 49C).

ii) TCS certificates for the fourth quarter of FY 2023 – 24 shall be issued.

May 31

i) For the quarter ending March 31, 2024 , may 31 is the final date to submit any quarterly statements of TDS.

ii) The application for issuing of PAN should be settled only in case of non-individual resident person, which enters into a financial transaction of Rs 2.5 lakh or more during FY 2023-24 and hasn’t been issued any PAN​.

iii) Due date for furnishing of the statement of financial transaction (in Form No. 61A) (Also known as SFT) as required to be furnished under sub-section (1) of section 285BA of the Act respect for financial year 2023-24.