Updated May 7th, 2024 at 11:08 IST

Feeling the weight of tax tension? Keep a close eye on your May calendar

May is a crucial time for taxpayers, packed with essential deadlines in the income tax realm, from tax payments to certificate issuances.

Reported by: Business Desk
May tax calendar alert | Image:Freepik
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May tax calendar alert: Are you finding yourself overwhelmed by tax obligations? Take a moment to check out the crucial deadlines awaiting you in the month of May.

May holds significant importance for taxpayers as it brings forth a slew of crucial deadlines and dates to adhere to in the income tax realm. From remitting taxes deducted or collected to issuing TDS certificates and filing various statements, May is a pivotal period in the income tax calendar.

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Here's a rundown of key dates imperative to mark on your May 2024 calendar

May 7, 2024

Taxpayers must mark this date for the deadline to deposit taxes deducted or collected for April 2024. It's imperative to note that any amount withheld or collected by a government entity must be remitted to the Central Government's account on the same day, especially if the tax is paid without the production of an income-tax challan.

May 15, 2024

This date signifies the due date for issuing TDS certificates for tax deductions under various sections such as 194-IA, 194-IB, 194M, and 194S for the month of March 2024. Additionally, it marks the deadline for submitting Form 24G to government offices for TDS/TCS payments made in April 2024, without the requirement of an income-tax challan. 

It's also crucial for filing the quarterly statement of TCS deposits for the quarter ending March 31, 2024, and furnishing statement in Form no. 3BB by stock exchanges concerning transactions with modified client codes after registration in the system for April 2024.

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May 30, 2024

This date is significant for non-residents with liaison offices in India, who must submit a statement (in Form No. 49C) for the financial year 2023-24. 

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Furthermore, it's the due date for furnishing the challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB, and 194S (by specified persons) in April 2024. Additionally, TCS certificates for the 4th quarter of the financial year 2023-24 are also issued on this date.

May 31, 2024

The final day of May brings forth several critical tax-related deadlines. These include the quarterly statement of TDS deposits for the quarter ending March 31, 2024, and the return of tax deductions from contributions paid by trustees of approved superannuation funds. 

Additionally, it's the deadline for furnishing the statement of financial transactions (in Form No. 61A) for the financial year 2023-24 and e-filing the annual statement of reportable accounts (in Form No. 61B) for the calendar year 2023 by reporting financial institutions.

Moreover, applications for PAN allotment are due for non-individual resident persons involved in financial transactions of Rs 2,50,000 or more during FY 2023-24 and individuals holding specified positions as per Rule 114(3)(v) who are yet to receive any PAN. 

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Applications in Form 9A for exercising the option available under Explanation to section 11(1) and statements in Form no 10 for accumulating income for future application under section 10(21) or section 11(1) are due if the assessee is required to submit a return of income on or before July 31, 2024. 

Lastly, the statement of donation in Form 10BD and the certificate of donation in Form no 10BE for the financial year 2023-24 are also due.

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Published May 3rd, 2024 at 21:04 IST