Whoever said wishes don’t come true hasn’t explored our offers!
  • Due Date for Filing Income Tax Returns

    The due date for filing ITR for 2016-2017 for Individuals/Body of Individuals (BOI)/Hindu Undivided Family (HUF) /Association of Persons (AOP) is 31st July, 2017.

    Due Date For Tax Filing 2017

    As per the Income-tax Act, 1961, a certain amount of tax is levied on income earned by individuals, businesses and all other establishments. The Income Tax (IT) Department is governed by the Department of Revenue under the Ministry of Finance to administer the laws, rules, and notifications related to Income Tax. As taxpayers, individuals as well as establishments that earn income are required to file their taxes. Based on the source and nature of the income, an applicable percentage of tax is required to be paid on the particular days as notified by the IT Department. Certain types of taxes are collected on a regular, periodical, and occasional basis. The following table has the list of due dates that are applicable for the Financial Year 2017-2018:

    Months Dates
    January 7th January, 2017
    • The due date for depositing the collected/deducted Tax for the month of December, 2016. The Tax collected/ deducted by an office of the government has to be paid to the Central Government on the very same day in case of, where tax is paid without producing an Income-tax challan.
    • The due date for deposit of Tax Deducted at Source (TDS) for the period of October 2016 to December 2016, when IT Assessing Officer has permitted quarterly deposit of TDS - under section 192, 194A, 194D or 194H.
    24th January, 2017
    • The due date for issue of TDS Certificate for tax deducted for the month of November, 2016 under section 194-IA.
    15th January, 2017
    • The due date for completing the Form 24G by a Government office where TDS for the month of December, 2016 has been paid without a challan.
    • The quarterly statement of Tax Collected at Source (TCS) deposited for the quarter ending December 31, 2016.
    30th January, 2017
    • The quarterly TCS certificate for tax collected for the quarter ending December 31, 2016.
    • The due date for producing the challan/statement in respect to tax deducted in the month of December, 2016 under Section 194-IA.
    • The due date for the deposit of TDS for the period January 2017 to March 2017, when IT Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.
    31st January, 2017
    • The quarterly statement of TDS deposited for the quarter ending December 31, 2016.
    • The quarterly return of non-deduction at source by a banking company from interest on time deposit with regard to the quarter ending December 31, 2016.
    • The due date for filing the statement of financial transaction by post offices or banks for cash deposits during the period of 09th November 2016 to 30th December 2016 aggregate to—
    1. Rs.12,50,000 and above, in one or more current account of a person; or
    2. Rs.2,50,000 or above, in one or more accounts (other than a current account) of a person.
    • The due date for filing the statement of financial transaction by post offices or banks for cash deposits during the period of 09th November 2016 to 30th December 2016 aggregate to—
    1. Rs.12,50,000 or above, in one or more current account of a person; or
    2. Rs.2,50,000 or above, in one or more accounts (other than a current account) of a person.
    3. Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in the mentioned accounts.
    February 7th February, 2017 –
    • The due date for deposit of Tax collected/deducted for the month of January, 2017. All sum collected/deducted by an establishment/office of the government shall be paid to the credit of the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    14th February, 2017 –
    • The due date for issue of TDS Certificate for tax deducted under section 194-IA for the month of December, 2016.
    15th February, 2017 –
    • The due date for completing the Form 24G by an office from the Government where TDS for the month of January, 2017 has been paid without the furnishing of a challan.
    • The quarterly TDS certificate (with regard to tax deducted for payments that is other than salary) for the quarter ending December 31, 2016.
    28th February, 2017 –
    • The due date for deposit of collected tax for the month of March, 2017. All sum collected by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    March 2nd March, 2017 –
    • The due date for producing the challan/statement with regard to tax deducted in the month of February, 2017 - under Section 194-IA.
    7th March, 2017 –
    • The due date for deposit of Tax collected/deducted for the month of February, 2017. All sum collected/deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without producing an Income-tax Challan.
    15th March, 2017 –
    • The due date for completing the Form 24G by an office of the Government where TDS for the month of February, 2017 has been paid without the furnishing of a challan.
    • To make the fourth installment payment of advance tax for the assessment year 2017-18.
    • The due date for payment of the whole amount of advance tax for assessees covered under presumptive scheme of Section 44AD for assessment year 2017-18.
    17th March, 2017 –
    • The due date for producing the challan/statement with regard to tax deducted in the month of February, 2017 - under Section 194-IA.
    30th March, 2017 –
    • The due date for producing the challan/statement with regard to tax deducted in the month of February, 2017 - under Section 194-IA.
    31st March, 2017 –
    • Last date for the declaration of undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016.
    • The due date for the payment of the second installment (i.e., 25% of tax, surcharge and penalty) under Income Declaration Scheme, 2016.
    April 7th April, 2017
    • The due date for deposit of collected tax for the month of March, 2017. All sum collected by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    14th April, 2017
    • The due date for issue of TDS Certificate for tax deducted in the month of February, 2017 - under section 194-IA.
    30th April, 2017
    • The due date for producing the Form 24G by an office of the Government where TDS for the month of March, 2017 has been paid without the furnishing of a challan.
    • The due date for producing the challan/statement with regard to tax deducted in the month of March, 2017 - under Section 194-IA.
