We at Pierian services have comprehensively compiled upcoming Tax Compliances under various statutes such as Income Tax, Goods and Service Tax, Professional Tax, ESIC, etc. applicable in July 2024. Keeping track of these deadlines is crucial for maintaining business compliance and avoiding penalties:
- 7th July: Income Tax – TDS Payment for July 2024
- 10th July: State PT Act (Varies by state) – Professional Tax (PT) on Salaries for June 2024
- 10th July: GST – GSTR-7 and GSTR-8 (Filing of TDS and TCS Statement)
- 11th July: GST – GSTR-1 (Details of outward supplies of taxable goods and/or services)
- 13th July: GST – GSTR-1 (IFF) – Optional filing for QRMP registered businesses with turnover less than Rs. 5 Crore
- 13th July: GST – GSTR-6 - Furnishing Of Return By Input Service Distributors (ISD)
- 15th July: Income Tax – Filing of TCS Return for the Quarter Ended June 2024
- 15th July: Income Tax – Uploading of Form 15G, 15H for non-deduction of tax at source
- 15th July: PF, PT & ESIC Act – Provident Fund (PF), Professional Tax & Employee’s State Insurance (ESI) Returns Payment for June 2024
- 20th July: GST – GSTR-3B and GSTR-5A (Monthly return for GST with details of tax liability)
- 22nd and 24th July: GST – Challan Payment (Payment of GST for June 2024 if no sufficient Input Tax Credit)
- 24th July: GST - Challan Payment (Payment of GST for June 2024 if no sufficient Input Tax Credit for QRMP tax payers)
- 30th July: Income Tax – Issuance of TCS Certificate for the Quarter Ended June 2024
- 31st July: Income Tax – TDS Payment for June 2024 on Property sales, Rent (Forms 26QB, 26QC, 26QD, 26QE)
- 31st July: Income Tax – Filing of TDS Return for Quarter Ended June 2024
- 31st July: Income Tax – Income Tax Return filing for Non-Tax Audit / Non-TP Cases (Remember to file form 10-IEA before filing of ITR if an individual with business income is opting for old tax regime)
- 31st July: Companies Act – DIR-3 (KYC Annual Compliance for Directors)
- 31st July: MSME – Form 1 - Half-yearly return for outstanding payments to MSMEs for the period January to June 2024.
Why Timely Compliance Matters:
- Avoid Penalties and Late Fees: Missing deadlines can result in significant financial penalties and late fees, impacting your cash flow.
- Maintain Business Credibility: Consistent compliance demonstrates professionalism and fosters trust with regulatory authorities.
- Minimize Risk of Audits: Timely filings reduce the chance of triggering unnecessary audits that can be time-consuming and disruptive.
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