Important Income Tax Deadlines for May 2024: Ensure You're Up to Date

As May gets closer, taxpayers should remember a number of important dates and deadlines. May is a crucial month in the income tax calendar, as it involves tasks such as filing deducted or collected taxes, issuing TDS certificates, and submitting statements.

Refer to our detailed guide for essential dates in May 2024 to ensure you fulfill your tax responsibilities completely.

7 May, 2024

Make sure to note down the due date for submitting taxes withheld or collected in April 2024 on your calendar. Any deductions or collections by a government office must be promptly transferred to the central government's balance on the same day if the tax is paid without an income tax challan.

15 May, 2024

TDS certificates for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S must be issued by March 2024. Moreover, government offices must submit Form 24G by this deadline for TDS/TCS paid in April 2024 even without a challan.

The deadline is approaching for submitting the TCS Quarterly Statement for the quarter ending March 31, 2024, as well as the Form No. 3BB statement by exchanges for transactions with modified customer codes in April. The year 2024.

30 May, 2024

Submission of affidavit (in Form No. 49C) by non-residents having a liaison office in India for the financial year 2023-2024. Additionally, it is the due date for filing of challenge statement for taxes deducted under Sections 194-IA, 194M, 194-IB and 194S (by certain persons) in April 2024. Moreover, TCS certificates for the fourth quarter of the year as for the financial year 2023-24 have been issued. On this date.

31 May, 2024

There are several important deadlines related to taxes due on this date. This includes the quarterly statement of TDS provided for the quarter ending 31 March 2024, as well as tax deductible returns from contributions paid by the trustees of the approved superannuation fund.

The deadline for submitting a statement of financial transactions (on Form No. 61A) for the fiscal year 2023-2024 and submitting the annual statement of accounts that must be reported electronically (on Form No. 61B) for the calendar year 2023 is through the reporting financial institutions.

FAQs

Q.What is the last date to file income tax return for 2024?

A. ITR Filing 2024: Form 16 is crucial for salaried individuals filing Income Tax Returns. Income tax return filing: The deadline to file the Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024.

Q. What is TDS deducted?

A. TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments.

Q. How much income is tax free?

A. For individuals below 60 years of age, the basic income exemption limit is Rs 2.5 lakh. For senior citizens aged 60 years and above but below 80 years, the basic exemption limit is Rs 3 lakh. For super senior citizens aged 80 years and above, the basic exemption limit is Rs 5 lakh.

Q. Which regime is better for income tax?

A. Generally, the new regime is more beneficial unless you utilize deductions exceeding Rs 3.75 lakhs.

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