Income tax compliance calendar for May 2024

compliance calendar

May 7

The deadline for paying April 2024’s TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) liabilities

May 15

1. Date by which TDS certificates must be issued for taxes deducted in March 2024 under sections 194-IA, 194-IB, 194M, and 194S.

2. The deadline for government offices that paid TDS/TCS for April 2024 without a challan to provide Form 24G.

3. The date by which TCS must submit its quarterly statement for the quarter ending March 31, 2024.

May 30

1. Form 49C must be submitted for FY 2023–2024 by non-residents with a liaison office in India.

2. The deadline for submitting thechallan-cum-statement for taxes withheld in April 2024 under sections 194-IA, 194M, 194-IB, and 194S.

3. The fourth quarter of FY 2023–2024 is when TCS certifications must be issued.

compliance calendar

May 31

1. The deadline for filing the TDS deposited quarterly statement for the quarter ending March 31, 2024, is March 31.

2. The deadline for submitting a tax deduction return for contributions made by trustees of a superannuation fund that has been approved.

3. The deadline for submitting the FY 2023–24 Statement of Financial Transactions (Form 61A) is approaching.

4. The deadline for non-individual residents who transacted for at least Rs 2,50,000 lakh during the fiscal year 2023–2024 to apply for PANs.

1. Deadline for furnishing statement in Form 10 to accumulate income for future application under section 10 (21) or 11 (1).

2. Deadline for submitting a donation declaration in Form 10BD for FY 2023–2024 under section 80G (5) (iii) or 35 (1A) (i).

To guarantee timely compliance and prevent fines or other repercussions, taxpayers should take particular note of these deadlines.

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