Important Due Dates for February 2024, Income Tax Updates – January 2024

Due Date for Income tax Compliance (February 2024)


Due Date Compliance
7th February
Deposit of TDS/ TCS deducted/collected for the month of January, 2024.
14th February 2024 Issue of TDS Certificates for TDS deducted in the month of December, 2023:

• Purchase of Immovable Property
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year
• Payment on transfer of Virtual Digital Assets

15th February 2024 Furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2023 has been paid without the production of a challan.

​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2023.

1. LEI No. is required for Credit of Income Tax Refunds exceeding Rs. 50 crore.
In case of non-individuals, a Legal Entity Identifier (LEI) No. is required for Credit of Refunds exceeding Rs. 50 crore. For hassle-free refund processing, income tax department asked to submit LEI details at portal (after doing Login->Dashboard->Services->LEI)
What is an LEI?
An LEI or Legal Entity Identifier is a unique code, consisting of 20 symbols, that allows for identification within the global financial system. An LEI code is issued to a company just once and is unique.

Who is obliged to request an LEI code?
According to the Mifid II directive 2014/65/EL, LEI codes are mandatory for all legal entities who trade in securities. The Reserve Bank of India has mandated the use of LEIs by all companies trading in OTC markets for Rupee Interest Rate derivatives, foreign currency derivatives and credit derivatives in India. Mandatory use of LEIs was phased in between August 1, 2017 and March 31, 2018, as per the RBI Notification dated June 1, 2017.

2. Donations collected from parents for new admissions without any compulsion couldn’t be termed as capitation fees

[Deputy Commissioner of Income-tax Vs Sindhi Educational Society – ITAT Chennai]

If any Institution / Trust are engaged in imparting education which falls under definition of charitable purpose, then, even if Society/Trust earns some surplus, it does not mean that said Trust / Institution solely existing for profit but not for charitable purpose.

Voluntary corpus donations collected by assessee (educational society) from parents of students enrolled in its schools would qualify for exemption under Section 11.

3. Loss on reduction of capital invested in shares of Company is eligible for set off against capital gains

[Tata Sons Ltd. Vs Commissioner of Income-tax-2 – ITAT Mumbai]

In the case where assessee was holder of equity shares in the company & incurred losses due to a scheme of arrangement and restructuring and paid-up equity share capital was reduced as a result, assessee’s shareholding was also reduced .

Assessee can claim long-term capital loss or set-off against any other capital gain on account of reduction of capital loss.

4. No penalty proceedings under sec. 270A if additions were made based on voluntary disclosure by assesse

[Chambal Fertilizers and Chemicals Ltd. Vs Principal Commissioner of Income-tax – Rajasthan HC]

During scrutiny where the assessee suo moto surrendered any expenses or add the income by revising its return of income and adding back said amount to total income and same was communicated to revenue, on that basis no penalty proceedings initiated under sec. 270A.