Meta Title: Income Tax Calendar: Important Dates for F.Y.

2024-2025
Meta Description: Explore the essential dates in the Income Tax Calendar for F.Y.
2024-2025. Stay updated with deadlines for filings, payments, and more for timely
compliance.

Income Tax Calendar: Important

Dates for F.Y. 2024-2025
Income Tax Calendar Important Dates for F.Y. 2024-2025.png

As we enter the new F.Y. 2024-2025, it i's important to stay updated with the
Income Tax Calendar to ensure effective tax planning and compliance. This article
will guide you through all the crucial dates and deadlines—from tax payment
schedules to the submission of various forms—that you need to note. Whether
you're an individual taxpayer, a business owner, or a financial advisor, being aware
of these critical timelines will help you manage your tax responsibilities efficiently,
avoid penalties, and manage your finances.

Table of Contents:
Significance of Income Tax Calendar
Income Tax Calendar: Due Date for Filing Income Tax Return for F.Y. 2023-2024
Due Date for Payment of Advance Tax Installments for F.Y. 2024-2025
Due Date for Payment of TDS/TCS for F.Y. 2024-2025
Due Date for Payment of PF/ESI for F.Y. 2024-2025
Due Date for TDS/TCS Return Filing for F.Y. 2024-2025
Due Date for Submitting Form 15G/15H for F.Y. 2024-2025
Consequence of Delay in ITR Filing for F.Y. 2023-2024
Consequence of Delay in TDS/TCS Payments for F.Y. 2024-2025
Consequence of Delay in TDS/TCS Return Filing for F.Y. 2024-2025
Most Asked Questions

Significance of Income Tax Calendar

The Income Tax Calendar for the F.Y. 2024-2025 is essential for all taxpayers in
India. It provides crucial dates and deadlines for submitting returns, paying
taxes, and fulfilling other compliance obligations. The Income Tax Calendar not
only ensures adherence to tax laws, thereby avoiding penalties, but also aids in
effective financial planning. Here's why it's significant:

● Ensures Compliance: Highlights key tax filing dates and deadlines, helping
prevent penalties.
● Facilitates Financial Planning: Enables taxpayers to strategically plan their
expenses and investments.
● Aids in Timely Payment: Assists in scheduling advance tax payments to
avoid interest charges.
● Enhances Organizational Efficiency: Supports businesses in systematically
managing their financial obligations.
● Prevents Last-Minute Rush: Encourages early and distributed preparations
for tax-related responsibilities.

Income Tax Calendar: Due Date for

Filing Income Tax Return for F.Y.
2023-2024
Knowing the Income Tax Return (ITR) filing due dates are essential for the
taxpayers to ensure they don’t face any penal consequences. Here is an overview
of the filing due dates for various categories of taxpayers for F.Y. 2023-2024:

Category of Taxpayer Due Date of Filing ITR

Salaried Individuals 31st July 2024

Partnerships (not requiring audit) 31st July 2024

Individuals/HUFs (not requiring audit) 31st July 2024

Businesses requiring audit 31st October 2024

Businesses requiring Transfer Pricing

30th November 2024
(TP) Report
Due Date for Payment of Advance
Tax Installments for F.Y. 2024-2025
Advance tax payments form the central part of tax compliance for individuals
and entities whose tax liability, after TDS, amounts to INR 10,000 or more in a
year.

Knowing the due date for payment of advance tax installments for the F.Y.
2024-2025 is essential. It will help the taxpayers to plan their cash flows
accordingly. Moreover, the taxpayers will be able to pay taxes on time without
having any effect on their working capital.

Month Due Date Installment Description

June 15th June 2024 1st Payment of the 1st installment of

advance tax, that is, 15% of the
estimated tax liability for the year.

Septembe 15th September 2nd Payment of the 2nd installment of

r 2024 advance tax, that is, 45% of the
estimated tax liability cumulatively.

December 15th December 3rd Payment of the 3rd installment of

2024 advance tax, that is, 75% of the
estimated tax liability cumulatively.

March 15th March 2025 4th Payment of the 4th and final
installment of advance tax, that is,
100% of the estimated tax liability.

Due Date for Payment of TDS/TCS

for F.Y. 2024-2025
TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) operate as two
mechanisms of tax collection in India at the point of transaction. Most TDS
deductions are supposed to be deposited by the 7th of the following month.
However, for payments made in March, the deposit is to be made by the 30th of
April. TCS follows a similar schedule.

