Adhering to tax-related compliance proposed by the Indian government is mandatory for taxpayers in India. Such compliance also inculcates adhering to the due dates of GST return filing about the complete compliance calendar detailed here and specified by the Indian government. Non-compliance with the due dates of GST return filing as per the May compliance calendar may result in imposing heavy penalties by the government for taxpayers in India. When it comes to tax evasion and corruption, tax compliance emerges as one of the central focuses of the Indian government and tax department.
In any case, a good citizen should always pay his taxes on time while adhering to all major tax-related rules and regulations proposed by the government as it is vital for the upliftment of an economy. Paying taxes as per the compliance calendar by taxpayers also helps the government properly function the administrative work related to tax collection. Taxpayers can also avoid heavy penalties and fines imposed by the government by filing their Income Tax returns on time.
Here are some of the major due dates concerning various tax compliance by the May 2024 calendar:
May 2024 Compliance Calendar of Income Tax
| Due Date | Description | Section |
|---|---|---|
| 07-05-2024 | “Due date for deposit of Tax deducted/collected for the month of 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” | Tax Deducted/Collected |
| 15-05-2024 | “Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S (by specified person) in the month of March 2024” | Section 194-IA, 194-IB, 194M and 194S |
| 15-05-2024 | “Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2024 has been paid without the production of a challan” | Form 24G |
| 15-05-2024 | “Quarterly statement of TCS deposited for the quarter ending March 31, 2024” | Quarterly TCS |
| 15-05-2024 | “Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2024” | Form no. 3BB |
| 30-05-2024 | “Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2024” | Section 194-IA, 194-IB, 194M and 194S |
| 30-05-2024 | “Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2023-24” | Form No. 49C |
| 30-05-2024 | “Issue of TCS certificates for the 4th Quarter of the Financial Year 2023-24” | TCS certificates |
| 30-05-2024 | “Quarterly statement of TDS deposited for the quarter ending March 31, 2024” | TDS Deposited |
| 31-05-2024 | “Return of tax deduction from contributions paid by the trustees of an approved superannuation fund” | Return of tax deduction |
| 31-05-2024 | “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” | Form No. 61A |
| 31-05-2024 | “Due 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” | e-filing of annual statement |
| 31-05-2024 | “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” | Allotment of PAN |
| 31-05-2024 | “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” | Rule 114(3)(v) |
| 31-05-2024 | ”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)” | Form 9A |
| 31-05-2024 | ”Statement in Form no. 10 to be furnished 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)” | Form no. 10 |
| 31-05-2024 | “Statement of donation in Form 10BD to be furnished by reporting person under section 80G(5)(iii) or section section 35(1A)(i) in respect of the financial year 2023-24” | Form 10BD |
| 31-05-2024 | “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.” | Form no. 10BE |
Recommended: Income Tax Return Filing Due Dates
GST Compliance Calendar of May 2024
| Due Dates | Compliance Particulars | Forms/(Filing Mode) |
|---|---|---|
| 11.05.2024 | The last date to file the GSTR-1 form is May 11, 2024, for taxpayers having an annual aggregate turnover of more than INR 1.5 crore or the ones who have opted for the monthly return filing. | GSTR 1 |
| 13.05.2024 | Monthly (April 2024) | IIF |
| 20.05.2024 | Annual Turnover of more than INR 5cr in Previous FY | April 2024 | GSTR 3B |
| 20.05.2024 | Annual Turnover of up to INR 5cr in Previous FY | April 2024 | GSTR 3B |
| 13.05.2024 | All the non-resident persons must file the GSTR-5 alongside the payment of GST on or before the given due date of 13th May 2024 for April 2024. | GSTR 5 |
| 20.05.2024 | All the non-resident ODIAR services providers should file their monthly return GSTR-5A on or before the given due date of 20th April 2024, for the month of April 2024. | GSTR 5A |
| 13.05.2024 | Every Input Service Distributor (ISD) must file GSTR-6 on or before the given due date of 13th May for the period of April 2024. | GSTR 6 |
| 10.05.2024 | The due date for filing GSTR 7 for the period of April 2024 is 10th May. | GSTR-7 |
| 10.05.2024 | The due date for furnishing GSTR 8 for the period April 2024 for registered e-commerce taxpayers in India who are liable to pay TCS should be deducted on or before deducted on or before 10th May. | GSTR 8 |
