Essential Income Tax Deadlines for the month of September 2024

Effective financial management and avoiding penalties require staying informed about key income tax deadlines. In September 2024, the Income Tax Department has set several crucial deadlines. Missing any of these could result in unnecessary fines and complications, so it’s important to be prepared. Here’s a comprehensive look at the important tax deadlines this month:

September 7, 2024: Tax Deposit Deadline

Firstly, on September 7, 2024, entities must deposit the tax deducted or collected in August 2024. Government offices, in particular, must deposit this tax directly to the Central Government on the same day, bypassing the need for an Income Tax Challan.

September 14, 2024: Issue of TDS Certificates

By September 14, 2024, you must issue TDS certificates for specific sections based on deductions made in July 2024. The applicable sections include:

• Section 194-IA: Tax on the sale of immovable property.
• Section 194-IB: Tax on rent payments by certain individuals or HUFs.
• Section 194M: Tax on payments to contractors and professionals by individuals or HUFs not subject to tax audit.
• Section 194S: Tax on payments for transferring virtual digital assets (VDAs) by specified persons.

September 15, 2024: Multiple Compliance Requirements

Next, by September 15, 2024, government offices must submit Form 24G if they paid TDS/TCS for August 2024 without a challan. Additionally, taxpayers need to pay the second installment of advance tax for the Assessment Year 2025–26. Moreover, stock exchanges are required to file Form 3BB for transactions with modified client codes for August 2024.

September 30, 2024: Comprehensive Filing Deadline

Finally, by September 30, 2024, several critical filings must be completed:

• The challan-cum-statement for taxes deducted under sections 194-IA, 194-IB, 194M, and 194S in August 2024.
• Filing of the audit report under section 44AB for the Assessment Year 2024–25, applicable for both corporate and non-corporate assessees.
• Application in Form 9A to carry forward income to the subsequent year, if the return is due by November 30, 2024.
• Statement in Form 10 to accumulate income for future application, under sections 10(21) or 11(1), if the return is due by November 30, 2024.
• Audit report submission in Form 10B/10BB for relevant funds, trusts, institutions, universities, or hospitals.

Conclusion

By adhering to these deadlines, you not only ensure compliance with tax regulations but also support effective financial planning. Missing deadlines can result in penalties, so it’s essential to stay on top of these important dates.

Originally published at https://www.efiletax.in on August 30, 2024.