Income Tax Calendar for May 2024: Even as the second month of the financial year 2024-25 has arrived, it is necessary to know the essential income tax deadlines for tax planning this month. Tax planning is an essential part of financial management. A tax calendar helps taxpayers stay organised and compliant with tax requirements. Here are the tax due dates for May 2024.

May 7: TDS/ TCS

Due date for deposit of tax deducted/collected (TDS/ TCS) for April 2024. However, all sum deducted/collected by an office of the government shall be paid to the credit of the central government on the same day where tax is paid without production of an income tax challan.

May 15: TDS Certificates, TCS Quarterly Statement, Form 24G, Form 2BB

It is the last date for furnishing of Form 24G by an office of the Government where TDS/TCS for April 2023 has been paid without the production of a challan.

December 15 is the due date for issue of TDS certificate for tax deducted under Section 194-IA, Section 194-IB, Section 194M and Section 194S in the month of March 2024.

This date is also the last date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for April 2024.

May 30: Challan-Cum-Statement, Form 49C, 

It is the due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA, Section 194-IB, Section 194M and Section 194S in March 2024.

The last date for subimission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2023-24.

May 30 is also the deadline for the issuance of TCS certificates for the 4th Quarter of the Financial Year 2023-24​.

May 31: Quarterly Statement Of TDS, Superannuation Fund, E-filing of Anuual Statement by FIs, PAN Application, Form 9A, Form 10, Form 10BD, Form 10BE

It is the last day for quarterly statement of TDS deposited for the quarter ending March 31, 2024.

It is also the due date for return of tax deduction from contributions paid by the trustees of an approved superannuation fund​.

May 31 is also the due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect for financial year 2023-24.

This date is the also the last date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2023 by reporting financial institutions​.

It is the deadline for application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs 2,50,000 or more during FY 2023-24 and hasn’t been allotted any PAN​.

Last date for application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN.

May 31 is the last date for application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on or before July 31, 2024).

Statement in Form No. 10 needs to be furnished by May 31 to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit return of income on or before July 31, 2024).

Reporting persons need to furnish statement of donation in Form 10BD under section 80G(5)(iii) or section section 35(1A)(i) in respect of the financial year 2023-24​.

May 31 is the deadline certificate of donation in Form no. 10BE as referred to in section 80G(5)(ix) or section 35(1A)(ii) to the donor specifying the amount of donation received during the financial year 2023-24.​