Comprehensive Guide to Income Tax Deadlines for 2024-25

Comprehensive Guide to Income Tax Deadlines for 2024-25

Staying on top of income tax deadlines is crucial for individuals and businesses to avoid penalties and ensure compliance. The Income Tax Department of India provides a detailed calendar of important dates for filing returns, making payments, and other compliance-related activities. Here’s a comprehensive guide to help you navigate the income tax deadlines for the financial year 2024-25.

Key Dates in the Income Tax Calendar 2024-25

1. 7th of Every Month

   • Deposit of TDS/TCS: Due date for the deposit of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the previous month. For government offices, the due date is the same day without the production of an income-tax challan.

2. 15th of Every Month

   • Form 24G: Due date for furnishing Form 24G by government offices where TDS/TCS for the previous month has been paid without the production of a challan.

3. 30th/31st of Every Month

   • Challan-cum-Statement: Due date for furnishing challan-cum-statement in respect of tax deducted under sections 194-IA, 194-IB, 194M, and 194S for the previous month.

4. Quarterly Deadlines

   • 15th January, April, July, October: Quarterly statement of TCS for the preceding quarter.
   • 31st January, May, July, October: Quarterly statement of TDS for the preceding quarter.

5. 15th March

   • Fourth Instalment of Advance Tax: Due date for the fourth instalment of advance tax for the assessment year.

6. 31st July

   • ITR Filing for Individuals: Due date for filing Income Tax Return (ITR) for individuals and entities not required to get their accounts audited.

7. 30th September

   • ITR Filing for Audited Accounts: Due date for filing ITR for entities required to get their accounts audited.

8. 31st October

   • Tax Audit Report: Due date for submitting the tax audit report for the previous financial year.

9. 30th November

   • Transfer Pricing Report: Due date for filing the transfer pricing report in Form 3CEB.

10. 31st December

    • Belated/Revised Return: Due date for filing belated or revised return of income for the assessment year.

Benefits of Adhering to the Tax Calendar

• Avoid Penalties: Timely compliance helps avoid interest charges and late fees.
• Efficient Financial Planning: Helps in planning cash flows and financial activities.
• Accurate Filings: Reduces the risk of errors and ensures accurate tax filings.

Conclusion

Adhering to the income tax deadlines is essential for maintaining compliance and avoiding penalties. The income tax calendar for 2024-25 provides a clear schedule of all important dates, helping you stay organized and prepared. For more detailed information, visit the Income Tax Department’s Deadline Page.