Income Tax Deadlines for September 2024: Important Dates and Compliance Advice
For taxpayers and tax experts, September 2024 is a crucial month because it has multiple important income tax deadlines. This blog offers a thorough summary of all important deadlines, ranging from TDS/TCS deposit and certificate issuing to advance tax payment and filing tax audit reports. This handbook guarantees that you remain compliant and keep out of trouble with a convenient chart for easy reference. It is essential for efficient tax management, regardless of whether you are an individual taxpayer or a business owner, to comprehend these deadlines.
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Important Income Tax Dates for September 2024
For professionals and taxpayers, September 2024 is a critical month because it has multiple deadlines for income tax compliance. Meeting these deadlines is crucial to avoiding fines and guaranteeing efficient tax administration. This blog post will include a graphic for convenient reference, as well as a thorough summary of the important income tax deadlines for September 2024.
1. September 7, 2024: TDS/TCS Deposit
Details: Payments for August 2024 Tax Collected at Source (TCS) and Tax Deducted at Source (TDS) must be deposited by this date. This holds true for all collectors and deductors.
Importance: Interest and penalties may be incurred for late TDS/TCS deposits.
2. TDS Certificate Issued on September 14, 2024 (Form 16B/16C/16D)
Specifics: The date by which TDS certificates must be issued for deductions made in August 2024 for TDS deducted on real estate transactions (Form 16B), rent (Form 16C), and payments to contractors or professionals (Form 16D).
Significance: The deductee needs these certificates in order to claim credit for the TDS on their income tax returns.
3. September 15, 2024: Second Installment of Advance Tax Payment
Information: On or before this date, the second installment of advance tax for the Financial Year 2024–2025 is due. All taxpayers, including people, businesses, and firms, are subject to this.
Importance: Paying taxes in advance helps to prevent a large tax bill at the end of the year. Interest is charged under Sections 234B and 234C for nonpayment or underpayment of advance tax.
4. September 30, 2024: Tax Audit Report Submission (Forms 3CA, 3CB, and 3CD)
Information: The date by which entities obligated to have their accounts audited in accordance with Section 44AB of the Income Tax Act must file their tax audit report. This covers companies with annual revenue more than ₹1 crore as well as professionals with annual revenue more than ₹50 lakh.
Importance: Since the tax audit report must be submitted before the income tax return can be filed, it is imperative that it be submitted on time. Under Section 271B, there is a penalty for filing late.
5. September 30, 2024: Income Tax Return Submission for Tax Audit Matters
Information: The deadline for taxpayers who must have their accounts audited (under Section 44AB) to file income tax returns. Professionals and companies are included in this.
Importance: Filing the income tax return on time guarantees conformity with the law and prevents late filing fines.
6. September 30, 2024: Form 24Q (TDS on Salaries) must be filed.
Information: The date by which Form 24Q must be submitted for the second quarter of the 2024–2025 fiscal year. TDS deduction data are provided on this form.
Significance: Completing Form 24Q is essential to guarantee that workers have their TDS certificates punctually and are eligible to declare TDS credit on their income tax statements.
7. Submission of Form 26QB (TDS on Property Transactions) by September 30, 2024
Information: August 2024 is the deadline for submitting Form 26QB for TDS deducted upon the transfer of immovable property.
Significance: The timely submission of Form 26QB is crucial in ensuring that the property seller obtains their TDS certificate and may appropriately credit the TDS in their income tax return.
8. September 30, 2024: Form 27EQ (TCS Returns) must be filed.
Information: The date by which TCS returns in Form 27EQ for the second quarter of the 2024–2025 financial year must be submitted. Information on tax collected at source is included in this form.
Significance: Ensuring the buyer of goods or services can claim credit for the TCS in their income tax return is ensured by filing Form 27EQ.
Summary Chart of September 2024 Essential Income Tax Deadlines
| Date | Deadline | Details |
|---|---|---|
| 7th September 2024 | Deposit of TDS/TCS | Deadline to deposit TDS/TCS for August 2024. |
| 14th September 2024 | Issue of TDS Certificates (Form 16B/16C/16D) | Issue TDS certificates for deductions made in August 2024. |
| 15th September 2024 | Advance Tax Payment (2nd Installment) | Due date for the second installment of advance tax for FY 2024-25. |
| 30th September 2024 | Filing of Tax Audit Report (Form 3CA/3CB & 3CD) | Due date for filing the tax audit report under Section 44AB. |
| 30th September 2024 | Filing of Income Tax Return (Tax Audit Cases) | Due date for filing ITR for entities requiring audit under Section 44AB. |
| 30th September 2024 | Filing of Form 24Q (TDS on Salaries) | Deadline for filing Form 24Q for Q2 of FY 2024-25. |
| 30th September 2024 | Filing of Form 26QB (TDS on Property Transactions) | Deadline for filing Form 26QB for August 2024 property transactions. |
| 30th September 2024 | Filing of Form 27EQ (TCS Returns) | Deadline for filing TCS returns for Q2 of FY 2024-25. |
In Summary
There are many important tax deadlines in September 2024 that taxpayers and tax professionals need to be aware of. In order to prevent penalties and guarantee efficient tax management, timely adherence to these deadlines is imperative. Put these dates in your calendar and make sure you finish all required paperwork and payments on time.
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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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