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Income Tax Calendar 2024 for Taxpayers with all Deadlines

Q: Filing of ITR Has Been Extended to 30 June 2020

– March 25, 2020 Finance Minister Nirmala Sitharaman has announced that the filing of Income Tax Returns (ITR) for the financial year ended 2019 has been extended to the end of June 2020. Also, the interest rate for delayed payment has been reduced to 9% from the earlier 12%. The last date to file ITR for FY 2018-19 without fine was extended from 31 July 2019 to 31 August 2019. And for those who missed the extension period, the due date was 31 March 2020, which is now changed to 30 June 2020. Taxpayers were in for serious consequences if they failed to file the ITR by 31 March 2020; however, with the impact of Coronavirus in India, this last date has been further extended.

Team AckoNov 7, 2024

As the new year begins, it brings opportunities for renewal and leisure. However, amidst planning trips and activities, it's crucial to remain mindful of financial responsibilities, especially tax management. To aid in this, authorities introduce the File-it-Yourself Calendar, guiding individuals and businesses through key tax deadlines.

Submitting investment declarations to office administration before deadlines is vital for employees. This allows them to benefit from tax-saving avenues like provident fund contributions and life insurance premiums, optimising their financial portfolio.

Strategic tax planning, whether for retirement or long-term growth, is essential for achieving financial goals. Embracing a proactive approach to tax management ensures financial stability. By adhering to deadlines, declaring investments, and leveraging tax-saving opportunities, individuals can navigate the tax landscape confidently and pursue financial success.

Income

Contents

Income Tax Department Calendar 2024 Deadlines
Checklist for Filing Income Tax:
New Tax Regime Adoption
Frequently Asked Questions:
News Related to Income Tax Calendar:

Income Tax Department Calendar 2024 Deadlines

Proactive tax planning empowers individuals to make informed decisions about their finances. By utilising tax-saving avenues and optimising investment strategies, they can minimise tax liabilities and secure their financial future. So, here’s a quick look at the tax submission deadlines:

January 2024

The year commences with January, when several critical due dates demand attention from deductors and taxpayers. January 7 marks the deadline for depositing Tax Deducted at Source (TDS) for various sections, including 192, 194A, 194D, and 194H, covering salaries, interest, insurance commission, and commission/brokerage payments.

Additionally, January 14 requires the issuance of TDS certificates under sections 194-IA, 194-IB, and 194M for specified transactions. The month wraps up with January 31 as the deadline for filing the quarterly statement of TDS deposited for the previous quarter, ending December 31, 2023.

February 2024

Moving into February, attention shifts to depositing TDS/TCS for January by February 7 and issuing TDS certificates by February 14 for transactions in December 2023. Furthermore, February 15 serves as the deadline for issuing quarterly TDS certificates for income other than salaries for the quarter ending December 31, 2023.

March 2024

March ushers in additional responsibilities, including filling the challan statement for tax deducted in January by March 2 and depositing TDS/TCS for February by March 7. March 15 stands out as a significant date, marking the deadline for depositing the fourth instalment of advance tax for FY 2023-24 and for self-employed individuals under presumptive taxation schemes to make advance tax payments.

March 31 carries various deadlines, including issuing TDS certificates for January, concluding tax-saving activities for the fiscal year, and filing updated returns for FY 2020-21, among others.

April 2024

As April unfolds, attention turns to issuing TDS certificates for March transactions by April 14 and filling the challan statement by April 30 for tax deducted in March. Additionally, April 30 serves as the due date for depositing tax deducted under various sections for the January-March 2024 quarter and uploading Form 15G/Form 15H declarations.

May, June 2024

May and June maintain momentum with deadlines for depositing TDS/TCS, issuing certificates, and filing challan statements for April and May transactions. Notably, June 15 signifies the due date for depositing the initial instalment of advance tax for FY 2024-25 and collecting TDS certificates (Form 16/Form 16A) from employers and financial institutions.

July 2024

July intensifies the compliance requirements with deadlines for depositing TDS/TCS for June and the April-June quarter, issuing TDS certificates, and filing quarterly statements. Additionally, July 31 serves as the final deadline for filing IT returns for individuals without audited accounts.

August, September 2024

August and September maintain a similar cadence, emphasising the deposit of TDS/TCS, issuance of certificates, and filing of challan statements. September 15 marks the deadline for depositing the second instalment of advance tax for FY 2024-25 and submitting audit reports for taxpayers not involved in specified transactions.