    • The due date for deposit of Tax deducted by an assessee that is other than an office of the Government for the month of March, 2017.
    • The due date for e-filing of a statement in Form No. 61 containing particulars of Form No. 60 that is received during the period of October 1, 2016 to March 31, 2017.
    May 7th May, 2017 - The due date for deposit of Tax collected/deducted for the month of April, 2017. All sum collected/deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without producing an Income-tax Challan. 15th May, 2017 –
    • The due date for issue of the TDS Certificate for tax deducted under section 194-IA for the month of March, 2017.
    • The due date for complete the Form 24G by an office from the Government where TDS for the month of January, 2017 has been paid without the furnishing of a challan.
    • The quarterly statement of TCS deposited for the quarter ending March 31, 2017.
    30th May, 2017
    • The quarterly TCS certificates with regard to tax collected during the quarter ending March 31, 2017.
    • The submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2016-17.
    • The due date for producing the challan/statement with regard to tax deducted in the month of April, 2017 - under Section 194-IA..
    31st May, 2017 - The quarterly statement of TDS deposited for the quarter ending March 31, 2017.
    • The certificate of TDS to employees with regard to the salary paid and tax deducted during 2016-17.
    • The return of tax deduction from contributions paid by the trustees of an approved superannuation fund.
    • The due date for completing the statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect of a financial year 2016-17.
    • The due date for e-filing of annual statement of accounts as required to be reported under section 285BA(1)(k) (in Form No. 61B) for calendar year 2016 by reporting financial institutions.
    June 7th June, 2017
    • The due date for deposit of Tax collected/deducted for the month of May, 2017. All sum collected/deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without producing an Income-tax Challan.
    14th June, 2017
    • The due date for issue of the TDS Certificate for tax deducted in the month of April, 2017 - under Section 194-IA.
    15th June, 2017
    • The due date for completing the Form 24G by an office from the Government where TDS for the month of January, 2017 has been paid without the furnishing of a challan.
    • The quarterly TDS certificates (with regard to tax deducted for payments other than salary) for the quarter ending March 31, 2017.
    • The first installment of advance tax for the assessment year 2018-19.
    29th June, 2017
    • The due date for e-filing of a statement (in Form No. 3CEK) by an eligible investment fund under section 9A with regard to its activities in financial year 2016-17.
    30th June, 2017
    • The due date for producing of challan/statement with regard to tax deducted in the month of May, 2017 - under Section 194-IA..
    • The return with regard to securities transaction tax for the financial year 2016-17.
    • The quarterly return of non-deduction of tax at source by a banking company from interest on time deposit with regard to the quarter ending March 31, 2017.
    • The statement to be furnished (in Form No. 64C) by Alternative Investment Fund (AIF) to units holders with regard to income distributed during the previous year 2016-17.
    • The report by an approved institution/public sector company under section 35AC(4)/(5) for the year ending March 31, 2017.
    • The due date for furnishing of statement of income distributed by business trust to its unitholders during the financial year 2016-17. This statement is required to be furnished to the unitholders in form No. 64B [As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]
    July 7th July, 2017 –
    • The due date for deposit of Tax collected/deducted for the month of June, 2017. All sum collected/deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without producing an Income-tax Challan.
    • The due date for deposit of TDS for the period April 2017 to June 2017 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.
    15th July, 2017
    • The due date for completing the Form 24G by an office of the Government where TDS for the month of June, 2017 has been paid without the furnishing of a challan.
    • The due date for issue of the TDS Certificate for tax deducted under section 194-IA in the month of May, 2017.
    • The quarterly statement with regard to foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2017.
    • The quarterly statement of TCS deposited for the quarter ending 30 June, 2017.
    30th July, 2017 –
    • The quarterly TCS certificate with regard to tax collected by any person for the quarter ending June 30, 2017.
    • The ue date for producing of challan/statement with regard to tax deducted under Section 194-IA in the month of June, 2017.
    32st July, 2017 –
    • The quarterly statement of TDS deposited for the quarter ending June 30, 2017.
    • The annual return of income for the assessment year 2017-18 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report under section 92E.
    • The quarterly return of non-deduction of tax at source by a banking company from interest on time deposit with regard to the quarter ending June 30, 2017.
    • The statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is July 31, 2017)
    • The application in Form 9A for exercising the option available under Explanation to section 11(1) to apply the income of the previous year in the next year or in future (if the assessee is required to submit the return of income on or before July 31, 2017).
    • The statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(2) (if the assessee is required to submit the return of income on or before July 31, 2017).
    August 7th August, 2017 –
    • The due date for deposit of Tax collected/ deducted for the month of July, 2017. However, all sum collected/deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    14th August, 2017 –
    • The due date for issue of TDS Certificate for tax deducted in the month of June, 2017 - under section 194-IA.
    16th August, 2017 –
    • The due date for furnishing of Form 24G by an office of the Government where TDS for the month of July, 2017 has been paid without the furnishing of a challan.
    • The quarterly TDS certificate (with regard to tax deducted for payments other than salary) for the quarter ending June 30, 2017.
    30th August, 2017 –
