Income tax calendar for July 2024: Key deadlines you should know

• June 29, 2024
• CA Chandan Agarwal's Office

Income tax calendar for July 2024: The deadlines are crucial for ensuring compliance with the Income Tax regulations in India. Failure to adhere to these dates may attract penalties and interest under the relevant provisions of the Income Tax Act, 1961.

As we approach July 2024, taxpayers and financial institutions in India must note critical deadlines set by the Income Tax Department. These deadlines span various tax deductions, certificates issuance, and quarterly statements.

Here’s a detailed overview of the key dates:

July 7, 2024

Deposit of Tax Deducted/Collected: This marks the due date for the deposit of tax deducted or collected for the month of June 2024.

Notably, all sums deducted or collected by government offices must be paid to the Central Government on the same day of deduction, without the need for an Income-tax Challan.

TDS Deposit (Quarterly Option): For taxpayers permitted quarterly deposit of TDS under sections 192, 194A, 194D, or 194H, the due date for the period April 2024 to June 2024 is also on this day.

July 15, 2024

TDS certificate issuance:

• • TDS certificates under section 194-IA for May 2024.

• • TDS certificates under section 194-IB for May 2024.

• • TDS certificates under section 194M for May 2024.

• • TDS certificates under section 194S (by specified person) for May 2024.

Quarterly statements:

• • Quarterly statement in Form No. 15CC by authorised dealers for foreign remittances for the quarter ending June 2024.

• • Quarterly statement of TCS deposited for the quarter ending June 30, 2024.

Upload of declarations: Declarations received from recipients in Form No. 15G/15H during the quarter ending June 2024 must be uploaded.

July 30, 2024

Challan-cum-Statement (TDS):

• • Furnishing of challan-cum-statement in respect of tax deducted under section 194-IA for June 2024.

• • Furnishing of challan-cum-statement in respect of tax deducted under section 194-IB for June 2024.

• • Furnishing of challan-cum-statement in respect of tax deducted under section 194M for June 2024.

• • Furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) for June 2024.

July 31, 2024

Quarterly Statements: Quarterly statement of TDS deposited for the quarter ending June 30, 2024.

Income Tax Returns: Return of income for the assessment year 2024-25 for all assesses except corporate assesses, non-corporate assesses whose accounts are audited, partners of firms requiring audit, and others specified under section 92E.

Other Returns and Statements:

• • Quarterly return of non-deduction of tax at source by banking companies from interest on time deposits for the quarter ending June 30, 2024.

• • Statements required from scientific research associations, universities, colleges, or Indian scientific research companies if the income tax return due date is July 31, 2024.

• Intimation in Form 10BBB by pension funds and Form II by Sovereign Wealth Funds for investments made in India for the quarter ending June 2024.

Source: https://www.cnbctv18.com/personal-finance/income-tax-calendar-july-2024-key-deadlines-full-list-itr-return-filing-form-15h-19435473.htm