Following are the due dates for payment of TDS/TCS for F.Y. 2024-2025:
 Month of
Quarter Ending Due Date for Depositing TDS/TCS
Deduction/Collection

April 2024 7th May 2024

30th June 2024 May 2024 7th June 2024

June 2024 7th July 2024

July 2024 7th August 2024

30th September 2024 August 2024 7th September 2024

September 2024 7th October 2024

October 2024 7th November 2024

31st December 2024 November 2024 7th December 2024

December 2024 7th January 2025

January 2025 7th February 2025

February 2025 7th March 2025

31st March 2025 March 2025 7th April 2025 (For TDS Deducted
by Government Office)

30th April 2025 (For Other

Deductors)

TDS Sections with Specific Due Dates:

● Section 194IA (TDS on property purchase): Payment is due within 30 days
from the end of the month in which the deduction is made.
● Section 194IB (TDS on rent by non-corporates): Payment is due within 30
days from the end of the month in which the deduction is made.
● Section 194M (Payment of commission, brokerage, and likewise, by
individuals not liable to tax audit): Payment is due within 30 days from the
end of the month in which the deduction is made.
TCS Sections with Specific Due Dates:
● Section 206C(1F) (Sale of motor vehicles above INR 10 Lakh): Payment is
due on the 7th of the following month for non-government collectors, and on
the same day for government collectors.
● Section 206C(1H) (Sale of goods in excess of INR 50 Lakh): Payment is due
on the 7th of the following month for non-government collectors, and on the
same day for government collectors.

Due Date for Payment of PF/ESI for

F.Y. 2024-2025
The due dates of Provident Fund (PF) and Employees' State Insurance (ESI) in
India are important for the employers to manage the commitment of payroll
effectively. For the Financial Year 2024-2025, the due dates for the payment of PF
and ESI are typically the same each month:

● PF (Provident Fund) Payment Due Date:

The due date for the deposit of PF contributions is on or before the 15th of
the following month. For example, the PF contribution for April 2024
should be paid by May 15, 2024.
● ESI (Employees' State Insurance) Payment Due Date:
The due date for ESI payment is on or before the 15th of each month for
the previous month's contributions. For instance, for the month of April
2024, the ESI payment should be made by May 15, 2024.

These consistent monthly deadlines ensure timely compliance with financial

obligations related to employee benefits.

Due Date for TDS/TCS Return Filing

for F.Y. 2024-2025
Following are the due dates for filing of TDS/TCS returns for F.Y. 2024-2025:
 Due Date for Filing TDS Due Date for Filing TCS
Quarter Ending
Return Return

30th June 2024 31st July 2024 15th July 2024

30th September 2024 31st October 2024 15th October 2024

31st December 2024 31st January 2025 15th January 2025

31st March 2025 31st May 2025 15th May 2025

Due Date for Submitting Form

15G/15H for F.Y. 2024-2025
The submission of Form 15G and Form 15H is crucial for managing deduction of
TDS. These forms are especially important for those whose total income is
expected to be below the taxable limit in the F.Y. 2024-2025. Form 15G/15H
prevents tax deduction at source on interest income when the total income is
not taxable. Here are the due dates for submitting these forms for each quarter
of the F.Y. 2024-2025:

Quarter Ending Due Date for Filing TDS Return

30th June 2024 15th July 2024

30th September 2024 15th October 2024

31st December 2024 15th January 2025

31st March 2025 15th April 2025

Consequence of Delay in ITR Filing

for F.Y. 2023-2024
Delaying the filing of the Income Tax Return (ITR) for the F.Y. 2023-2024 beyond
the specified due date can lead to several consequences. Below is a table that
outlines these potential consequences, emphasizing the importance of timely
compliance to avoid penalties and other complications:
 Consequence Details

A fee of up to INR 5,000 may be imposed if the return is filed

after the due date but on or before 31st December. This fee
Late Filing Fee increases to INR 10,000 if filed after 31st December but before
the end of the assessment year. However, if the total income
does not exceed INR 5 Lakh, the fee is limited to INR 1,000.

Interest under Section 234A at 1% per month or part thereof is

Interest on Due
chargeable on any unpaid tax amount, calculated from the
Taxes
due date of the return until the date of actual filing.

Loss Carry Forward Losses (except house property loss) cannot be carried forward
Restrictions if the return is filed after the due date.

Any refund due might be delayed, and interest on refund may

Delayed Refund
also be affected due to late filing.

Late filing can impact one's financial credibility, affecting loan

Implications on
approvals and visa applications as many institutions require
Loans and Visas
the latest ITRs.

