Income tax planning helps in reducing tax liabilities and enhancing savings. There are several tax-related tasks that individuals should undertake in January 2024 to ensure comprehensive planning and mitigate potential consequences.
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Let's take a look at the due dates:
January 7
This is the due date for the deposit of tax deducted
However, all the sum deducted/collected by an office of the government shall be paid to the credit of the central government on the same day when tax is paid without the production of an income tax challan, the tax department said.
It is also the deadline for submitting a deposit of TDS for the period October 2023 to December 2023 when the assessing officer has permitted quarterly deposit of TDS under Sections 192, 194A, 194D or 194H.
January 14
This is the due date for the issue of the TDS certificate for tax deducted under sections 194-IA, 194-IB, 194M and 194S (by a specified person) in November 2023
January 15
This is the due date for furnishing of Form 24G by an office of the government where TDS/TCS for December 2023 has been paid without the production of a challan
The quarterly statement of TCS for the December 2023 quarter, also needs to be submitted by this date.
Additionally, quarterly statements in respect of foreign remittances (to be furnished by authorised dealers) in the form number 15CC for the December 2023 quarter can be submitted by January 15.
It is also the deadline for furnishing form 15G/15H declarations received during the December 2023 quarter.
Also, a statement in form number 49BA under Rule 114AAB (by specified fund) for the December 2023 quarter must be submitted by this date.
January 30
The quarterly TCS certificate must be submitted by January 30 in respect of the December 2023 quarter.
It is also the deadline for furnishing challan-cum-statement in respect of tax deducted under sections 194-IA, 194-IB, 194M and 194S (by a specified person) in December 2023.
The quarterly statement of TDS for the December 2023 quarter should also be submitted by January 30.
January 31
The quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the December 2023 quarter should be submitted by January 31.
This is also the deadline for exercising the option to opt for an alternative tax regime under Section 115BAA by a domestic company for the assessment year 2021-22
Intimation by sovereign wealth fund and pension fund in respect of investment made in India for the quarter ended December 2023 is also to be done by January 31.
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