Income Tax December Deadline : With the end of the year, taxpayers have to settle many tax related works. In the month of December, there is a deadline for tax deduction, advance tax payment and return filing.
If you want to avoid penalty, then definitely finish your work before these tax related deadlines. If you are an individual, business or part of a government office, then keep in mind the tax calendar of December 2024. So that there is no problem in the new year.
The financial year in India runs from 1 April to 31 March. The calendar year runs from 1 January to 31 December. It is important to take advantage of the December deadline to avail tax benefits and deductions by 31 December. By keeping the correct dates in mind and keeping an eye on the timeline of filing your returns, you can avoid penalties, fines and hassles. Here’s what taxpayers need to complete before 31 December.
Income tax deadline in December 2024
7 December 2024
The last date for depositing the tax deducted or collected is November 2024. However, in case of tax paid without presenting the challan to the government office, it is mandatory to deposit it on the same day.
15 December 2024
Last date for submission of Form 24G – This is for reporting TDS/TCS paid by government offices without challan in November 2024.
- Advance tax payment of third installment for assessment year 2025-26.
- Last date for issue of TDS deducted certificate in October 2024:
- Section 194-IA – TDS on immovable property
- Section 194-IB – (TDS on rent)
- Section 194M – (TDS on non-professional contract services)
- Last date for submission of Form 3BB – This is for providing revised client code in transactions with stock exchanges.
- Last date for issuance of TDS certificate under section 194S ( TDS on virtual digital assets of certain persons) for October 2024.
30 December 2024
Last date for submission of Challan-cum-Statement – Details of tax deducted under sections 194-IA, 194-IB, 194M and 194S for November 2024.
Form 3CEAD Report – Last date for filing of report for reporting year 2023 (1 January 2023 to 31 December 2023) for Indian resident international group, if the parent entity of the group is not located in a country with an agreement with India.
31 December 2024
Last date for filing belated or revised income tax return – This date is for assessment year 2024-25 for all taxpayers, provided the assessment is not completed before December 31, 2024.
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