Key Tax Deadlines You Need to Know for 2024: A Guide to Staying Compliant
Tax deadlines are very vital for individuals and businesses alike. Missing these important dates can lead to penalties, interest charges, and unnecessary stress. To keep you on track and ensure timely compliance, here's a comprehensive guide to the essential tax deadlines for the fiscal year 2024.
Filing Deadlines for Filing Income Tax Returns for Individuals and Non-Audited Entities
The most critical tax deadline for individuals and non-audited entities, including Hindu Undivided Families or HUFs, is July 31, 2024. This is the last date for submitting your Income Tax Returns (ITR) for the financial year 2023-24 (Assessment Year 2024-25). Filing before this date avoids late fees and penalties.
For Businesses and Audited Entities
Businesses and individuals with accounts that require auditing have a later deadline of November 15, 2024 to file their ITR. This includes companies and entities that need an audit for compliance.
Special Cases for International Transactions
For businesses engaged in international transactions or specified domestic transactions involving transfer pricing reports, the filing deadline is November 30, 2024. Be sure to meet this date to avoid complications.
Advance Tax Payment Deadlines
Taxpayers with high taxable income are required to pay advance taxes in four installments. Here is the schedule for 2024-25:
For those under presumptive taxation schemes, the advance tax is payable in full by March 15, 2025.
TDS Due Dates
Tax Deducted at Source (TDS) is another area to watch out for. The due dates for depositing TDS are as follows:
Monthly TDS Deposit
The tax deducted each month must be deposited by the 7th of the following month. For instance, TDS for April 2024 must be deposited by May 7, 2024.
Quarterly TDS Returns
TDS returns have to be submitted quarterly as well.
Belated and Revised Returns
If you are late in submitting the ITR, you can submit the belated return up to December 31, 2024. This deadline also applies to those who are required to submit a revised return due to errors or omissions in the original return.
Return updated
A new provision allows you to file an updated return within two years of the close of the relevant assessment year. For FY 2023-24, this extended deadline is March 31, 2027.
Tax Audit Report Submission
If your business requires a tax audit, the tax audit report must be submitted one month before the ITR filing date. With the ITR deadline for audited entities set at November 15, 2024, the tax audit report is due by October 15, 2024.
December Deadlines to Keep in Mind
December is an important month for several tax-related tasks. Key deadlines include:
Why Tax Deadlines Matter
Staying on top of tax deadlines is important to avoid penalties, but it also helps a person keep a healthy financial profile. Missing deadlines might lead to:
Strategies for Timely Compliance
To ensure you meet all tax deadlines, consider the following strategies:
Conclusion
It is not easy to navigate the tax deadlines, but being compliant with the tax regulations is important. This way, you will avoid penalties, manage your finances better, and have a healthy tax profile.
While this guide focuses on major tax deadlines for 2024, keep in mind that tax laws can change. Check your trusted sources or seek professional advice from a qualified tax advisor for the most recent information regarding your tax obligation. By doing so, you'll reduce stress, avoid legal complexities, and ensure smooth compliance.
Mark these dates, set reminders, and take charge of your tax planning for 2024. Your future self will thank you for staying proactive and organized in meeting the tax deadlines.
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Originally Published By TYCOONSTORY MEDIA