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Income Tax Calendar: Important Dates for F.Y. 2024-2025


Income Tax Calendar: Important Dates for F.Y. 2024-2025


As we enter the new F.Y. 2024-2025, it i's important to stay updated with the Income Tax Calendar to ensure effective tax planning and compliance. This article will guide you through all the crucial dates and deadlines—from tax payment schedules to the submission of various forms—that you need to note. Whether you're an individual taxpayer, a business owner, or a financial advisor, being aware of these critical timelines will help you manage your tax responsibilities efficiently, avoid penalties, and manage your finances.

 

Table of Content

 

Significance of Income Tax Calendar


The Income Tax Calendar for the F.Y. 2024-2025 is essential for all taxpayers in India. It provides crucial dates and deadlines for submitting returns, paying taxes, and fulfilling other compliance obligations. The Income Tax Calendar not only ensures adherence to tax laws, thereby avoiding penalties, but also aids in effective financial planning. Here's why it's significant:


  • Ensures Compliance: Highlights key tax filing dates and deadlines, helping prevent penalties.

  • Facilitates Financial Planning: Enables taxpayers to strategically plan their expenses and investments.

  • Aids in Timely Payment: Assists in scheduling advance tax payments to avoid interest charges.

  • Enhances Organizational Efficiency: Supports businesses in systematically managing their financial obligations.

  • Prevents Last-Minute Rush: Encourages early and distributed preparations for tax-related responsibilities.


Income Tax Calendar: Due Date for Filing Income Tax Return for F.Y. 2023-2024

Knowing the Income Tax Return (ITR) filing due dates are essential for the taxpayers to ensure they don’t face any penal consequences. Here is an overview of the filing due dates for various categories of taxpayers for F.Y. 2023-2024:


Income Tax Calendar: Due Date for Filing Income Tax Return for F.Y. 2023-2024

Due Date for Payment of Advance Tax Installments for F.Y. 2024-2025

Advance tax payments form the central part of tax compliance for individuals and entities whose tax liability, after TDS, amounts to INR 10,000 or more in a year. 


Knowing the due date for payment of advance tax installments for the F.Y. 2024-2025 is essential. It will help the taxpayers to plan their cash flows accordingly. Moreover, the taxpayers will be able to pay taxes on time without having any effect on their working capital.

Due Date for Payment of Advance Tax Installments for F.Y. 2024-2025

Due Date for Payment of TDS/TCS for F.Y. 2024-2025

TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) operate as two mechanisms of tax collection in India at the point of transaction. Most TDS deductions are supposed to be deposited by the 7th of the following month. However, for payments made in March, the deposit is to be made by the 30th of April. TCS follows a similar schedule.


Following are the due dates for payment of TDS/TCS for F.Y. 2024-2025:


Due Date for Payment of TDS/TCS for F.Y. 2024-2025

TDS Sections with Specific Due Dates:

  • Section 194IA (TDS on property purchase): Payment is due within 30 days from the end of the month in which the deduction is made.

  • Section 194IB (TDS on rent by non-corporates): Payment is due within 30 days from the end of the month in which the deduction is made.

  • Section 194M (Payment of commission, brokerage, and likewise, by individuals not liable to tax audit): Payment is due within 30 days from the end of the month in which the deduction is made.

TCS Sections with Specific Due Dates:

  • Section 206C(1F) (Sale of motor vehicles above INR 10 Lakh): Payment is due on the 7th of the following month for non-government collectors, and on the same day for government collectors.

  • Section 206C(1H) (Sale of goods in excess of INR 50 Lakh): Payment is due on the 7th of the following month for non-government collectors, and on the same day for government collectors.


Due Date for Payment of PF/ESI for F.Y. 2024-2025


The due dates of Provident Fund (PF) and Employees' State Insurance (ESI) in India are important for the employers to manage the commitment of payroll effectively. For the Financial Year 2024-2025, the due dates for the payment of PF and ESI are typically the same each month:


  • PF (Provident Fund) Payment Due Date:

The due date for the deposit of PF contributions is on or before the 15th of the following month. For example, the PF contribution for April 2024 should be paid by May 15, 2024.

  • ESI (Employees' State Insurance) Payment Due Date:

The due date for ESI payment is on or before the 15th of each month for the previous month's contributions. For instance, for the month of April 2024, the ESI payment should be made by May 15, 2024.


These consistent monthly deadlines ensure timely compliance with financial obligations related to employee benefits.