Consequence of Delay in TDS/TCS

Payments for F.Y. 2024-2025
Delay in the payment of TDS or TCS can lead to several adverse consequences for
the payer. It's crucial for businesses and individuals responsible for deducting or
collecting taxes to understand and adhere to the prescribed timelines to avoid
the penalties and interest charges. Following are the potential consequences of
late payment of TDS/TCS for the F.Y. 2024-2025:

Consequence Details

Interest is charged at 1.5% per month or part thereof, from the

Interest Charges
date the TDS/TCS was due until it is paid to the government.

Penalty for Late A penalty equal to the amount of TDS/TCS not paid may be
Payment levied.
 Consequence Details

Delay beyond a certain period may lead to prosecution, which

Prosecution can result in imprisonment for a term ranging from three
months to seven years, along with a fine.

In the case of TDS, any expenditure on which TDS is delayed

Disallowance of
can be disallowed as a deduction in the payer’s income tax
Expenses
return.

Consequence of Delay in TDS/TCS

Return Filing for F.Y. 2024-2025
Delaying the filing of TDS or TCS returns can lead to a range of statutory
penalties and consequences, impacting both the financial and compliance
status of the taxpayer. Following are the potential consequences for late filing of
TDS/TCS returns for the F.Y. 2024-2025:

Consequence Details

Under Section 234E, a late filing fee of INR 200 per day is
Late Filing Fees charged until the return is filed. This fee cannot exceed the
TDS/TCS amount.

Penalty for Late A penalty ranging from INR 10,000 to INR 1,00,000 under
Filing Section 271H.

Disallowance of Delays in filing TDS returns may lead to the disallowance of

Expenses expenses for business entities.
FAQ

Q1. What is the Income Tax Calendar? Why is it

important for taxpayers?
The Income Tax Calendar outlines important dates and deadlines for tax-related
activities, such as filing returns, paying taxes, and submitting forms. It helps
taxpayers stay organized, avoid penalties, and plan their finances effectively.

Q2. When is the last date for filing income tax

returns for the F.Y. 2023-2024?
The last date for filing income tax returns for F.Y. 2023-2024 is July 31, 2024, for
individuals who are not required to get their accounts audited. However, it is
advisable to check for any updates or extensions issued by the tax authorities.

Q3. What happens if I miss the deadline for filing

my income tax return??
Missing the deadline for filing income tax return can lead to penalties and interest
charges. It is essential to file your return on time to avoid such consequences and
ensure compliance with tax laws.

Q4. Can I revise my income tax return if I made a

mistake or forgot to include certain details?
Yes, you can revise your income tax return within a specified time limit, usually
before the end of the assessment year or before the completion of assessment,
whichever is earlier. It is advisable to rectify any errors or omissions promptly to
avoid any complications.

Q5. When are the quarterly due dates for

submitting Form 15G/15H for F.Y. 2024-2025?
The due dates for submitting Form 15G/15H for F.Y. 2024-2025 are as follows:
● Q1 (April-June): 15th July 2024
● Q2 (July-September): 15th October 2024
● Q3 (October-December): 15th January 2025
 ● Q4 (January-March): 15th April 2025

Q6. How can I calculate my advance tax liability

for the F.Y. 2024-2025?
You can calculate your advance tax liability by estimating your total income for the
year and applying the applicable tax rates. Advance tax is typically payable in
installments during the financial year, with due dates specified by the tax
authorities.

Q7. What are the consequences of not paying

advance tax on time?
Failure to pay advance tax on time may attract interest under Section 234B and
Section 234C of the Income Tax Act. It is important to make timely advance tax
payments to avoid interest charges.

Q8. Are there any tax-saving investments or

expenses I can consider for planning the taxes
for F.Y. 2024-2025?
Yes, several tax-saving investments and expenses, such as contributions to
Provident Fund (PF), Equity-linked Savings Scheme (ELSS), National Pension
System (NPS), and payment of life insurance premiums, can help you reduce your
taxable income and save on taxes.

Q9. What are the key dates for making

tax-saving investments for the F.Y. 2024-2025?
Tax-saving investments can be made throughout the financial year. However, to
claim deductions for a particular financial year, investments must be made before
the end of the financial year, i.e., before March 31, 2025, to avail benefits for F.Y.
2024-2025.

Q10. How can I stay updated on any changes or

updates to the Income Tax Calendar?
Since Profession Tax is administered by individual state governments, the due date
for F.Y. 2024-2025 varies among different states. Generally, it is payable monthly by
the last day of the following month in which the salary was paid. However, some
states offer options for annual or quarterly payments.

For specific due dates and payment schedules, it is advisable to consult the relevant
state's tax department or a local tax advisor to ensure compliance with your
location's regulations for the F.Y. 2024-2025.