    • The due date for producing the challan/statement with regard to tax deducted under Section 194-IA in the month of July, 2017.
    September 7th September, 2017
    • The due date for deposit of Tax collected/ deducted for the month of August, 2017. However, all sum collected/ deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    14th September, 2017
    • The due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of July, 2017.
    15th September, 2017
    • The due date for completing the Form 24G by an office of the Government where TDS for the month of August, 2017 has been paid without the furnishing of a challan.
    • The second installment of advance tax for the assessment year 2018-19.
    30th September, 2017
    • The audit report under section 44AB for the assessment year 2017-18 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on September 30, 2017).
    • The due date for completing the challan/statement with regard to tax deducted under Section 194-IA in the month of August, 2017.
    • The statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is September 30, 2017).
    • The annual return of income for the assessment year 2017-18 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited).
    • The 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 the return of income on September 30, 2017).
    • The statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(2) (if the assessee is required to submit the return of income on September 30, 2017).
    • The submission of copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company does not have any international/specified domestic transaction].
    • The due date for payment of last installment (i.e., 50% of tax, surcharge and penalty) under Income Disclosure Scheme, 2016.
    October 7th October, 2017 –
    • The due date for deposit of tax collected/deducted for the month of September, 2017. However, all sum collected/deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    • The due date for deposit of TDS for the period July 2017 to September 2017 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.
    15th October, 2017 –
    • The due date for completion of Form 24G by an office of the Government where TDS for the month of September, 2017 has been paid without the furnishing of a challan.
    • The due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August, 2017.
    • The quarterly statement with regard to foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2017.
    • The quarterly statement of TCS deposited for the quarter ending September 30, 2017.
    30th October, 2017 –
    • The due date for producing the challan/statement with regard to tax deducted under Section 194-IA in the month of September, 2017.
    • The quarterly TCS certificate (with regard to tax collected by any person) for the quarter ending September 30, 2017.
    32st October, 2017
    • The quarterly statement of TDS deposited for the quarter ending September 30, 2017.
    • The due date for furnishing of Annual audited accounts for each approved program under section 35(2AA).
    • The quarterly return of non-deduction of tax at source by a banking company from interest on time deposit with regard to the quarter ending September 30, 2017.
    November 7th November, 2017
    • The due date for deposit of Tax deducted/collected for the month of October, 2017. However, all sum deducted/collected by an office of the government shall be paid to the the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    14th November, 2017
    • The due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of September, 2017.
    15th November, 2017
    • The due date for furnishing of Form 24G by an office of the Government where TDS for the month of October, 2017 has been paid without the furnishing of a challan.
    • The quarterly TDS certificate (with regard to tax deducted for payments other than salary) for the quarter ending September 30, 2017.
    30th November, 2017
    • The due date for producing the challan/statement with regard to tax deducted under Section 194-IA in the month of October, 2017.
    • The annual return of income for the assessment year 2017-18 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s).
    • The audit report under section 44AB for the assessment year 2017-18 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E.
    • The report to be furnished in Form 3CEB with regard to international transaction and specified domestic transaction.
    • The statement of income distribution by Venture Capital Company or venture capital fund with regard to income distributed during 2016-17.
    • The statement to be furnished in Form No. 64D by Alternative Investment Fund (AIF) to Principal CIT or CIT with regard to income distributed (during previous year 2016-17) to units holders.
    • The due date to exercise option of safe harbour rules for international transaction by completing the Form 3CEFA.
    • The due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB.
    • The due date for filing of statement of income distributed by business trust to unit holders during the financial year 2016-17. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A.
    • The due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund with regard to arm's length price of the remuneration paid to the fund manager.
    • The 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 the return of the income on November 30, 2017).
    • The statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(2) (if the assessee is required to submit the return of income on November 30, 2017).
    • The submission of copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company has any international/specified domestic transaction].
    December 7th December, 2017 –
    • The due date for deposit of Tax collected/deducted for the month of November, 2017. However, all sum collected/deducted by an office of the government shall be paid to the Central Government on the same day of transaction where tax is paid without production of an Income-tax Challan.
    15th December, 2017
    • The due date for furnishing of Form 24G by an office of the Government where TDS for the month of November, 2017 has been paid without the furnishing of a challan.
    • The third installment of advance tax for the assessment year 2018-19.
    • The due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2017.
    30th December, 2017
    • The due date for producing the challan/statement with regard to tax deducted under Section 194-IA in the month of November, 2017

