It is essential that a taxpayer should pay and file taxes on time in order to avoid penalties or late fees levied by the Income Tax Department. There is a variety of tax category, based on the income types and each of this type is allotted a due date, each different from the other.
Some taxes are paid regularly while others must be cleared periodically or rarely. As per the Income Tax Act, there are many types of mandatory tax formalities which must be practiced and executed within the specified due dates given by Income Tax Department.
To avoid heavy penalties imposed due to late payment of taxes, a taxpayer must be aware of the following tax calendar for the Financial Year 2017-2018:
15th March 2017:
- 4th Instalment of Advance Tax payable for the FY 2016-17.
- Every taxpayer included under the Presumptive Scheme of Section 44AD must clear the whole amount of Advance Tax for FY 2016-17.
- If TDS for the month of February 2017 has been paid without furnishing a challan, 15th of March 2017 is the due date for fulfilling all the details under Form 24G via a Government office.
31st March 2017:
- The last date for making a declaration of concealed income under Pradhan Mantri Garib Kalyan Yojna.
- Under Income Declaration Scheme, 2016, 31st March 2017 is the due date assigned for the payment of second installment (25% of tax, surcharge, and penalty).
7th June 2017:
- The due date for depositing the taxes collected or deducted against the month of May 2017. The total sum collected or deducted by the government office must be paid to the Central Government on the very same day of the transaction, if the tax is paid in the absence of an Income-tax Challan.
15th June 2017:
- The designated date for furnishing Form 24G in the Government office if TDS for the month of January 2017 was paid in the absence of a challan.
- The issue of the quarterly TDS certificates for tax deducted on payments other than salary, for the quarter ending March 31, 2017.
- Last date for paying the first installment of Advance Tax for the Financial Year 2017-18.
30th June 2017:
- For tax imposed during the month of May 2017, under Section 194-IA, June 30, 2017, is the due date for producing the challan and statement.
- Returns filing for any securities transaction tax for the financial year 2016-17.
15th July 2017:
- The filing of Form 24G must be done in the Government office if payment for the Tax Deducted at Source for the month of June 2017 has been without furnishing of a challan.
- Final date for issuing the TDS Certificate on tax deducted under section 194-IA in the month of May 2017.
- The date for furnishing the quarterly statement in the case of foreign remittances in Form 15CC for the quarter ending in June 2017 (the statement should be furnished by authorized dealers).
- The issuing of a quarterly statement of TCS which has been deposited for the quarter ending (30th June 2017).
31st July 2017:
Due date for filing Income tax return for FY 2016-17 for all salaried individuals, except for:
- Non-Companies whose books are required to be audited
- Working partner of a firm whose accounts must be audited
- Submission of quarterly statement of TDS that has been deposited for the quarter ending of
- June 30th, 2017.
7th August 2017:
- The due date for the deposit of tax which has been collected or deducted for the month of July 2017. For taxes paid without submission of Income Tax Challan, the total taxes collected by the state government offices will be credited to the Central Government on the same day of transaction.
15th September 2017:
- 15th September 2017 is the due date for submitting the second instalment of advance tax for the Assessment Year of 2018-19 (AY 2018-19).
- The due date for filing of Form 24G via the government department if TDS for August 2017 has been paid without furnishing of a challan.
30th September 2017:
- The due date for fulfilling audit report under section 44AB for the AY 2017-18 for corporate-assesse or non-corporate assessee. The audit report must be submitted upon the income returns.
- 30th September 2017 is the due date for furnishing of a challan or statement for all taxations levied under Section 194-IA.
15th October 2017:
- The due date for filing Form 24G in the Government department when TDS for September 2017 has been paid in the absence of a challan.
- The final date for issuing TDS Certificate for all tax deductions under section 194-IA.
- The due date for furnishing of quarterly statement for foreign remittances in Form No. 15CC for the quarter ending September 2017. The statement must be furnished by only authorized dealers.
- Furnishing of the quarterly statement on TCS deposited for the quarter end of September 30, 2017.
30th October 2017:
- Based on tax deducted under Section 194-IA in September 2017, 30th October 2017 is the due date for submission of the challan or statement.
- Furnishing of the quarterly TCS certificate for tax collected by individuals for the quarter ending September 30, 2017.
30th November 2017:
- The due date to file for Audit report for the FY 2016-17 for individual taxpayers who must submit a report under section 92E on international or a listed domestic transaction.
- The due date for submission of the report in Form 3CEB for international as well as for domestic transactions specified.
7th December 2017:
- The due date for deposit of tax which has been collected or deducted for November 2017. The total tax collected by the state government offices will be deposited to the Central Government on that very day of the transaction if the tax is paid without furnishing an Income-tax Challan.
15th December 2017:
- 15th December is the due date for submission of Form 24G in the office of the concerned Government department if TDS has been carried out without the submission of a challan.
- The due date for payment of the third installment of Advance Tax for AY 2018-19.
- Final date for the issue of TDS Certificate for taxation levied under section 194-IA in October 2017.
30th December 2017:
- The due date for submission of the challan or statement for those taxation imposed under Section 194-IA.
For matters concerning income tax, there are many types of tax formalities which are mandatory and must be followed by taxpayers. The taxpayer must fulfill any taxation procedures such as filing of income tax returns, paying advance tax on time etc. within a specified due date to avoid penalty or loss.