Essential Tax Deadlines for July 2024: Income Tax and GST Compliance Guide
As the first quarter of the 2024-25 financial year ends, it's essential for taxpayers and businesses in India to be aware of important tax deadlines in July 2024. This blog provides a comprehensive guide on critical due dates set by the Income Tax Department and GST authorities. It covers deadlines for TDS deposits, TDS certificates, income tax returns, and GST filings, helping you stay compliant and avoid penalties.
As we approach the end of the first quarter of the 2024-25 financial year, taxpayers and businesses in India must be aware of the critical deadlines set by the Income Tax Department and the Goods and Services Tax (GST) authorities for July 2024. Adhering to these deadlines is crucial to ensure compliance with the relevant tax laws and avoid penalties or interest charges.
Income Tax Deadlines for July 2024
- July 7, 2024: Due date for deposit of tax deducted/collected for the month of June 2024. However, all sums deducted or collected by government offices must be paid to the Central Government on the same day of deduction, without the need for an Income-tax Challan.
- July 15, 2024:
- Due date for issue of TDS certificates under sections 194-IA, 194-IB, 194M, and 194S (by specified person) for tax deducted in May 2024.
- Due date for furnishing of Form No. 15CC by authorized dealers for foreign remittances for the quarter ending June 2024.
- Due date for furnishing of quarterly statement of TCS deposited for the quarter ending June 30, 2024.
- Due date for uploading of declarations received from recipients in Form No. 15G/15H during the quarter ending June 2024.
- July 30, 2024: Due date for furnishing of challan-cum-statement in respect of tax deducted under sections 194-IA, 194-IB, 194M, and 194S (by specified person) for June 2024.
- July 31, 2024:
- Due date for filing of income tax returns for the assessment year 2024-25 for all assessees except corporate assessees, non-corporate assessees whose accounts are audited, partners of firms requiring audit, and others specified under section 92E.
- Due date for filing quarterly statement of TDS deposited for the quarter ending June 30, 2024.
- Due date for filing quarterly return of non-deduction of tax at source by banking companies from interest on time deposits for the quarter ending June 30, 2024.
- Due date for filing statements required from scientific research associations, universities, colleges, or Indian scientific research companies if the income tax return due date is July 31, 2024.
- Due date for filing intimation in Form 10BBB by pension funds and Form II by Sovereign Wealth Funds for investments made in India for the quarter ending June 2024.
GST Deadlines for July 2024
- July 11, 2024: Due date for filing GSTR-1 (monthly) for June 2024.
- July 13, 2024: Due date for filing GSTR-1 IFF (optional) for June 2024 for taxpayers under the QRMP scheme.
- July 20, 2024: Due date for filing GSTR-3B for June 2024 (monthly filers).
- July 22, 2024: Due date for filing GSTR-3B for the quarter ending June 2024 for taxpayers in southern India.
- July 24, 2024: Due date for filing GSTR-3B for the quarter ending June 2024 for taxpayers in northern India.
- July 25, 2024: Due date for payment of GST in cash (for all quarterly filers) if no sufficient ITC for June 2024.
Taxpayers and businesses must ensure that they adhere to these deadlines to avoid any penalties or interest charges. It is advisable to maintain proper records, gather necessary information, and file returns well in advance to ensure a smooth tax compliance process.
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Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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