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Income Tax December Deadline: With the end of the year, taxpayers have to complete many tax related tasks. The month of December is the deadline for tax deduction, advance tax payment and return filing. If you want to avoid penalty, then definitely complete your work before these tax related deadlines. If you are an individual, business or part of a government office, then keep the tax calendar of December 2024 in mind. So that there is no problem in the new year.
The financial year in India runs from 1 April to 31 March. The calendar year runs from January 1 to December 31. It is important to take advantage of the December deadline to avail tax benefits and deductions by December 31. By keeping the correct dates and timeline of your return in mind, you can avoid fines, penalties and hassles. Know here what tasks taxpayers have to complete before December 31.
Income tax last date December 2024
7 December 2024
The last date for deposit of tax deducted or collected is November 2024. However, in case of tax paid by government offices without presenting the challan, it is mandatory to deposit the same day.
15 December 2024
Last date for submission of Form 24G – This is for reporting of TDS/TCS deducted by government offices without presenting challan in November 2024.
Advance tax payment of the third installment for assessment year 2025-26.
Last date for issuance of TDS deduction certificate in October 2024:
Section 194-IA – (TDS on immovable property)
Section 194-IB – (TDS on rent)
Section 194M – (TDS on non-professional contract services)
Last date for filing Form 3BB – This is to provide revised customer code information in transactions with stock exchanges.
Last date for issuance of TDS certificate under section 194S (TDS on virtual digital assets of certain persons) for October 2024.
30 December 2024
Information on tax deducted under sections 194-IA, 194-IB, 194M and 194S for November 2024 – Last date for filing challan-cum-statement.
Form 3CEAD Report – Last date for filing reports for Indian resident international group for reporting year 2023 (January 1, 2023 to December 31, 2023), if the parent entity of the group is not in an agreement country with India.
31 December 2024
Last date for filing delayed or revised income tax returns – This date is for all taxpayers for assessment year 2024-25, provided the assessment is not completed before December 31, 2024.