Due Date for TDS/TCS Return Filing for F.Y. 2024-2025

Following are the due dates for filing of TDS/TCS returns for F.Y. 2024-2025:


Due Date for TDS/TCS Return Filing for F.Y. 2024-2025

Due Date for Submitting Form 15G/15H for F.Y. 2024-2025


The submission of Form 15G and Form 15H is crucial for managing deduction of TDS. These forms are especially important for those whose total income is expected to be below the taxable limit in the F.Y. 2024-2025. Form 15G/15H prevents tax deduction at source on interest income when the total income is not taxable. Here are the due dates for submitting these forms for each quarter of the F.Y. 2024-2025:


Due Date for Submitting Form 15G/15H for F.Y. 2024-2025


Consequence of Delay in ITR Filing for F.Y. 2023-2024


Delaying the filing of the Income Tax Return (ITR) for the F.Y. 2023-2024 beyond the specified due date can lead to several consequences. Below is a table that outlines these potential consequences, emphasizing the importance of timely compliance to avoid penalties and other complications:



Consequence of Delay in ITR Filing for F.Y. 2023-2024


Consequence of Delay in TDS/TCS Payments for F.Y. 2024-2025

Delay in the payment of TDS or TCS can lead to several adverse consequences for the payer. It's crucial for businesses and individuals responsible for deducting or collecting taxes to understand and adhere to the prescribed timelines to avoid the penalties and interest charges. Following are the potential consequences of late payment of TDS/TCS for the F.Y. 2024-2025:



Consequence of Delay in TDS/TCS Payments for F.Y. 2024-2025


Consequence of Delay in TDS/TCS Return Filing for F.Y. 2024-2025

Delaying the filing of TDS or TCS returns can lead to a range of statutory penalties and consequences, impacting both the financial and compliance status of the taxpayer. Following are the potential consequences for late filing of TDS/TCS returns for the F.Y. 2024-2025:


Consequence of Delay in TDS/TCS Return Filing for F.Y. 2024-2025





FAQ

Q1. What is the Income Tax Calendar? Why is it important for taxpayers?

The Income Tax Calendar outlines important dates and deadlines for tax-related activities, such as filing returns, paying taxes, and submitting forms. It helps taxpayers stay organized, avoid penalties, and plan their finances effectively.


Q2. When is the last date for filing income tax returns for the F.Y. 2023-2024?

The last date for filing income tax returns for F.Y. 2023-2024 is July 31, 2024, for individuals who are not required to get their accounts audited. However, it is advisable to check for any updates or extensions issued by the tax authorities.


Q3. What happens if I miss the deadline for filing my income tax return??

Missing the deadline for filing income tax return can lead to penalties and interest charges. It is essential to file your return on time to avoid such consequences and ensure compliance with tax laws.


Q4. Can I revise my income tax return if I made a mistake or forgot to include certain details?

Yes, you can revise your income tax return within a specified time limit, usually before the end of the assessment year or before the completion of assessment, whichever is earlier. It is advisable to rectify any errors or omissions promptly to avoid any complications.


Q5. When are the quarterly due dates for submitting Form 15G/15H for F.Y. 2024-2025?

The due dates for submitting Form 15G/15H for F.Y. 2024-2025 are as follows:

  • Q1 (April-June): 15th July 2024

  • Q2 (July-September): 15th October 2024

  • Q3 (October-December): 15th January 2025

  • Q4 (January-March): 15th April 2025


Q6. How can I calculate my advance tax liability for the F.Y. 2024-2025?

You can calculate your advance tax liability by estimating your total income for the year and applying the applicable tax rates. Advance tax is typically payable in installments during the financial year, with due dates specified by the tax authorities.


Q7. What are the consequences of not paying advance tax on time?

Failure to pay advance tax on time may attract interest under Section 234B and Section 234C of the Income Tax Act. It is important to make timely advance tax payments to avoid interest charges.


Q8. Are there any tax-saving investments or expenses I can consider for planning the taxes for F.Y. 2024-2025?

Yes, several tax-saving investments and expenses, such as contributions to Provident Fund (PF), Equity-linked Savings Scheme (ELSS), National Pension System (NPS), and payment of life insurance premiums, can help you reduce your taxable income and save on taxes.


Q9. What are the key dates for making tax-saving investments for the F.Y. 2024-2025?

Tax-saving investments can be made throughout the financial year. However, to claim deductions for a particular financial year, investments must be made before the end of the financial year, i.e., before March 31, 2025, to avail benefits for F.Y. 2024-2025.


Q10. How can I stay updated on any changes or updates to the Income Tax Calendar?

Since Profession Tax is administered by individual state governments, the due date for F.Y. 2024-2025 varies among different states. Generally, it is payable monthly by the last day of the following month in which the salary was paid. However, some states offer options for annual or quarterly payments. 


For specific due dates and payment schedules, it is advisable to consult the relevant state's tax department or a local tax advisor to ensure compliance with your location's regulations for the F.Y. 2024-2025.






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