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Why is January ITDS Due Dates of FY 2023-24 For Return Filings an Important Month for Saving Tax?

January is an important month for TDS return filings, and you can leverage investments, expenses, and deductions until March 31st to lower your tax liability.

  • 9,068 Views | Updated on: May 24, 2024

While the due date for filing returns falls later, the deadline for making investments eligible for tax deductions within a financial year (April 1st - March 31st) remains March 31st. Starting in January gives you an extended window to research and choose suitable tax saving options like ELSS funds, PPF, NPS, etc., ensuring you maximize your deductions and minimize your tax liability.

Tax saving is something most taxpayers want to do. But amidst the fear of investing in financial instruments and the lack of knowledge of tax savings provisions, people pay hefty taxes every year. With the year ending, investing wisely can be a good way to start another year.

Importance of January Month for Saving Tax

With India’s tax system being the backbone of the economy, January plays a vital role in a taxpayer’s life.

Spending wisely, saving more, and investing in tax-saving financial instruments can be your New Year’s resolution. With just three months till the date of filing the Income Tax Returns (ITR), taxpayers are consolidating the bills and receipts and are finding better options to save on taxes.

January is also important for other tax-related activities that can help you save tax for FY 2023-24:

Advance Tax Payments

The third instalment of advance tax for FY 2023-24 is due on December 15th, 2023. If you have not paid the first two instalments, you can do so in January to avoid late payment penalties. Paying advance tax throughout the year helps reduce the burden of paying a large sum when filing your return.

Claiming Tax Deductions

If you have not used all your available tax deductions under sections like 80C (investments), 80D (medical insurance), or 80G (donations), you can still make investments or incur eligible expenses until March 31st, 2024, to claim them in your return and lower your tax liability.

Reviewing Investments and Expenses

January can be a good time to review your investments and expenses to ensure you utilize all available tax-saving options. You can consult a financial advisor to optimize your portfolio and identify further tax-saving opportunities.

Important Due Dates for Filing TDS in January

Tax Deducted at Source (TDS) is a percentage of tax deducted directly from your income at the payment source. TDS is deducted on salary income (deducted by your employer), bank interest income (deducted by the bank), and rent income (deducted by the tenant). This amount is deposited by the deductor (payer) to the government at regular intervals.

The due date for filing Income Tax Returns (ITRs) for the financial year 2023-24 (AY 2024-25) has already passed. The deadline for most taxpayers was July 31st, 2023, with extensions granted for certain categories like farmers and senior citizens.

However, there are still some important deadlines related to Income Tax Deducted at Source (ITDS) for the financial year 2023-24 that taxpayers should be aware of:


Tax Filing

January 7th

Deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2023.

Deposit quarterly TDS under Section 192 (Salaries), 194A (Interest), 194D (Insurance commission), and 194H (Commission and brokerage) for October-December 2023.

January 14th

Issue TDS certificates under Section 194-IA (Property purchases), 194-IB (High rent payments), and 194M (Contractual work).

January 15th

File quarterly TCS statements for December 31, 2023.

Furnish Form 15G/Form 15H declarations received during October-December 2023.

January 30th

Issue TCS certificates for the quarter ending December 31, 2023.

File challan statements for TDS deducted under Sections 194-IA, 194-IB, and 194M for December 2023.

January 31st

This is the final day to file the quarterly TDS statement for December 31, 2023.

How to Turn January into Your Advantage Month?

January can be your month for maximizing deductions and minimizing your tax burden. With more time, you can research investment options like ELSS, PPF, NPS, etc., and choose the ones that best suit your financial goals and risk appetite. The sooner you invest, the bigger your potential returns by the time the filing season arrives. Some strategic tips for planning January:

  • January offers a fresh financial scenario. Analyze your income and expenses from the previous year to get a clear picture of your financial situation. This helps you set realistic tax-saving goals and choose the optimal investment avenues.
  • Organize your financial documents early to avoid the eleventh-hour rush and ensure a smooth filing process later. Do not let paperwork chaos become another January blues.
  • If you need professional help, consulting tax advisors early allows them to tailor their advice to your unique situation and maximize your tax benefits.

Summing it Up

January serves as a critical juncture for taxpayers to set the tone for the upcoming financial year. By embracing the tax-saving schemes, individuals can save on taxes and pave the way for a financially secure and well-organized future. As the calendar turns, let January be where financial resolutions transform into tangible actions, laying the groundwork for a prosperous fiscal journey ahead.

Key Takeaways

  • January marks the beginning of new financial transactions and investments, making it crucial for tax-related activities.
  • Paying the third instalment of advance tax in January and any missed payments helps reduce the burden during the filing of Income Tax Returns, preventing late payment penalties.
  • Utilize available tax deductions (e.g., under sections 80C, 80D, and 80G) by making investments or incurring eligible expenses until March 31, 2024, to lower tax liability.
  • Important tax-related dates in January 2024 include depositing TDS and TCS, issuing certificates, filing quarterly statements, and meeting the final deadline for the quarterly TDS statement on December 31, 2023.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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