The deadline to submit the ITR for FY 2023-24 without incurring a late fee is July 31, 2024. The return filed in 2024 pertains to income earned from April 1, 2023, to March 31, 2024.
2024 Income Tax Calendar: With the commencement of the new year, the Income Tax department has released the tax calendar for the year. It's crucial to take note of the income tax-related deadlines to avoid fines and penalties. Typically, the deadline for filing the Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is July 31, 2024. The return filed in 2024 pertains to income earned in the financial year 2023-24, spanning from April 1, 2023, to March 31, 2024. The assessment year (AY) is the year of review for FY 2023-24, during which you submit returns and declare investments for tax assessment.
Here are the key dates in January, February, and March:
January 7
The due date on January 7 is for those depositing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2023. It is also the target date for depositing TDS for the period October-December 2023 under Section 192 (for Salaries paid), Section 194A (on Interest other than interest on securities), 194D (on Insurance commission), and 194H (on Commission and brokerage).
January 14
On January 14, the due date is for issuing TDS certificates under Section 194-IA (TDS on payment made for buying immovable property excluding agricultural land), 194-IB (on monthly rent of a house exceeding Rs 50,000), and 194M (on payment made for contractual work).
January 15
The final day for submitting the quarterly statement of TCS deposited for the quarter ending December 31, 2023, is January 15.
January 15
On January 15, the due date is also for providing Form 15G/Form 15H declarations received during the October-December 2023 quarter. The Income-Tax Act does not specify a particular deadline for submitting Form 15G/Form 15H for zero TDS, but it is acceptable within this month. Additionally, it's important to note that after submitting Form 15G/Form 15H to a bank, company, or any other financial institution, informing the income tax department about it is essential.
January 30
January 30, 2024, is the cutoff for issuing Tax Collected at Source (TCS) certificates for the tax collected in the quarter ending December 31, 2023. This date also serves as the deadline for filing the challan statement for Tax Deducted at Source (TDS) under Section 194-IA, Section 194-IB, and Section 194M for December 2023.
January 31
The final deadline for submitting the quarterly statement of TDS deposited for the quarter ending on December 31, 2023, is January 31, 2024.
February
February 7
On February 7, it is the due date to deposit TDS/TCS for January 2024.
February 14
For the month of December 2023, the due date for issuing TDS Certificates under Section 194-IA, Section 194-IB, and Section 194M is February 14.
February 15
The deadline for issuing a quarterly TDS certificate regarding tax deducted on income other than salaries for the quarter ending December 31, 2023, is February 15.
March
March is a critical month with several important deadlines, being the last month of the financial year 2023-24. For instance, March 31 is the final day for individuals to complete their tax-saving exercise for FY 2023-24. Those who have chosen the Old Tax Regime need to submit their investments to claim deductions under Section 80C, 80D before the month concludes.
March 2
The due date for filing the challan statement for tax deducted under Section 194-IA, Section -194IB, and Section 194M for January 2024 is March 2.
March 7
The due date for depositing TDS/TCS deducted in February 2024 is March 7.
March 15
This marks the final date for depositing the fourth installment of advance tax (if liable) for FY 2023-24. Additionally, it is the due date for self-employed individuals covered under sections 44AD and 44ADA to make advance tax payments.
March 17
March 17 is the last date for issuing TDS certificates for tax deducted under Section 194-IA, Section 194-IB, and Section 194 M for January 2024.
March 30
The due date for filing the challan statement for tax deducted under Section 194-IA, Section 194-IB, and Section 194M in February 2024 is March 30.
March 31
March 31 entails a couple of deadlines. It is the final date to conclude the tax-saving exercise for FY 2023-24, applicable only to those who have chosen the Old Tax Regime. This involves making eligible investments and expenditures under Section 80C, the most well-known and widely used deduction clause.
Investments in life insurance premiums, PPF, 5-year fixed deposits, ELSS mutual funds, and tuition fees for children offer avenues for claiming deductions. Those in the old regime can avail deductions under sections like 80D, 80G, 80CCD(1B).
March 31 is the deadline for tenants paying monthly rent of Rs 50,000 or more to deduct TDS on rent within the financial year. It is also the last date for filing an updated return for FY 2020-21 (AY 2021-22). After March 31, 2024, no updated returns for FY 2020-21 can be filed.
For FY 2021-22 (AY 2022-23), updated returns can be filed by March 31 with a 25% penalty. If filed on or after April 1, 2024, the penalty increases to 50%.
