Tax Calendar 2024: Know these important tax-related dates

Advance tax last date: Advance tax is a type of income tax that has to be deposited with the Income Tax Department before the end of the financial year. It is not paid in lump sum on an annual basis, like normal tax, but is deposited in installments.

Tax Calendar 2024 | Image: Pixabay/ Representational Image

Tax Calendar 2024: To avoid the last-minute rush, planning your work in advance always comes in handy. In the new year, many companies have started asking for proof of investment from their employees for the accurate calculation of income tax. Similarly, one should know the income tax calendar for the new year so that they can plan their income tax filing well in time. Here's a list of important tax-related dates:

Advance tax last date

Advance tax is a type of income tax that has to be deposited with the Income Tax Department before the end of the financial year. It is not paid in lump sum on an annual basis, like normal tax, but is deposited in installments.

Advance tax has to be paid by those whose tax liability is more than Rs 10,000. Advance tax has to be paid on a quarterly basis on June 15, September 15, December 15, and March 15.
March 31, 2024.

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The financial year ends on March 31, and the new financial year starts on April 1. If you have chosen the old tax regime, this date is very important for you. If you want to make any tax saving investment, March 31, is the last date in a financial year.

If you live in a rented house and pay rent of more than Rs 50,000 every month, do not forget to deduct TDS on it. Most of the time, it has been seen that people do this at the end of the financial year, so March 31 is an important date.

In addition, if you have to file an updated return for the financial year 2020-21, then March 31, 2024, is the last date. At the same time, if you want to file an updated return for the financial year 2021-22, you can file it by March 31 with a 25 per cent penalty, or else if you file after this, the penalty shall be 50 per cent.

Form 16

On June 15, you can get a TDS certificate or Form 16 from your employer. Apart from this, banks, mutual funds, and companies issue Form 16 on this date. Form 16 is issued on an annual basis, which contains complete information about the tax deducted from your earnings. Any employed person needs this the most while filing an ITR.

Last date to file ITR

For those whose accounts do not require an audit, July 31 is the last date to file an income tax return. If one misses the deadline, a penalty of Rs 5000 for the late filing of the ITR will be charged.

December 31, 202

This is the last date to file a belated ITR or revised ITR, which is December 31.

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