Income Tax Planning: Income tax planning helps in reducing tax liabilities and increasing savings. There are many tax related tasks that you have to complete in January 2024. Here is a list of those works which are related to tax. These works have to be completed in January so that you do not face any kind of problem.
7th January
This is the due date for deposit of tax deducted. However, the tax department said that all money deducted/collected by government offices will be paid into the central government account on the same day the tax is paid without producing the income tax challan.
This is also the deadline to deposit TDS for the period October 2023 to December 2023, when quarterly deposit of TDS is allowed under section 192, 194 A, 194 D or 194 H of assessment.
14 January
This is the due date for issuance of TDS certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S in November 2023.
15 January
This is the due date of submission of Form 24G to the government office where TDS/TCS payment for December 2023 has been made without presenting the challan. TCS quarterly information for the December 2023 quarter will also have to be submitted by this date. This is also the deadline to submit Form 15G/15H declarations received during the December 2023 quarter.
Also, the statement under Rule 114AAB for December 2023 quarter is presented in Form No. 49BA.
30 January
Quarterly TCS certificate in respect of December 2023 quarter should be submitted by January 30.
Challan statement in respect of tax deducted under sections 194-IA, 194-IB, 194M and 194S is required to be submitted in December 2023.
Quarterly information of TDS for December 2023 quarter also has to be submitted by January 30.
31 January
In respect of December 2023 quarter, the quarterly return of TCS of the banking company on interest on FD has to be filed by January 31. Information by sovereign wealth funds and pension funds regarding investments made in India for the quarter ending December 2023 is also to be provided by January 31.
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