During the fiscal year, it is very important to keep track of tax deadlines for both individuals and businesses. Missing these deadlines will result in penalties, interest charges, and unnecessary stress. To help you stay organized and compliant, here is a comprehensive guide to the key tax deadlines you should be aware of.
Income Tax Return (ITR) Filing Deadlines
For Individuals and Non-Audited Entities
The most significant date for taxpayers is July 31, 2024. It would be the last day on which individuals, Hindu Undivided Families (HUFs) as well as other non-audited entities can submit their Income Tax Returns for FY 2023-24 (Assessment Year 2024-25). For this reason, there would be a significant advantage to file before the given due date to avoid paying penalties for late filing of return.
For Business And Audited Entities
Businesses and individuals whose accounts need auditing get a later deadline. The due date to file ITR for such entities is November 15, 20243. This deadline will be applicable to companies and other taxpayers who need their accounts audited.
Special Cases
For businesses with international transactions or specified domestic transactions involving transfer pricing reports, when are taxes due? The deadline is extended to November 30, 2024.
Advance Tax Payment Deadline
For those with significant taxable income, advance tax payments are mandatory. These payments are due in four installments throughout the financial year 2024-25:
- First Installment: June 15, 2024 (15% of total advance tax)
- Second Installment: September 15, 2024 (45% of total advance tax)
- Third Installment: December 15, 2024 (75% of total advance tax)
- Fourth Installment: March 15, 2025 (100% of total advance tax)
It is worth noting that in case of presumptive taxation schemes, the entire advance tax is payable by March 15, 2025.
TDS Due Dates
In case of taxpayers who are liable to deduct tax at source, there are monthly and quarterly due dates as follows:
Monthly TDS Deposit
The tax deducted every month should be deposited by the 7th of the following month. For example, TDS for April 2024 must be deposited by May 7, 2024.
Quarterly TDS Returns
TDS returns are to be filed quarterly:
- Quarter closing June 30: July 31, 2024
- Quarter closing September 30: October 31, 2024
- Quarter closing December 31: January 31, 2025
- Quarter closing March 31: May 31, 2025
Other Important Deadlines
Belated and Revised Returns
If you fail to submit within the statutory due date, then you are allowed to submit a tardily filed return on December 31, 2024. The same deadline also applies to those who have to file an amended return for errors or omissions in their original return.
Returns Introduced
There is an almost new provision allowing for the filing of an updated return within two years from the close of the relevant assessment year. For the financial year 2023-24, this extended deadline would be March 31, 2027.
Submission of the Tax Audit Report
For businesses that need to undergo a tax audit, the tax audit report should be submitted one month before the ITR filing date. As the ITR deadline has been set for November 15, 2024, the tax audit report needs to be submitted by October 15, 2024.
December Dates
December is an important month in terms of tax-related work:
- December 7, 2024: Last date for depositing TDS for November 2024
- December 15, 2024: Advance tax third installment due date
- December 15, 2024: TDS certificates, for October 2024 Tax deducted, to be issued
- December 30, 2024: Challan-cum-statements for certain deductions made in November 2024, last date for filing
- December 31, 2024: Last date for filing belated or revised income-tax returns for AY 2024-25
Why Date Matters
It’s not just about avoiding penalties; it’s keeping the financial books and accounts healthy and compliant. Further, late filing can lead to:
- Additional monetary penalties depending on how many days have elapsed
- Interest charges on the unpaid taxes
- Loss of specific tax benefits or deductions
- Increased scrutiny by tax authorities
- Longer time spans for processing refunds if due
Strategies for Timely Compliance
Ensure you meet these deadlines by:
- Mark important dates on your calendar or set reminders on your digital devices.
- Gather and organize your financial documents well in advance.
- If you are using a tax professional, schedule appointments early to avoid the last-minute rush.
- For businesses, maintain up-to-date books of accounts throughout the year.
- Stay informed about any changes or extensions announced by the tax authorities.
Conclusion
The process of navigating the complex landscape of tax deadlines is difficult, but it is an essential aspect of financial responsibility. Awareness of these key dates and proper planning will ensure smooth compliance with tax regulations, avoid unnecessary penalties, and maintain a healthy financial profile.
Remember, while this guide provides an overview of key tax deadlines, tax laws and deadlines can change, so it is always best to check the latest information from primary sources or seek professional help from a qualified tax advisor.
In doing this, you avoid legal complexities and contribute to better planning, all to give you peace of mind. Mark these dates, keep reminders, and stay on top of your tax game. Your future self will thank you for the vigilance and foresight in tackling these important financial responsibilities.
Source: Cosmo Politian
