Income Tax Calendar May 2024: Taxpayers should note that the month of May will see several tax-related deadlines and tasks to avoid paying penalties, penal interest, and others. May is a critical month for financial compliance, encompassing the deadlines for depositing deducted or collected taxes, issuing TDS certificates, and submitting various financial statements. The income tax department has released a detailed tax calendar on its website, delineating the deadlines for the month that individuals need to keep in mind.
Here are the important dates:
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May 7
It is the due date to deposit taxes deducted or collected in April 2024. It's crucial to highlight that any amount deducted or collected by a government entity must be transferred to the Central Government's account on the same day if the tax is paid without an income-tax challan.
May 15
May 15 the due date for issue of TDS certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S in the month of March, 2024. Section 194IA of the Income Tax Act, 1961, states the buyer of the immovable property costing more than Rs 50 Lakh will have to deduct the TDS when settling the amount to the seller. The rate of TDS for this type of deduction is 1%.
Section 194IB states that individuals and HUFs, not liable for audit under Section 44AB and not covered under Section 194I must deduct TDS for the rent paid to an Indian resident. However, the rent payment should be more than Rs 50,000 per month for TDS under this Section.
Also, May 15 is the deadline for furnishing of form 24G by an office of the government where TDS/TCS for the month of April, 2024 has been paid without the production of a challan.
Form 24G is a form that is required to be filled by the Accounts Office as per the income tax department. Form 24G is an electronic document. Form 24G carries all the information of tax deducted at source (TDS).
Besides, May 15 is the date when the quarterly statement of TCS should be deposited for the quarter ending March 31, 2024.
May 15 is even the due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2024.
Income tax form 3BB is a monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month.
May 30
Non-residents with a liaison office in India are required to submit a statement (in Form No. 49C) for the financial year 2023-24. Additionally, specified persons need to furnish the challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB, and 194S in April 2024. Moreover, TCS certificates for the 4th quarter of the financial year 2023-24 will also be issued on this date.
May 31
The last day of the month, May 31, is the deadline to submit quarterly statement of TDS deposited for the quarter ending March 31, 2024.
Besides, return of tax deduction from contributions paid by the trustees of an approved superannuation fund should be filed by May 31.
Additionally, this is the due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect for financial year 2023-24.
Form 61A is the statement of specified financial transactions that are required to be furnished under Section 285BA of the income tax by certain specified persons.
The application for allotment of PAN should be done by this date 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 allotted any PAN
Statement in Form no. 10 should be furnished to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit return of income on or before July 31, 2024)
Statement of donation in Form 10BD to be furnished by reporting person under section 80G(5)(iii) or section section 35(1A)(i) in respect of the financial year 2023-24.