Looming Tax Deadline: Here Are Some Key Income Tax Deadline Dates For May 2024; Don't Miss The Details

May is here, and with it comes a fresh set of deadlines for income tax in India. Missing these deadlines can lead to penalties and unwanted chaos, so staying informed is crucial. To help you navigate the month smoothly, here's a breakdown of the key income tax due dates for May 2024, as published by the income tax department.

May 7th

This is the first deadline of the month. Ensure you deposit any tax deducted or collected for the month of April 2024 by this date. There's a slight exception for government offices - any tax deducted/collected by them can be paid on the same day without producing an income tax challan.

May 15th

Firstly, if you deducted tax under sections 194-IA, 194-IB, 194M, or 194S in March 2024, you need to issue TDS certificates by May 15th.

Secondly, any government offices that paid TDS/TCS for April 2024 without a challan must furnish form 24G by this date.

This is also the deadline to deposit the quarterly statement of TCS for the quarter ending March 31, 2024.

Stock exchanges need to submit form 3BB by May 15th, which details any client code modifications in April 2024 transactions.

May 30th

If you're a non-resident with a liaison office in India, you must submit a statement (Form No. 49C) for the financial year 2023-24 by May 30th.

This is also the due date to furnish challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB and 194S for April 2024.

Don't forget to issue TCS certificates for the fourth quarter of the financial year 2023-24 by May 30th.

May 31st

Ensure you submit the quarterly statement of TDS deposited for the quarter ending March 31, 2024, by May 31st.

Trustees of approved superannuation funds need to file a return of tax deduction from contributions paid by May 31st.

This is also the due date for furnishing a statement of financial transactions (Form No. 61A) for the financial year 2023-24, as required under section 285BA of the Income Tax Act.

Additional Important Deadlines

If you're a non-resident who entered into a financial transaction of Rs 2.5 lakh or more during FY 2023-24 and haven't been allotted a PAN card yet, you need to apply for one by May 31st.

Assessees who need to submit their income tax return on or before July 31, 2024, must furnish a statement in Form No 10 to accumulate income for future application under section 10(21) or section 11(1) by May 31st.

Reporting persons under section 80G(5)(iii) or section 35(1A)(i) need to furnish a statement of donation in Form 10BD by May 31st for the financial year 2023-24.

Remember, this information is for May 2024 only. Be sure to stay up-to-date on any changes or additional deadlines throughout the year. It's always a good idea to consult a tax advisor for personalized guidance on your specific situation. By staying informed and meeting these deadlines, you can ensure a smooth and stress-free tax filing experience.

Disclaimer:

The details provided above represent real time facts and do not reflect any suggestions or opinions of GoodReturns or the author. We recommend taxpayers to consult with certified experts before making any decisions.