The tax calendar provided by the Income Tax Department (IT department) in outlines crucial deadlines concerning taxes, including the submission of income tax returns, payment of advance tax, and tax deductions at source. Failure to meet these deadlines could result in late payment fees and penalties.
Understanding the tax calendar is vital for upholding financial discipline, evading penalties, and adhering to the tax laws and regulations set forth by the IT Department. It enables individuals and businesses to strategise effectively, handle finances proficiently, and meet their tax responsibilities promptly.
Here’s the tax calendar for March 2024:
Upcoming Dates
March 7, 2024
The due date for the deposit of Tax deducted/collected for February 2024. However, all sum deducted/collected by an office of the government shall be paid to the credit of the central government on the same day when tax is paid without the production of an income-tax challan.
March 15, 2024
- Fourth instalment of advance tax for the assessment year 2024-25
- The due date for payment of the whole amount of advance tax in respect of the assessment year 2024-25 for the assessee covered under the presumptive scheme of section 44AD / 44ADA
- The due date for furnishing of Form 24G by an office of the government where TDS/TCS for the month of February 2024 has been paid without the production of a challan
March 16, 2024
- The due date for issue of TDS certificate for tax deducted under section 194-IA in the month of January 2024
- The due date for issue of TDS certificate for tax deducted under section 194-IB in the month of January 2024
- The due date for issue of TDS certificate for tax deducted under section 194M in the month of January 2024
- The due date for issue of TDS certificate for tax deducted under section 194S (by specified person) in the month of January 2024
March 30, 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of February, 2024
March 31, 2024
- Country-by-country report in Form No. 3CEAD for the previous year 2022-23 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group
- Country-by-country report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2022 to March 31, 2023) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
- Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in the previous year 2022-23, to claim foreign tax credit [if the return of income has been furnished within the time specified under section 139(1) or section 139(4)
- Furnishing of an updated return of income for the assessment year 2021-22.
Past Date
March 1, 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in January 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in January 2024
- The due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in January 2024
- The due date for furnishing challan-cum-statement in respect of tax deducted under section 194S (by specified person) is January 2024.
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