Income tax calendar 2024: Important tax related dates you need to know

It is important to remember income tax related deadlines in a year to avoid paying penalties, penal interest, to file income tax return (ITR) in time etc. Abhishek Soni, CEO, Tax2Win.in an website, explains the important income tax related due dates or deadlines between January and December 2024. There are lot of deadlines in the month of March as it is the end of the financial year 2023 24.

Other than the deadlines mentioned by the income tax department, March 31 is also the deadline for individuals to complete their tax saving exercise for FY 2023 24. It is important to note that the new tax regime has become the default option from April 1, 2023. Hence, individuals who have opted for the old tax regime and want to claim deductions under Section 80C, 80D etc.

must make specified investments and expenditures before March ends. This month marks the beginning of the new financial year i.e., FY 2024 25. Apart from income tax related deadlines, there are certain other tasks as well. Further, any announcements made in Budget 2024 also come into effect from April 1 (unless specifically stated otherwise).

In the new financial year, an individual must estimate the taxes that are payable as per new income tax rules (if any). One must also compare the tax payable in both the tax regimes. Normally, a salaried individual is required to communicate the tax regime of his/her choice for TDS on salary and submit the investment declaration accordingly to his/her employer in the beginning of the FY.

Senior citizens and individuals must also submit Form 15G/Form 15H, as applicable, to avoid TDS on interest, dividend and other incomes. This is the month when one should start collecting documents for filing ITR. Many TDS certificates are due to be given to individuals. For instance, salaried individuals must collect their Form 16 from their employer for TDS on salary.

Similarly, if TDS is deducted on interest earned from bank fixed deposits, dividends earned from company shares, mutual funds etc., then Form 16A must be collected as well..