Due Date for Income tax Compliance (May 2024)
| Due Date |
Compliance |
7th May
2024 |
Due date for deposit of Tax deducted/collected for the month of April, 2024. |
| 15th May 2024 |
Due date for issue of TDS Certificate for TDS deducted in the month of March, 2024:
• 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 Asset. |
| 15th April 2024 |
Quarterly statement of TCS deposited for the quarter ending March 31, 2024 |
| 30th April 2024 |
Furnishing of Challan Cum Statement for TDS withheld in the Month of April, 2024:
• 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.
Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2023-24.
Issue of TCS certificates for the 4th Quarter of the Financial Year 2023-24 |
| 31st April 2024 |
Quarterly statement of TDS deposited for the quarter ending March 31, 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
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
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
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
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 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)
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
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. |
1.Income Tax Circular on Relief to Tax- deductor from TDS demand related to inoperative PAN till 31.05.2024
Vide Circular No.6/2024 dated 23.04.2024 partial modification is done to old Circular No. 3 of 2023 dated 28.03.2023. As per old circular, on consequences of PAN becoming inoperative, PAN holder will face certain penal consequences as under:
i) Refund shall not be processed
ii) Interest shall not be payable on such refund for the period of PAN inoperative
iii) TDS/TCS shall be deducted at higher rate
For the (iii) point, to address the grievances faced by such deductors/collectors, Income tax has done partial modification to Circular No. 3 of 2023.
It is specified that for the transactions entered into upto 31.03.2024 and in cases where the PAN becomes operative (as a result of linkage with Aadhaar) on or before 31.05.2024, there shall be no liability on the deductor/collector for not deducting/collecting the tax at higher rate.
2.Income Tax Circular on Extension of due date on filing form 10A/10AB till 30th June, 2024
The Central Board of Direct Taxes (CBDT) Vide Circular No 07/2024 dated 25th April,2024 addresses difficulties faced by taxpayers and stakeholders in filing Form No. 10A/10AB electronically. Due to these challenges, the CBDT has extended the due dates multiple times. Now, considering the delay in filing Form No. 10A/10AB by the last extended date of September 30, 2023, the CBDT has further extended the due date:
Form No. 10A:
The due date for making an application/intimation electronically in Form No. 10A, for certain provisions under the Income-tax Act, is extended to June 30, 2024.
Form No. 10AB:
The due date for making an application electronically in Form No. 10AB, for certain provisions under the Income-tax Act, is also extended to June 30,
Judgement
Trust can applied for final registration even before expiry of provisional registration : Mallarpur Naisuva v. Commissioner of Income Tax (exemption)(Kolkata : ITAT) [I.T.A. Nos.164&165/Kol/2024]
The case involves two appeals against orders of the Commissioner of Income Tax (Exemption). In the first appeal, the rejection of the application for registration under section 12AA(1)(ac)(iii) of the Income Tax Act was challenged. The Commissioner rejected the application as premature since the trust was provisionally registered under section 12AB. However, the Tribunal held that there was no bar on the applicant to move an application before the expiry of six months from the date of expiry of provisional registration. Thus, the rejection was set aside, and the matter was restored for reconsideration.
In the second appeal, the rejection of the application for final approval under section 80G(5)(iii) of the Act was challenged. The Commissioner rejected the application citing a time limit for submission, which the applicant missed. However, the Tribunal noted that the applicant had provisionally applied under a different clause, and there was confusion regarding the application process. They directed the Commissioner to grant provisional approval and consider the final approval application, ensuring continuation of benefits for the applicant.
In both appeals, the Tribunal relied on precedents and statutory provisions to rule in favor of the appellants, emphasizing the importance of procedural clarity and equitable treatment.
2. Land continues to be agricultural land even if its use was converted to non-agricultural prior to sale
[2024] 162 taxmann.com 123 Tejabhai Nagjibhai Makwana v. Income-tax Officer ITAT AHMEDABAD
In this case, the assessee, an individual, along with two other sellers, sold immovable property for which they received Rs. 1 crore in cash. The land, previously used for agricultural purposes, had been converted into non-agricultural land with a jantri value of Rs. 3.73 crores. The Assessing Officer considered the sold land as a capital asset and reopened the case under section 147 since capital gains had not been offered to tax by the assessee. The assessee argued that despite the conversion, the land was used for agricultural purposes until the date of sale, making it exempt from taxation under the Income Tax Act. Additionally, the assesse claimed deductions under section 54B and section 54F, stating that the sale proceeds were reinvested in constructing a residential house and purchasing agricultural land.
The Commissioner (Appeals) allowed the appeal of the assessee by restricting the addition based on the valuation given by the Departmental Valuation Officer (DVO).
The Tribunal observed that continuous agricultural activities rendered the land agricultural despite conversion. However, they remanded the case to verify if the land met the criteria of agricultural land under section 2(14). The Tribunal upheld the Commissioner (Appeals)’s direction to allow deductions under sections 54B/54F after due verification. Thus, the appeal was partly allowed in favor of the assessee.
