Important Dates For The Income Tax Payee

Here are some important dates for income tax payees in India to keep in mind (as of April 2024):

For Individuals and Salaried Employees (Assessment Year 2025-2026):

• July 31st: Due date for filing Income Tax Returns (ITR) for most salaried individuals and those with income below a certain threshold.

For Businesses and Other Taxpayers (Assessment Year 2025-2026):

• September 30th: Due date for filing ITR for companies, firms requiring audits under Section 44AB, and individuals with complex income sources.

Advance Tax Installments (For Income Earned in FY 2023-2024):

• June 15th: First installment – 15% of the estimated tax liability.
• September 15th: Second installment – 45% of the estimated tax liability (total of 60% after first installment).
• December 15th: Third installment – 75% of the estimated tax liability (total of 90% after first two installments).
• March 31st: Fourth and final installment – remaining tax liability (100% of estimated tax liability).

TDS (Tax Deducted at Source) Certificate Collection:

• June 14th: Deadline for employers and other deductors to issue TDS certificates for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S in April 2024.
• June 15th: Date for taxpayers to collect TDS certificates (Form 16 from employers, Form 16A from banks and mutual funds) for the previous financial year.

Please note:

• These are the general deadlines, and specific dates might vary depending on your income category, tax filing type, and any notifications issued by the Income Tax Department.
• It’s always recommended to double-check the latest deadlines on the official Income Tax Department website (https://www.incometax.gov.in/iec/foportal/) to avoid any penalties for late filing or tax payments.

Additional Important Dates for Income Tax Payees in India

Here’s a deeper dive into important income tax dates beyond the usual filing deadlines:

TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) Deposits and Statements:

• Throughout the year: Depending on your income source, there might be specific dates for depositing TDS or TCS deducted/collected at source. These vary based on the type of income (e.g., interest on FD, rent from property) and the relevant section under which TDS/TCS is deducted. Refer to the Income Tax Department website or consult a tax advisor for specific deadlines related to your income sources.
• October 31st: Due date for depositing challan-cum-statement for tax deducted under sections 194IA, 194IB, and 194M for the quarter ending September 24th of the current financial year.
• October 31st: Due date for filing quarterly TDS return (salary and non-salary) for the period July to September of the current financial year.

Tax Audit and Transfer Pricing Reports:

• September 30th: Due date for filing the Income Tax Return for assessees covered under tax audit (Assessment Year following the financial year for which audit is applicable). This applies to entities exceeding the specified threshold for turnover or gross receipts.
• October 31st: Due date for filing the Transfer Pricing Audit Report, if applicable, for the previous financial year. This applies to specific categories of businesses with international transactions or specified domestic transactions.

Penalty and Interest for Late Filing or Tax Payment:

• Late filing of ITR: Interest is charged on the tax payable from the due date (July 31st for most individuals) till the date of filing. In some cases, a late filing penalty might also be applicable.
• Late payment of tax: Interest is charged on the unpaid tax amount from the due date (as per applicable installment or self-assessment tax payment) till the date of payment.

Revision of Tax Return:

• One year from the end of the relevant assessment year: This is the general deadline for revising a filed Income Tax Return if any errors or omissions are found. However, there might be exceptions and specific conditions for revision requests.

Remember:

• This information is for general guidance only. Stay updated by checking the official Income Tax Department website for the latest deadlines, notifications, and any changes in tax regulations.
• Consulting a tax advisor can be helpful for personalized advice based on your specific income sources, filing requirements, and potential deductions or exemptions.