As we enter September 2024, it’s crucial for taxpayers, businesses, and professionals to be aware of the various compliance deadlines that need to be met throughout the month. This article highlights the key dates and actions required under various acts such as FEMA, Income Tax, GST, and MCA, ensuring that you remain compliant and avoid any penalties.
1. FEMA Compliance – 5th September 2024 (Thursday)
AD Category – I Banks must upload the data regarding the number of applications received and the total amount remitted under the Liberalized Remittance Scheme (LRS) on the XBRL System.
2. Income Tax Compliance – 7th September 2024 (Saturday)
- Deposit of Tax Deducted at Source (TDS) / Tax Collected at Source (TCS) for the month of August 2024.
- Submission of declaration in Form-27C for no TCS obtained from the manufacturer to the CIT / CCIT.
3. FEMA Compliance – 7th September 2024 (Saturday)
- Report actual External Commercial Borrowings (ECBs) transactions through Form ECB-2 return.
4. Equalization Levy Compliance – 7th September 2024 (Saturday)
- Deposit of equalization levy deducted on specified services during the month of August 2024.
5. GST Compliance – 10th September 2024 (Tuesday)
- Filing of GSTR-7 by TDS Deductor for the period of August 2024.
- Filing of GSTR-8 by TCS Collector (E-Commerce Operator) for the period of August 2024.
6. GST Compliance – 11th September 2024 (Wednesday)
- Filing of GSTR-1 for the month of August 2024 by taxpayers whose aggregate turnover exceeds Rs. 5 crores in the previous financial year or those who have not opted for the Quarterly Return Monthly Payment (QRMP) Scheme.
7. GST Compliance – 13th September 2024 (Friday)
- Filing of GSTR-5 by Non-Resident Taxpayers (within 7 days after the expiry of the registration or by the 13th of the next month).
- Filing of GSTR-6 by Input Service Distributors for the month of August 2024.
- Filing of GSTR-IFF for B2B supplies (optional) for the month of August 2024 by taxpayers who opted for the QRMP Scheme.
8. Income Tax Compliance – 14th September 2024 (Saturday)
- Issuance of TDS Certificate for tax deducted under sections 194-IA, 194-IB, 194-S, and 194-M for the month of August 2024.
9. Income Tax Compliance – 15th September 2024 (Sunday)
- Action Required:
- Payment of the Second Installment of Advance Tax for the Assessment Year 2025-26 (Financial Year 2024-25).
- Submission of Form 24G by an office of the Government where TDS/TCS for the month of August 2024 has been paid without the production of a challan.
- Furnishing of statement in Form No. 3BB by stock exchange in respect of transactions in which client codes have been modified after registration in the system for the month of August 2024.
10. P.F./E.S.I Compliance – 15th September 2024 (Sunday)
- Action Required: Filing of Electronic Challan-cum-Return (ECR) and challan deposit of Employee State Insurance (ESI) and Provident Fund (PF) collected during August 2024.
11. GST Compliance – 20th September 2024 (Friday)
- Action Required:
- Filing of GSTR-3B for the month of August 2024 by taxpayers whose aggregate turnover exceeds Rs. 5 crores in the previous financial year or those who have not opted for the QRMP Scheme.
- Filing of GSTR-5A by Online Data Access or Retrieval (ODAR) service providers for the month of August 2024.
- Filing of GSTR-1A to add or amend particulars, other than GSTIN, furnished in GSTR-1 for the current tax period. This is available after filing of GSTR-1 and up to the date/actual filing of GSTR-3B, whichever is earlier.
12. GST Compliance – 25th September 2024 (Wednesday)
- Action Required: Payment of monthly tax (PMT-06) for August 2024 under the QRMP Scheme.
13. Income Tax Compliance – 29th September 2024 (Sunday)
- Action Required:
- Filing of Form 10DA for claiming deduction under section 80JJAA in respect of employment of new employees (if due date of submission of ITR is 31/10/2024).
- Filing of Form 29B for computing the book profits of the company, where section 115JB is applicable (if due date of submission of ITR is 31/10/2024).
14. MCA Compliance – 30th September 2024 (Monday)
- Action Required:
- Filing of Form FC-3 stating the annual accounts of foreign companies.
- Last date to hold the Annual General Meeting (AGM) for the companies for the Financial Year 2023-24.
- Filing of annual DIR-3 KYC for Directors holding DIN.
- Obtain ISIN for private companies other than OPC and small companies for shares to be dematerialized.
15. