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Good tax planning helps you reduce tax liability and increase savings. In such a situation, the new month of May is going to prove very important for the taxpayers. There are many tax related tasks which you should complete in May 2024. The Income Tax Department has published a tax calendar on its website, which mentions the due dates of tax liabilities in this month.
7 May 2024
This is the due date for deposit of tax collected or deducted by any government office for the last month of April 2024. However, the amount collected or deducted by any government office will be paid into the account of the Central Government on the same day. When tax is paid without presenting income tax challan.
15 May 2024
This is the due date for issuance of TDS certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S in the month of March 2024. This is also the due date for submission of Form 24G by the government office where TDS/TCS has been paid without challan for the month of April 2024. This is also the last date for submission of quarterly statement of TCS for the quarter ending March 31, 2024.
Further, it is also the last date for submission of details in Form No. 3BB by the Stock Exchange for transactions in which the client code has been modified after registration in the system for April 2024.
30 May 2024
The return (in Form No. 49C) on behalf of a non-resident having a liaison office in India for the financial year 2023-24 should be submitted by May 30.
This is the last date for submission of challan-cum-statement in respect of tax deducted under sections 194-IA, 194-IB, 194M and 194S in the month of April 2024.
The work of issuing TCS certificates for the fourth quarter of the financial year 2023-24 should also be completed by May 30.
31 May 2024
This is the deadline to submit quarterly statement of TDS deposited for the quarter ending March 31, 2024.
Returns of tax deduction for contributions paid by trustees of approved superannuation must be filed by May 31.
This is the due date for furnishing the statement of financial transactions (in Form No. 61A) to be furnished under sub-section (1) of section 285BA of the Act in respect of the financial year 2023-24.
Non-individual resident individual must apply for PAN by this date. This is for a person who has made financial transactions of Rs 2.5 lakh or more during the financial year 2023-24 and does not have a PAN.
Form no. 10. Statement under section 10(21) or section 11(1) should be furnished (if the assessee is required to furnish return of income on or before July 31, 2024). It deals with collecting income for future applications.
Details of donations in Form 10BD are to be furnished by a person reporting under section 80G(5)(iii) or section 35(1A)(i) in respect of the financial year 2023-24.