Important Tax Deadlines in India for August 2024
As August 2024 approaches, taxpayers and businesses in India need to be mindful of several crucial deadlines for tax compliance. Here’s a comprehensive overview of the key dates and their respective requirements:
August 7, 2024 (Wednesday)
TDS/TCS Deposit Due Date: Taxpayers are required to deposit Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) for July 2024 by August 7. However, government offices must remit taxes to the Central Government on the same day if payment is made without using an Income-tax Challan.
August 14, 2024 (Wednesday)
TDS Certificate Issuance: The deadline for issuing TDS certificates for specific sections, for deductions made in June 2024, is August 14. These sections include:
- Section 194-IA: TDS on the transfer of immovable property.
- Section 194-IB: TDS on rent payments by individuals or HUFs not liable to tax audit.
- Section 194M: TDS on payments to contractors and professionals by individuals/HUFs not covered under tax audit.
- Section 194S: TDS on payments for transfer of virtual digital assets by specified persons.
August 15, 2024 (Thursday)
- Form 24G Submission: Government offices must submit Form 24G for TDS/TCS paid in July 2024 without producing a challan by this date.
- Form 3BB Submission: Stock exchanges need to furnish Form 3BB for transactions where client codes were modified in July 2024.
- Quarterly TDS Certificate: Issuance of the quarterly TDS certificate for taxes deducted on payments other than salary for the quarter ending June 30, 2024.
August 30, 2024 (Friday)
Challan-Cum-Statement Furnishing: The deadline for furnishing challan-cum-statements for TDS deducted in July 2024 is August 30, covering specific sections:
- Section 194-IA: For the transfer of immovable property.
- Section 194-IB: For rent payments.
- Section 194M: For contractor and professional payments.
- Section 194S: For transactions involving virtual digital assets by specified persons.
August 31, 2024 (Saturday)
- Form 9A Application: Taxpayers wishing to exercise the option under Explanation to Section 11(1) to apply income of the previous year in the next or future years must submit Form 9A by August 31 if they are required to file their income return by October 31, 2024.
- Form 10 Statement: Submission of Form 10 is required by this date to accumulate income for future applications under Sections 10(21) or 11(1), applicable to taxpayers who must file their income return by October 31, 2024.
Stay informed and ensure compliance with these important tax deadlines to avoid penalties and maintain smooth operations in August 2024.
