• Notification Date: 08-01-2024
• Notification No: N/A

Tax Calendar 2024: Crucial Income tax-related Deadlines in January, February and March

The Income Tax department has already shared the tax calendar for the new year. It is crucial to note the income tax-related deadlines to avoid paying fines and penalties. Usually, the last date to file the Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is July 31, 2024. The return you will file in 2024 is for the income you earned in the financial year 2023-24, which covers the period between April 1, 2023, and March 31, 2024. The assessment year (AY) is the year of review for FY 2023-24, during which you file your returns and declare your investments for tax assessment. 

Here are the crucial dates in January, February and March: 

January: 

1. January 7 

January 7 is the due date for those who deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2023. It is also the target date for those to deposit 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). 

2. January 14 

January 14 is the due date 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). 

3. January 15 

It will be the last date for filing the quarterly statement of TCS deposited for the quarter ending December 31, 2023. 

4. January 15 

January 15 is also the due date for furnishing Form 15G/Form 15H declarations received during the October-December 2023 quarter. The Income-Tax Act does not specify any due date for submission of Form 15G/Form 15H for zero TDS. But it can be submitted in this month. Also, one should note that after submitting the Form 15G/Form 15H to a bank, company or any other financial institution, they should inform the income tax department about it. 

5. January 30 
  

The deadline for issuing Tax Collected at Source (TCS) certificates for the tax collected in the quarter ending December 31, 2023, is set for January 30, 2024. This date also marks the due date for filing the challan statement for Tax Deducted at Source (TDS) deducted under Section 194-IA, Section 194-IB, and Section 194M for December 2023. 

6. January 31 

January 31, 2024, is the final date for filing the quarterly statement of TDS deposited for the quarter that ends on December 31, 2023. 

February: 

1. February 7 
It is the due date to deposit TDS/TCS for January 2024. 

2. February 14 

For the month of December 2023, February 14 is the due date for issuing TDS Certificate under Section 194-IA, Section 194-IB and Section 194M. 

3. February 15 

It is the deadline for issuing a quarterly TDS certificate with respect to tax deducted on income other than salaries for the quarter ending December 31, 2023. 
  
March: 

March is one of the most important months with many crucial deadlines. It is the last month of the financial year 2023-24. Like, March 31 is the deadline for individuals to complete their tax-saving exercise for FY 2023-24. So, those who have opted for the Old Tax Regime have to submit their investments to claim deductions under Section 80C, 80D before the month ends.   

1. March 2 

It is the due date for filing challan statement for tax deducted under Section 194-IA, Section -194IB and Section 194 M for January 2024. 

2. March 7 

It is the due date for depositing TDS/TCS deducted in February 2024. 

3. March 15 

This the last date for depositing the fourth instalment of advance tax (if liable to pay any) for FY 2023-24. 
Besides, it is also the due date for making payment of advance tax by those self-employed individuals who are covered under sections 44AD and 44ADA. 

4. March 17 

This 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. 

5. March 30 

To file challan statement for tax deducted under Section 194-IA, Section 194-IB, and Section 194M in February 2024, March 30 is the due date. 

6. March 31 
  

March 31 has a couple of deadlines. 

It is the last date to complete the tax saving exercise for FY 2023-24. It is only for those who have opted for the Old Tax Regime. One can complete tax savings by making eligible investments and expenditures under Section 80C. Section 80C is the most well-known and widely used deduction clause. 

One can claim deductions after investment in Life insurance premiums, PPF, 5-year fixed deposits either with bank or post office, ELSS mutual funds, and expenditure on tuition fees for children etc. Those opting for the old regime can also claim deductions under other sections like 80D, 80G, 80CCD(1B). 

March 31 is the deadline for individuals who are renting a residence and paying a monthly rent of Rs 50,000 or more. It is important to remember that TDS needs to be deducted on the rent paid within a financial year. According to income tax regulations, individuals are required to deduct TDS on house rent either when they vacate the premises or by the end of the financial year. To make it easier and more convenient, tenants have the option to deduct TDS each month from the rent paid. 

March 31 is the last date to file an updated return for FY 2020-21 (AY 2021-22). After March 31, 2024, individuals cannot file updated returns for FY2020-21. 

Besides, one can also file updated returns for FY 2021-22 (AY 2022-23) by paying a 25% penalty. However, if the updated return for FY 2021-22 is filed on or after April 1, 2024, then the penalty will be 50%.