Like every year, this year too you will come across many dates related to income tax. In such a situation, you should also know the income tax calendar of the new year, so that you can plan ahead accordingly.
The new year has started. Many companies have started asking for proof of investment from their employees, so that accurate calculation of income tax can be done. Like every year, this year too you will come across many dates related to income tax. In such a situation, you should also know the income tax calendar of the new year, so that you can plan ahead accordingly. Let us know when you have to take any decision related to tax this year.
7th of every month
January 7 is the last date for all deductors to deposit TDS and TCS deducted for December 2023. This is also the last date for deductors to deposit TDS under sections 192, 194A, 194D and 194H for October-December 2023. This is the reason why many companies are asking for investment proof from their employees so that their tax liability can be calculated correctly. So let us tell you that all the tax deductors have to deposit TDS and TCS on the 7th of every month.
Advance tax last date
Advance tax is a type of income tax, which has to be deposited with the Income Tax Department before the end of the financial year. It is not paid in lump sum on annual basis like normal tax, but is deposited in instalments. Advance tax has to be paid by those people whose tax liability is more than Rs 10,000. Advance tax has to be paid on quarterly basis on 15 June, 15 September, 15 December and 15 March.
31 March 2024
Every year the financial year ends on 31 March and the new financial year starts from 1 April. If you have chosen the old tax regime then this date is very important for you. If you want to make any tax saving investment, then this is the last date for the financial year.
If you live in a rented house and pay rent of more than Rs 50 thousand every month, then do not forget to deduct TDS on it. Most of the times it has been seen that people do this at the end of the financial year, so 31st March is an important date.
If you have to file an updated return for the financial year 2020-21, then March 31, 2024 is the last date for that also. At the same time, if you want to file an updated return for the financial year 2021-22, then you can file it by March 31 with 25 percent penalty. On filing after this, the penalty will be 50 percent.
Date of taking Form 16
On June 15, you can get TDS certificate or Form-16 from your employer. Apart from this, banks, mutual funds and companies issue Form-16 on this date. Form-16 is issued on an annual basis, which contains complete information about the tax deducted from your earnings. Any employed person needs this the most while filing ITR.
Last date to file ITR
For those whose accounts do not require audit, July 31 is the last date to file income tax return. Employed people come here and many professionals also come. If you are not able to file ITR by 31st July, then you will have to pay a penalty of Rs 5000 for late filing of ITR.
31 December 2024
This day is the last day of any calendar year. The last date to file belated ITR or revised ITR is 31st December.
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