Form No. 24Q filing deadline change effective 01-June-2016

Currently (as of May 2016), the deadlines for Form No. 24Q filing are as follows:

QuarterDeadline
First quarter, ending 30th of JuneImmediately following 15th of July
Second quarter, ending 30th of SeptemberImmediately following 15th of October
Third quarter, ending 31st DecemberImmediately following 15th of January
Fourth quarter, ending 31st of MarchImmediately following 15th of May

The Income Tax Department, by way of a notification dated 29-Apr-2016, has changed the deadline for Form No. 24Q filing each quarter.

Revised Form No. 24Q filing deadline

With effect from 01-June-2016, the deadlines for Form No. 24Q filing are as follows.

QuarterDeadline
First quarter, ending 30th of JuneImmediately following 31st of July
Second quarter, ending 30th of SeptemberImmediately following 31st of October
Third quarter, ending 31st DecemberImmediately following 31st of January
Fourth quarter, ending 31st of MarchImmediately following 31st of May

As you may have observed, organizations will have an additional 15 days for filing Form No. 24Q each quarter from 01-June-2016 onwards. Given that the last date for TDS remittance is the 7th, we at Hinote receive TDS challan information from many of our clients only after the 7th, and consequently burn the midnight oil to file Form No. 24Q by the 15th after completing all the checks regarding TDS data. The additional 15 day period comes as a relief to us and payroll compliance managers.

Deadline for Form No. 16 issuance

For the last quarter, the Form No. 24Q filing deadline has been extended to 31st of May. Rule 31 of the Income Tax Rules states that Form No. 16 should be issued “by 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted.” This means that the deadline for Form No. 16 issuance too is 31st of May. Given that it takes a few days for the TRACES system to generate Part A of Form No. 16 once Form No. 24Q is filed, it is currently impossible to issue Form No. 16 by 31st of May if Form No. 24Q is filed on 31st May or even a day or two ahead of 31st of May.

Maybe the Income Tax Department should consider moving the Form No. 16 issuance deadline by a week or 15 days after 31st of May.

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  1. GOBY.N August 25, 2016

    GOOD NEWS FOR ALL…

    reply

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