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:
| Quarter | Deadline |
|---|---|
| First quarter, ending 30th of June | Immediately following 15th of July |
| Second quarter, ending 30th of September | Immediately following 15th of October |
| Third quarter, ending 31st December | Immediately following 15th of January |
| Fourth quarter, ending 31st of March | Immediately 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.
| Quarter | Deadline |
|---|---|
| First quarter, ending 30th of June | Immediately following 31st of July |
| Second quarter, ending 30th of September | Immediately following 31st of October |
| Third quarter, ending 31st December | Immediately following 31st of January |
| Fourth quarter, ending 31st of March | Immediately 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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