2024 Financial Due Dates for Taxes, Returns, and Investments
09 January, 2024
Every new year comes with a line-up of critical financial dates and deadlines. It is always wise to mark these days on your calendar and set reminders in advance. After all, no one wants to miss out on an important deadline and become non-compliant.
Browsing through different news sources and websites to look for these dates and deadlines can be cumbersome. Here are the some important dates and events for the year ahead.
1. SGB investment 2024 dates (Sovereign Gold Bonds) - If you want to apply for the final tranche of the FY2023-24 SGB investments, you must do in February between 12 and 16, 2024.
2. Income Tax Return (ITR) last dates - The income tax return filing last date for the financial year 2023-24 is July 31, 2024. For individuals subject to audits, the audit report for FY2023-24 must be submitted by September 30, 2024, and the ITR must be filed by October 31, 2024.
If you miss the ITR filing deadline, a belated return can still be filed on or before December 31, 2024. The same deadline is also applicable for filing revised returns for FY2023-24.
3. Tax planning investment deadlines - Taxpayers planning to opt for the old regime in FY2023-24 must make tax savings investments on or before March 31, 2024.
4. Advance tax instalment payments - The last date for the fourth and final instalment of advance tax payment for the financial year 2023-24 is March 15, 2024. The last dates for the three instalments of FY2024-25 are -June 15, -September 15 and December 15, respectively.
5. Aadhaar updating last date - Aadhaar updating can be done at Aadhaar Seva Kendras, where a fee is charged depending on the type of updation. However, the Unique Identification Authority of India (UIDAI) is waiving this fee till March 14, 2024.
6. Nomination in demat account - Add a nominee for your demat and mutual funds investments on or before June 30, 2024.
7. Important TDS/TCS deadlines - Some of the TDS-related due dates are:
Due date for deposit of previous month’s TDS - 7th of each month (April 30, for March)
TDS return due date - January 31, May 31, July 31 and October 31, 2024
Due date for issue of TDS certificates - 15 February, 15 June, 15 August and 15 November 2024
Due date for TCS statement - January 15, April 30, July 15 and October 15, 2024
Due date for issue of TDS certificate under sections 194-IA, 194-IB and 194-M - 14 January 14, February 15, March 17, April 14, May 15, June 14, July 15, August 14, September 14, October 15, November 14 and December 15, 2024
The due date for filing challan statement under sections 194-IA, 194-IB and 194-M is - January 30, March 2, March 30, April 30, May 30, June 30, July 30, August 30, September 30, October 30, November 30 and December 30, 2024
Keeping up with the due dates
Failure to file TDS and TCS returns can result in a late filing fee up to the amount of tax deducted. Similarly, delay or non-filing of ITR can result in a lost opportunity to claim a refund and/or a hefty penalty as well. Mark the above dates on your calendar to avoid inconveniences, missed opportunities, and penal expenses.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
