Taxpayers should be aware that the month of May will include various tax-related deadlines and duties to avoid incurring penalties, punitive interest, and other fees. May is a significant month for financial compliance, with deadlines for depositing deducted or collected taxes, issuing TDS certificates, and reporting various financial statements. The income tax department has posted a thorough tax calendar on its website, including the monthly dates that taxpayers should be aware of.
These are the crucial dates:
May 7
It is the deadline day for depositing taxes deducted or collected in April 2024. It is critical to note that any cash deducted or collected by a government body must be sent to the Central Government's account on the same day if the tax is paid without an income tax challan.
May 15
May 15 is the deadline for issuing TDS certificates for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S in March 2024. According to Section 194IA of the Income Tax Act of 1961, the buyer of an immovable property costing more than Rs 50 lakh is required to deduct TDS while settling the money with the seller. The TDS rate for this type of deduction is 1%.
Section 194IB stipulates that individuals and HUFs who are not subject to audit under Section 44AB and are not covered by Section 194I must pay TDS on rent paid to an Indian resident. TDS, on the other hand, requires a monthly rent payment of more than Rs 50,000.
May 15 is the deadline for government offices to submit form 24G for TDS/TCS payments made without a challan for April 2024.
The income tax agency requires the Accounts Office to fill out Form 24G. Form 24G is an electronic document. Form 24G covers all of the information for TDS (tax deducted at source).
TCS's quarterly statement for the quarter ended March 31, 2024, is expected on May 15. May 15 is also the deadline for a stock exchange to file a declaration in Form 3BB for transactions in which client codes were changed after being registered in the system in April 2024.
Income Tax Form 3BB is a monthly statement that a stock exchange must make for transactions in which client codes were altered after registering in the system for that month.
May 30
Non-residents with a liaison office in India must submit a statement (Form No. 49C) for fiscal year 2023-24. Furthermore, designated individuals must submit the challan-cum-statement for tax deducted under sections 194-IA, 194M, 194-IB, and 194S by April 2024. In addition, TCS certificates for the fourth quarter of fiscal year 2023-24 will be issued on this date.
May 31
The final day of the month, May 31, is the deadline for filing the quarterly statement of TDS deposited for the quarter ending March 31, 2024. Furthermore, trustees of recognized superannuation schemes must file a return of tax deduction for contributions by May 31.
Also, this is the deadline for filing a statement of financial transactions (in Form No. 61A) as required by Subsection (1) of Section 285BA of the Act for fiscal year 2023-24.
Form 61A is a statement of specific financial transactions that some individuals are required to produce under Section 285BA of the Income Tax Act.
The application for PAN issuance must be submitted by this date only if the non-individual resident person engages in a financial transaction of Rs 2.5 lakh or more during FY 2023-24 and has not yet been issued a PAN.
To collect revenue for future applications under sections 10(21) or 11(1) (where the assessee is likely to file an income return by July 31, 2024), give a statement in Form No. 10. Sections 80G(5)(iii) or 35(1A)(i) require reporting persons to provide a donation statement in Form 10BD for fiscal year 2023-24.
