September 2024 Tax Compliance Deadlines for Income Tax and GST
We know that Tax compliance deadlines are crucial for businesses to ensure uninterrupted operations and to avoid costly penalties. In this Blog, our expert provides an in-depth guide to the important due dates for GST and Income Tax that help you stay organized and 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:
Tax deducted or collected at source (TDS/ TCS) for August 2024 must be deposited with the government by September 7, 2024. This applies to all deductors, including businesses and employers. For government deductors, the payment should be made on the same day without producing an Income Tax Challan’
Issuance of TDS Certificates – September 14, 2024:
Taxpayers must issue TDS certificates for tax deducted under various sections by September 14, 2024. This includes:
- Section 194-IA (TDS on the sale of immovable property)
- Section 194- IB (TDS on rent)
- Section 194M (TDS on payments to contractors or professionals)
- Section 194S (TDS on virtual digital assets, for specified persons)
These certificates should be issued to the payees to confirm that the correct tax has been subtracted from their payments.
Second Installment of Advance Tax for FY 2024-25 – September 15, 2024:
Taxpayers with tax liabilities exceeding ₹ 10,000 for the financial year are needed to pay advance tax in four installments. The second installment, which constitutes 45 of the total tax liabilities, is due by September 15, 2024. This is a critical deadline for individuals and businesses similarly.
Filing of Tax Audit Reports – September 30, 2024:
Taxpayers who need to have their accounts audited under Section 44AB of the Income Tax Act must submit their tax audit reports by September 30, 2024. This applies to businesses and professionals whose gross receipts exceed the specified thresholds.
Other Key Deadlines for Income Tax Filings:
- Form 24G Submission Government deductors must submit Form 24G for August 2024 by September 15, 2024, where TDS/ TCS was paid without a challan.
- Form 3BB Submission Stock exchanges must submit Form 3BB, detailing customer code modifications for August 2024, by September 15, 2024.
- Various TDS Challan- Cum- Statements Taxpayers must submit challan- cum- statements for TDS deducted under Sections 194- IA, 194- IB, 194M, and 194S for August 2024 by September 30, 2024.
GST Compliance Deadlines for September 2024:
GSTR-1 Filing for August 2024 – September 11, 2024:
Businesses with an aggregate turnover exceeding ₹ 5 crores, or those concluding for monthly filing under the Quarterly Return Filing and Monthly Payment (QRMP) scheme, must file their GSTR- 1 for August 2024 by September 11, 2024. GSTR-1 details the outside supplies of goods and services made during the previous month.
GSTR-3B Filing for August 2024 – Various Deadlines:
The GSTR-3B return, a summary of the tax liability and input tax credit, must be filed by the following dates:
- For businesses with turnover exceeding ₹ 5 crores September 20, 2024
- For businesses with turnover up to ₹ 5 crores (Group A states) September 22, 2024
- For businesses with turnover up to ₹ 5 crores (Group B states) September 24, 2024
- Late filing can attract interest and penalties, so timely submission is essential.
CMP-08 for Composition Scheme Taxpayers – September 18, 2024:
Taxpayers under the composition scheme must file CMP-08 for the July-September 2024 quarter by September 18, 2024. This form is used to declare a summary of outward supplies and pay the tax liability.
Other Key GST Deadlines for September 2024:
- GSTR- 5 and GSTR- 5A (for non-resident taxpayers) Due by September 20, 2024.
- GSTR- 6 (for Input Service Distributors) Due by September 13, 2024.
- GSTR- 7 (for tax deductors under GST) Due by September 10, 2024.
- GSTR- 8 (for e-commerce operators liable to collect TCS) Due by September 10, 2024.
- Yearly Payment of GST under QRMP Scheme Taxpayers who have decided for the QRMP scheme must pay their GST liability for August 2024 using Form PMT- 06 by September 25, 2024.
- GSTR- 11 (for UIN holders) Due by September 28, 2024. This applies to realities with a Unique Identification Number (UIN) claiming a refund of taxes paid on inward supplies.
How to Stay Compliant?
Staying on top of tax deadlines can be challenging, especially for companies with many obligations under both the Income Tax Act and GST law. Missing deadlines can result in interest penalties, late fees, or disallowances in rights, 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. Professional guidance can support you to avoid errors, streamline your filing process, and keep your business in good standing with tax authorities.
September 2024 is filled with critical tax deadlines that companies and individuals can not afford to meet. Whether it’s filing audit crashes, paying advance tax, or submitting GST returns and TDS certificates, each task is essential for maintaining compliance and avoiding penalties. To ensure that all filings and payments are completed on time, it’s important to stay systematized and visionary. For expert guidance and hassle-free tax compliance services, contact Startupportal Business Services today. We give complete support for all your tax filing needs, keeping you compliant and tension-free throughout the year.
Disclaimer: The above due dates are subject to any changes notified by the department based on the recommendations and situations.