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September 2024 Income Tax Deadlines: Essential Dates to Remember
India’s tax system is structured with multiple deadlines throughout the fiscal year, which runs from April 1 to March 31. Adhering to these deadlines is crucial for both individuals and businesses to remain compliant with the Income Tax Department’s regulations, manage their finances efficiently, and optimize their tax liabilities.
Staying updated with the tax calendar helps taxpayers fulfill their legal obligations, avoid penalties, and mitigate any potential legal issues. Moreover, it aids in better financial planning and budgeting, ensuring that adequate funds are allocated for timely tax payments.
Being aware of these key dates allows taxpayers to plan effectively and take full advantage of available deductions, exemptions, and other tax benefits.
Here are the important tax deadlines for September 2024 as per the Income Tax Department:
September 7, 2024
Due date for the deposit of tax deducted/collected for August 2024:
For non-government deductors, this is the deadline to deposit TDS/TCS. Government offices must deposit the tax to the central government on the same day the tax is paid, without the production of an Income-tax Challan.
September 14, 2024
Issuance of TDS Certificates:
- For tax deducted under section 194-IA in July 2024.
- For tax deducted under section 194-IB in July 2024.
- For tax deducted under section 194M in July 2024.
- For tax deducted under section 194S (by specified persons) in July 2024.
September 15, 2024
- Furnishing of Form 24G: This applies to government offices where TDS/TCS for August 2024 has been paid without the production of a challan.
- Second instalment of advance tax: For the assessment year 2025-26.
- Furnishing statement in Form 3BB: Required by stock exchanges for transactions in which client codes were modified after being registered in the system for August 2024.
September 30, 2024
Furnishing of challan-cum-statement:
- For tax deducted under section 194-IA in August 2024.
- For tax deducted under section 194-IB in August 2024.
- For tax deducted under section 194M in August 2024.
- For tax deducted under section 194S (by specified persons) in August 2024.
- Filing of audit report under section 44AB: For the assessment year 2024-25, applicable to corporate assessees or non-corporate assessees required to submit their income tax return by October 31, 2024.
- Application in Form 9A: To exercise the option under the Explanation to Section 11(1) to apply the income of the previous year in the next year or future years (if the return of income is due on November 30, 2024).
- Statement in Form 10: To accumulate income for future application under section 10(21) or section 11(1) (if the return of income is due on November 30, 2024).
- Furnishing of Audit report in Form 10B/10BB: Required for funds, trusts, institutions, universities, educational institutions, hospitals, or other medical institutions.
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