January 2024: Remain Watchful of These Important Tax-Related Dates

Tax planning is essential for every individual to ensure savings and avoid unnecessary hassle at a later stage. There are various key income tax-related due dates or deadlines in January 2024 that an individual must remain well aware of. 

Here’s the lowdown on some of the key deadlines that one needs to keep in mind for January 2024:

January 7: It is the due date for deductors to deposit tax deducted at source (TDS) and tax collected at source (TCS) for December 2023. Also, it is the due date for deductors to deposit TDS for the period October-December 2023 under Section 192 (for salaries paid), Section 194A (on Interest other than interest on securities), 194D (on insurance commission) and 194H (on commission and brokerage) of the Income-Tax Act (ITA). 1961.

January 14: It is the due date for issuing a TDS certificate under Section 194-IA (TDS on payment made for buying of immovable property other than agricultural land), 194-IB (on monthly rent of house exceeding Rs 50,000) and 194M (on payment made for contractual work) of the ITA.

January 15: This is the last date for filing the quarterly statement of TCS deposited for the quarter ending December 31, 2023.

January 15: It is the due date for furnishing Form 15G/Form 15H declarations received during the October-December 2023 quarter. The ITA does not specify any due date for submission of Form 15G/Form 15H for Nil TDS. However, whenever an individual submits Form 15G/Form 15H to a bank, company or any other financial institution, they must inform the income-tax (I-T) department about it.

January 30: It is the last date for issuing the TCS certificate with respect to the tax collected for the quarter ending December 31, 2023. This is also the due date for filing the challan statement for TDS deducted under Section 194-IA, Section 194-IB and Section 194M of the ITA for December 2023.

January 31: It is the last date for filing a quarterly statement of TDS deposited for the quarter ending December 31, 2023.

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