September 2024 Income Tax Deadlines: Essential Dates to Remember

Income Tax Deadlines

September 2024 Income Tax Deadlines: Essential Dates to Remember

Income Tax Deadlines

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.
Income Tax Deadlines

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.

Read More: CBDT Launches New e-DRS Scheme for Simplified Tax Dispute Resolution

  • 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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CBDT Launches New e-DRS Scheme for Simplified Tax Dispute Resolution

CBDT Launches New e-DRS Scheme for Simplified Tax Dispute Resolution

The Central Board of Direct Taxes (CBDT) has introduced the Dispute Resolution Scheme (e-DRS), 2022, a significant step toward streamlining and simplifying the process of resolving income tax disputes. This initiative, introduced under section 245MA of the Income-tax Act, 1961, is designed to offer taxpayers a more efficient, electronic platform for addressing and resolving their disputes through Dispute Resolution Committees (DRCs).

Key Features of the e-DRS Scheme

Eligibility Criteria

  • Taxpayers can apply for dispute resolution under this scheme if certain conditions are met. Specifically, the disputed amount must not exceed Rs. 10 lakh, and the taxpayer’s income for the relevant year should be below Rs. 50 lakh.
  • The scheme excludes disputes involving information obtained from searches or international agreements.

Application Process

  • Taxpayers interested in utilizing this scheme can apply electronically via Form No. 34BC, available on the Income Tax Department’s e-filing portal.
  • Applications should be submitted within one month of receiving the relevant order. If an appeal is already pending, applications can be filed until September 30, 2024.

Role of the Dispute Resolution Committees (DRCs):

  • The DRCs, established across 18 regions in India, have the authority to modify orders, reduce penalties, and even waive prosecution.
  • These committees are mandated to deliver their decisions within six months of receiving an application.

How to Apply for the e-DRS Scheme

  • Login:

  • Navigate to the Form:

    • Go to the Dashboard, select e-File, then Income Tax Forms, and choose File Income Tax Forms.
    • Select ‘Dispute Resolution Committee in Certain Cases (Form 34BC)’ from the options.

  • Complete the Form:

    • Fill out Form No. 34BC, review the information, and e-verify the form using Aadhaar OTP, EVC, or DSC

Read More: Exploring Section 44AB of the Income Tax Act: Threshold Limits and Applicability

The e-DRS scheme is a crucial development in making tax compliance more taxpayer-friendly by reducing litigation and offering a faster, cost-effective resolution process. This initiative is part of the broader government effort to enhance the ease of doing business in India by simplifying tax procedures and improving accessibility for taxpayers.

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Exploring Section 44AB of the Income Tax Act: Threshold Limits and Applicability

Exploring Section 44AB of the Income Tax Act: Threshold Limits and Applicability

Section 44AB of the Income Tax Act outlines the requirement for individuals or entities engaged in business or profession to maintain regular books of accounts. When specific financial thresholds are met, a tax audit is mandated under this section to ensure compliance with various provisions of the Income Tax Act.

Purpose of Tax Audit

The tax audit mandated under Section 44AB serves several critical functions. It ensures that taxpayers’ financial records accurately reflect their income and that any claims for deductions are properly made. This process helps in identifying and preventing fraudulent practices. Additionally, a thorough tax audit aids in the efficient administration of tax laws by providing a clear and accurate presentation of accounts to the Assessing Officer (AO), ultimately saving time and resources.

Tax Audit Applicability: Who Needs to Comply?

Taxpayers must undergo a tax audit if their business turnover or gross receipts exceed specified limits during a financial year.

For Businesses

  • A tax audit is mandatory if the business turnover exceeds ₹10 crore, provided that over 95% of the transactions are conducted digitally.
  • If less than 95% of the transactions are digital, the turnover threshold for a mandatory tax audit is ₹1 crore.

This requirement does not apply to those who opt for the presumptive taxation scheme under Section 44AD, as long as their total sales or turnover do not exceed ₹2 crores.

For Professionals

  • A tax audit is required if the gross receipts exceed ₹50 lakh.

Forms for Filing Tax Audit Reports

The tax audit report must be filed using specific forms based on the circumstances of the taxpayer:

  • Form 3CA: Used when the individual or entity is already required to have their accounts audited.
  • Form 3CB: Used when there is no prior requirement for an audit.
  • Form 3CD: A detailed statement of particulars that must be attached to either Form 3CA or Form 3CB.
  • Form 3CE: Applicable to non-residents or foreign companies receiving royalties or technical service fees from the Indian government or an Indian entity.

Penalties for Non-Compliance with Section 44AB

Failure to comply with the tax audit requirement under Section 44AB can result in penalties under Section 271B. The penalty is the lesser of the following:

  • 0.5% of the total sales, turnover, or gross receipts.
  • ₹1,50,000.

However, no penalty will be imposed if the taxpayer can demonstrate a reasonable cause for the failure to comply.

Read: Filing a Belated Income Tax Return: Process and Penalties Overview

Valid Reasons for Delay in Filing a Tax Audit Report

In certain situations, delays in filing the tax audit report may be excused by Tribunals or Courts. Accepted reasons include:

  • Natural calamities
  • Resignation of the auditor or a key employee
  • Extended strikes or lock-outs
  • Loss of accounts due to uncontrollable events
  • Physical inability or death of the partner responsible for handling accounts

These provisions ensure that while compliance is crucial, there is flexibility in extraordinary circumstances.

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