Tax Calendar for March 2024: Important Deadlines and Reminders
05 March, 2024
Tax calendar for March 2024: Important deadlines and reminders
India follows an April to March financial year, and the month of March plays a crucial role in the income tax calendar. As you prepare for the coming financial year, you must get done with several tasks in March to ensure a hassle-free financial year ahead. From filing challans to paying advance tax, March 2024 presents several significant dates you need to mark on your tax calendar to ensure adherence to tax regulations. Here is a comprehensive overview of the important dates for filing income tax for March 2024.
Deadline for furnishing challan-cum-statement (March 1, 2024):
The very first day of the month marks an important date for tax filers. March 1 is the due date for the furnishing of challan-cum-statement related to tax deducted under Sections 194-IA, 194-IB, 194M, and 194S by specified persons for the month of January 2024.
Tax deduction/collection deposit deadline (March 7, 2024):
Tax deducted or collected for February 2024 must be deposited by this date. It is important to note that sums deducted or collected by a government office should be paid to the Central Government on the same day, without the need for an income tax challan.
Deadline to issue quarterly TDS certificate (March 15, 2024):
Taxpayers must take note of several important deadlines related to advance tax payments and Tax Deducted at Source (TDS)/Tax Collected at Source (TCS) reporting, as explained below:
Advance tax payment deadlines:
Fourth instalment of advance tax (AY 2024-25): Taxpayers are required to pay the fourth instalment of advance tax for the assessment year 2024-25 by March 15, 2024. This instalment is crucial for meeting their tax liabilities in advance, as per the estimated income for the financial year.
The whole amount of advance tax for assesses under the presumptive scheme: Additionally, the due date for the payment of the entire amount of advance tax in respect of the assessment year 2024-25 for assesses covered under the presumptive scheme of section 44AD/44ADA is also March 15, 2024. This ensures compliance with tax regulations for businesses opting for the presumptive taxation scheme.
Form 24G Furnishing Deadline:
Furnishing of Form 24G by government offices: Government offices are required to furnish Form 24G by March 15, 2024, if TDS/TCS for the month of February 2024 has been paid without the production of a Challan. This form facilitates the reporting of TDS/TCS collections to the Income Tax Department.
TDS filing certificates for a tax deduction (March 16, 2024):
On March 16, 2024, taxpayers are required to issue TDS filing certificates for tax deductions made under various sections for the month of January 2024. Here are the specific due dates for issuing TDS certificates:
TDS certificate issuance due dates:
Section 194-IA: The due date for issuing TDS certificates for tax deducted under Section 194-IA in January 2024 is March 16, 2024.
Section 194-IB: The due date for issuing TDS certificates for tax deducted under Section 194-IB in January 2024 is March 16, 2024.
Section 194M: Taxpayers must also issue TDS certificates for tax deducted under Section 194M in January 2024 by March 16, 2024.
Section 194S: Additionally, the due date for issuing TDS certificates for tax deducted under Section 194S by specified persons in January 2024 is March 16, 2024.
Challan-cum-statement due dates (March 30, 2024):
This date marks with multiple due dates for furnishing challan-cum-statements related to tax deductions under various sections. Here are the specific requirements for this date:
Section 194-IA: The due date for furnishing the challan-cum-statement with respect to the tax deducted under Section 194-IA in the month of February 2024 is March 30, 2024.
Section 194-IB: Similarly, the due date for furnishing the challan-cum-statement with respect to the tax deducted under Section 194-IB in the month of February 2024 is also March 30, 2024.
Section 194M: Taxpayers must also furnish the challan-cum-statement with respect to the tax deducted under Section 194M in the month of February 2024 by March 30, 2024.
Section 194S: Additionally, the due date for furnishing the challan-cum-statement with respect to the tax deducted under Section 194S by specified persons in the month of February 2024 falls on March 30, 2024.
A few important tasks to update (March 31, 2024):
There are several essential tasks to be completed by March 31, 2024, as explained below:
Country-by-country report filing:
Parent entity or alternate reporting entity: If you are a parent entity or an alternate reporting entity resident in India, you are required to file the country-by-country report in Form No. 3CEAD for the previous year 2022-23. This report pertains to the international group of which you are a constituent.
Constituent entity reporting: If you are a constituent entity resident in India and the parent entity is not obliged to file a report under Section 286(2), or if the parent entity is a resident of a country without an agreement for the exchange of the report with India, you must file the country-by-country report in Form No. 3CEAD for the reporting accounting year (assuming April 1, 2022, to March 31, 2023).
Uploading of foreign income statement:
Taxpayers are required to upload a statement (Form 67) of foreign income offered to tax and tax deducted or paid on such income in the previous year, 2022-23. This statement is crucial for claiming foreign tax credit, provided that the return of income has been furnished within the specified time under Section 139(1) or Section 139(4).
Furnishing updated return of income:
March 31, 2024, also marks the tax deadline for furnishing an updated return of income for the assessment year 2021-22. Taxpayers should ensure that any necessary updates or revisions to their income tax returns for the specified assessment year are completed and filed by this date.
Compliance with these tax deadlines is essential to avoid penalties and ensure regulatory adherence. Make sure to keep track of these dates and pencil them in your calendar to complete these tasks within the stipulated timelines. This will allow you to maintain tax compliance and fulfil your obligations under the Indian income tax laws.
*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. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.
