Key Income Tax Deadlines for August 2024: Essential Dates You Need to Know

By: Admin|July 31, 2024|Categories: Income tax calendar

As we enter August 2024, it’s crucial for taxpayers and businesses in India to be aware of several important tax compliance deadlines. Meeting these deadlines ensures that you remain compliant with the tax authorities and avoid penalties. Below, we provide a comprehensive overview of the key dates and their respective requirements for August 2024.

Important Tax Deadlines for August 2024

August 7, 2024 (Wednesday) – TDS/TCS Deposit Due Date

What You Need to Know:

The first key deadline in August is August 7. This is the last day for depositing Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) for the month of July 2024. It is essential for both businesses and government offices to adhere to this date to avoid interest penalties.

Additional Note:
Government offices must remit taxes to the Central Government on the same day if they make payments without using an Income-tax Challan.

August 14, 2024 (Wednesday) – TDS Certificate Issuance

Key Sections to Note:

By August 14, organizations need to issue TDS certificates for deductions made in June 2024. The following sections are particularly important:

  • Section 194-IA: TDS on the transfer of immovable property.
  • Section 194-IB: TDS on rent payments by individuals or Hindu Undivided Families (HUFs) not liable to tax audit.
  • Section 194M: TDS on payments to contractors and professionals by individuals or HUFs not covered under tax audit.
  • Section 194S: TDS on payments for the transfer of virtual digital assets by specified persons.

Issuing these certificates in a timely manner is crucial for the recipients to claim credit for the TDS deducted.

August 15, 2024 (Thursday) – Form 24G Submission

Important Compliance for Government Offices:

August 15 is also significant for government offices, which must submit Form 24G. This form is required for TDS/TCS paid in July 2024 without producing a challan.

Additional Compliance:

  • Form 3BB Submission: Stock exchanges need to furnish Form 3BB for transactions where client codes were modified during July 2024.
  • Quarterly TDS Certificate: The issuance of the quarterly TDS certificate for taxes deducted on payments other than salary for the quarter ending June 30, 2024, is also due on this date.

August 30, 2024 (Friday) – Challan-Cum-Statement Furnishing

Deadline for Furnishing Challan-Cum-Statements:

August 30 is the deadline for furnishing challan-cum-statements for TDS deducted in July 2024. This covers the following sections:

  • Section 194-IA: For the transfer of immovable property.
  • Section 194-IB: For rent payments.
  • Section 194M: For contractor and professional payments.
  • Section 194S: For transactions involving virtual digital assets by specified persons.

Filing these statements accurately and on time is critical to avoid penalties and ensure compliance with tax laws.

August 31, 2024 (Saturday) – Form 9A Application & Form 10 Statement

Final Compliance Requirements for August:

Two important forms need to be submitted by August 31:

  • Form 9A: Taxpayers who wish to exercise the option under the Explanation to Section 11(1) to apply income of the previous year in the next or future years must submit Form 9A. This is applicable to those who need to file their income return by October 31, 2024.
  • Form 10 Statement: Submission of Form 10 is required to accumulate income for future applications under Sections 10(21) or 11(1). This is relevant for taxpayers who must file their income return by October 31, 2024.

Conclusion

As August 2024 approaches, it is essential for taxpayers and businesses to be proactive in meeting these important tax deadlines. Failing to comply can result in penalties, interest, and other repercussions. Ensure that you have all necessary documentation prepared and submitted on time to facilitate smooth tax compliance.

Stay Informed and Compliant

Staying informed about tax deadlines is crucial for effective financial management. Be sure to mark your calendars for these key dates, and consult with a tax professional if you have any questions or concerns about your obligations.

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