Tax compliance is a crucial aspect of financial management for both individuals and businesses in India. Each month, there are specific deadlines that need to be met to avoid penalties and legal repercussions. August 2024 is no exception, with several key dates for tax-related actions. Staying on top of these deadlines helps in effective financial planning and ensures timely tax payments.
Here are the important tax-related deadlines for August 2024:
Taxpayers must deposit Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) for July 2024 by August 7, 2024. Government offices are also required to remit taxes to the Centre on this date if the payment is made without using an Income-tax Challan.
By August 14, 2024, taxpayers need to issue TDS certificates for deductions made in June 2024 under the following sections:
Government offices must submit Form 24G for TDS/TCS paid in July 2024 by this date without producing a challan.
Stock exchanges should furnish Form 3BB for transactions involving modified client codes in July 2024.
Issuance of quarterly TDS certificates for taxes deducted on payments other than salary for the period ending June 30, 2024, is due on August 15.
Taxpayers must furnish the Challan-Cum-Statement for TDS in July 2024 by this date. This applies to the following sections:
Taxpayers who wish to utilize the option provided in explanation to Section 11(1) to carry forward income from the previous year to subsequent years must submit Form 9A by August 31. This is especially important for those required to file their income tax return by October 31, 2024.
Taxpayers who wish to utilize the option provided in explanation to Section 11(1) to carry forward income from the previous year to subsequent years must submit Form 9A by August 31. This is especially important for those required to file their income tax return by October 31, 2024.
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