September 2024 Tax Compliance Deadlines for Income Tax and GST
Well, we know that tax compliance deadlines are important because they help companies avoid costly penalties. Moreover, proper tax compliance is essential to carry out business without hindrance. Keeping this in view, our blog guides you through crucial GST and Income Tax due dates that assist you in staying up-to-date. By keeping track of these critical dates, businesses can maintain compliance with regulatory requirements and operate smoothly without disruptions. As we enter September 2024, there are several pivotal deadlines, including TDS/TCS deposits, the allocation of TDS certificates, advance tax payments, and varied GST return filings.
Let’s explore,
Income Tax Compliance Deadlines for September 2024:
Deposit of TDS/TCS for August 2024 – September 7, 2024:
All tax deducted or collected at source for August 2024 must be paid to the government by September 7, 2024. All deductors – corporate and non-corporate deductors, including all employers and businesses – must pay it by this date.
Issue of TDS Certificates – September 14, 2024:
Taxpayers must issue TDS certificates for tax deducted in various sections by September 14, 2024. These include:
- Section 194-IA: TDS on sales of immovable property
- Section 194-IB: TDS on rent
- Section 194M: TDS on payment to contractors or professionals
- Section 194S: TDS on virtual digital assets, for specified persons.
Advance Tax Second Installment for FY 2024-25 – September 15, 2024:
Advance tax payments are mandatory for taxpayers whose tax liabilities for the year exceed ₹10,000. It must be paid by September 15, 2024.
Tax Audit Reports to be Filed – September 30, 2024:
Taxpayers whose accounts are required to be audited under Section 44AB of the Income Tax Act must furnish their tax audit reports by September 30, 2024.
GST Compliance Deadlines for September 2024:
⚪ GSTR-1 Filing for August 2024 – September 11, 2024:
If a business has a cumulative turnover above ₹5 crores, it must file GSTR-1 for August 2024 by September 11, 2024.
⚪ GSTR-3B Filing for August 2024 – Different Deadlines:
GSTR-3B, a consolidated return of tax liability along with input tax credit, must be filed by the following dates:
- For turnover over ₹5 crores: September 20, 2024
- For turnover up to ₹5 crores (Group A): September 22, 2024
- For turnover up to ₹5 crores (Group B): September 24, 2024
⚪ CMP-08 for Composition Scheme Taxpayers – September 18, 2024:
Composition scheme taxpayers must file CMP-08 by September 18, 2024, for the July-September 2024 quarter.
⚪Other Important GST Due Dates in September 2024:
- GSTR-5 and GSTR-5A for non-resident taxpayers – Due September 20, 2024.
- GSTR-6 for Input Service Distributors – Due September 13, 2024.
- GSTR-7 For tax deductors under GST – Due September 10, 2024.
- GST Payment under QRMP Scheme (Yearly) – Due September 25, 2024.
How to Stay Compliant?
It is not easy to keep track of tax due dates, especially for companies with multiple obligations under both the Income Tax Act and GST law. Missing deadlines can result in interest penalties, late fees, or disallowances, making it essential to track and meet these compliance needs. Consider utilizing tax compliance software or partnering with a trusted service provider like Startupportal Business Services to automate reminders, generate accurate responses, and ensure timely submissions.
September 2024 has critical tax deadlines for companies and individuals to not miss. It is the deadline for filing audit reports, paying advance tax, filing GST returns, and issuing TDS certificates, all of which are crucial for maintaining compliance and avoiding penalties. For expert guidance and hassle-free tax compliance services, contact Startupportal Business Services today. We provide complete support for all your tax filing needs, keeping you compliant and tension-free throughout the year.
Disclaimer: The due dates mentioned above are subject to any changes notified by the department based on the recommendations and situations.