October, November 2024

October and November continue the trend of fulfilling tax obligations, including depositing TDS/TCS, issuing certificates, and filing quarterly statements. Notably, October 31 serves as the final deadline for taxpayers filing income tax returns with audited accounts and specified transactions.

December 2024

December concludes the year with deadlines for depositing TDS/TCS, issuing certificates, depositing advance tax instalments, and filing challan statements and belated or revised income tax returns.

Checklist for Filing Income Tax:

Here’s a list of documents that you might need to file your annual income tax or income tax returns.

Listed below are the documents which show the interest you have earned based on your income.

Your Bank Statement will specify the amount you have earned as an ‘interest on income’ from the money in your savings account. You can also get this amount after updating your Pass Book.

If you have invested money in Fixed Deposits, you will earn some amount on it. The amount you earn is taxable even if it is a Tax Saver Fixed Deposit.

Banks and other deductors will issue a Tax Deducted at Source (TDS) certificate for the tax that they have already accounted for.

Form 26AS:

TDS by different deductors
Tax deposited by taxpayers
Tax refund

Section 80C Deductions:

To encourage people to invest their money, the authorities have come up with Section 80C in The Income Tax Act. As per this section, you can invest up to Rs. 1.5 lakhs to save tax. One can invest in the following popular options to benefit from Section 80C of the Income Tax Act. You will need the receipts/acknowledgements of your investments to declare them.

Public Provident Fund (PPF)
National Savings Certificate (NSC)
Unit Link Insurance Plan (ULIP)
Equity Linked Savings Scheme (ELSS)
Life Insurance Certificate
National Pension Scheme (NPS)
Tax Saver Fixed Deposit

Documents Required to Claim Common Deductions:

Contribution to Provident Fund
Insurance paid as Premium for Life and Health policies
Principal repayment on Home Loan
Equity Linked Savings Scheme/ Mutual Fund Investments (As per Section 80C)

New Tax Regime Adoption

Effective April 1, 2024, India implements a new default tax system aimed at simplifying tax filing and encouraging widespread adoption. The system offers reduced tax rates but with fewer deductions and exemptions, aiming to streamline the overall process. Despite the transition, tax brackets for the financial year 2024-25 (tax year 2025-26) remain unchanged, as no adjustments were announced in the recent budget.

This move signifies a significant shift in tax administration, prioritising simplicity and efficiency. While taxpayers may initially face adjustments due to the reduction in available deductions and exemptions, the new system ultimately aims to make tax compliance more straightforward and accessible. Taxpayers are encouraged to familiarise themselves with the updated regulations to ensure compliance and maximise benefits under the new regime.

Frequently Asked Questions:

What is the meaning of Income Tax?

Every citizen of India must pay tax on the income earned as per the provisions of the Income Tax Act, 1961. In simple words, Income Tax is a portion of your income that you pay to the government.

Through which ways does the government collect tax?

The government collects income tax via voluntary payments, Tax Deducted at Source (TDS), and Tax Collected at Source (TCS)

What are tax rates?

The tax rates are slabs prescribed by the government. These are stated on a yearly basis.

What is the meaning of Exempted Income

Income that is exempted by the Income Tax Act for calculating the tax is termed as Exempted Income.

What is the meaning of Taxable Income?

The income for which you need to pay tax is termed as Taxable Income.For more details about taxation and tax filing, you can visit Income Tax India’s official website

ITR Forms To Be Issued Post Extension of Deadlines

– April 22, 2020

The Income Tax (IT) department said that it is revising the IT Returns form due to several relief measures announced by the government of India. The Finance Ministry said that revised IT Forms will be issued to enable taxpayers to take advantage of the benefits of several deadlines granted by the Indian government due to the novel coronavirus pandemic situation in the country. The revised ITR Forms for FY 2019-20 (AY 2020-21) will be notified by the end of April 2020. Taxpayers can enjoy the benefits of their transactions done between 1 April to 30 June 2020.

Filing of ITR Has Been Extended to 30 June 2020

– March 25, 2020

Finance Minister Nirmala Sitharaman has announced that the filing of Income Tax Returns (ITR) for the financial year ended 2019 has been extended to the end of June 2020. Also, the interest rate for delayed payment has been reduced to 9% from the earlier 12%. The last date to file ITR for FY 2018-19 without fine was extended from 31 July 2019 to 31 August 2019. And for those who missed the extension period, the due date was 31 March 2020, which is now changed to 30 June 2020. Taxpayers were in for serious consequences if they failed to file the ITR by 31 March 2020; however, with the impact of Coronavirus in India, this last date has been further extended.