May is an important month on the ITR calendar since it has several key deadlines that must be completed by individuals who are subject to them. Yes, income tax filing season is approaching for everyone, personal, institutional, corporate, and others, and here we look at all of the critical dates that taxpayers just cannot afford to miss.
If they do, they will simply put themselves in danger since the taxman will be monitoring and keeping track. The consequences are becoming increasingly severe and costly. That implies that losing out on anything, consciously or unintentionally, is not a viable choice for anyone.
Here’s a comprehensive guide to the main dates you’ll want to mark on your calendar for May 2024 to ensure you’re ready to handle your income tax return duties.
Check The List Of Deadlines Below:
May 7
- The deadline for depositing taxes deducted or collected is April 2024. Any amount deducted or collected by a government office must be sent to the Central Government’s credit on the same day if the tax is paid without the use of an income-tax challan.
May 15
- TDS certificates for tax deducted under different sections, including 194-IA, 194-IB, 194M, and 194S, for March 2024.
- The deadline for government agencies to submit Form 24G for TDS/TCS payments made is April 2024 without the presentation of a challan.
- Deadline for submitting the quarterly statement of TCS deposits for the quarter ending March 31, 2024.
- Deadline for stock exchanges to submit a statement on Form 3BB regarding transactions involving updated client codes.
May 30
- Submission of a statement (in Form No. 49C) by non-residents with an office in India.
- The deadline for filing the challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB, and 194S (by designated people) is April 2024.
- Deadline for TCS certifications in the fourth quarter of fiscal year 2023-24.
May 31
- Deadline for quarterly reporting of TDS deposits for the quarter ending March 31, 2024.
- Deadline for returning tax deductions from contributions made by trustees of an authorized superannuation fund.
- The due date for submitting the statement of financial transactions (in Form No. 61A) for the fiscal year 2023-24.
- Applications for PAN assignment are required for non-individual resident individuals who participated in financial transactions of Rs. 2,50,000 or more during FY 2023-24 and haven’t been allocated any PAN.
- Also for people holding designated positions under Rule 114(3)(v) who have not yet been assigned a PAN.
- The due date for the statement of contribution in Form 10BD and the certificate of gift in Form 10BE for fiscal year 2023-24 is also due.