    Things to be Done Before the End of the Financial Year

    Leading up to the end of FY 2016-17, the Income Tax Department has come up with a few deadlines that must be adhered to for certain actions. Following are the things you can do to avail benefits such as saving money on income tax :

    1. Pending IT Returns for the previous financial year must be filed
    2. The 31st of July is the due date for filing your IT returns, but it is noted that a large number of taxpayers fail to meet this deadline and then tend to forget about the same. Filing pending income tax returns for the previous financial year must be done by the 31st of March this year, as failure to do so may result in a fine of Rs.5000. The assessing officer will offer you a chance to explain the reason as to why you have not paid the fee on time, and if the reason is deemed satisfactory, you may be exempted from the fine. But if the assessing officer does not get a reasonable explanation, you will have to pay the aforementioned amount.

    3. Advance Tax Payment
    4. A large number of taxpayers in India are salaried individuals and their employers discharge their tax liability owing to the fact that their tax is deducted at source when their salaries are paid. Self-employed individuals who pay their taxes will need to pay advance tax. Moreover, salaried individuals who have other taxable incomes over the course of a financial year, such as interest on fixed deposits and capital gains, etc. will be liable to pay advance tax on these incomes if their employer is not notified about such incomes.

    5. Pending IT Returns for FY 2014-15 must also be filed before March 31, 2017
    6. The current tax laws state that individuals are allowed to file their IT returns for two fiscals at any time. If you have failed to file your returns for the past two years, and especially FY 2014-15, the last chance to do so is the 31st of March this year.

    7. Particulars of salaries received from previous employers must be filed too
    8. In case an individual has been employed by two or more employers over the course of the previous financial year, their details regarding the salaries received from such employers must be provided to the current employer. The same particulars should also be furnished to the current employer in Form 12B.

    9. Tax benefits can be claimed under Section 80C and Section 80 CCD(1B) by Investing in Qualifying Products
    10. Individuals who have not made any investments in order to claim tax benefits need not necessarily purchase a life insurance plan in haste. Even when life insurance in required, you could purchase an online term plan instead as they are considered more profitable than ULIPs or traditional products. Similarly, investing all your money in ELSSs is also not recommended as they are just equity investment instruments that could result in volatility if you invest a lump sum. Instead, tax saving fixed deposits and national savings certificates are great options that ensure a profit for tenures of five years.

    11. Go through bank records to verify how much deduction can be claimed
    12. Most individuals use the ECS facility in their bank accounts to make the most of the different amounts that can be claimed as deductions under Section 80C of the Income Tax Act. SIP for ELSSs, life insurance premium, etc. are such facilities that come in handy. However, there are instances where the ECS hasn’t hit the bank account owing to some reason or the other, or even when a cheque has been issued for a life insurance premium. It is thus essential to cross check and verify that for all the amounts that are eligible for deductions, the same sum of money has been debited from your bank account. You cannot claim the deduction if the amount has not been debited from your bank account.

    13. NPS and PPF Accounts Minimum Contribution
    14. Whether it is in their own name or their children’s name, individuals with PPF accounts may find that the deductions available to them Under Section 80C of the Income Tax Act are not liable to contribute any sum of money to the PPF account. However, they will still have to make a contribution of at least Rs.500 per annum in every single PPF account they have in order to ensure that their account does not turn dormant. If a PPF account has already turned dormant, it can be reactivated by paying a penalty of Rs.100, after which Rs.500 will have to be contributed every year to keep the account active.

    People Also Searched For :

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.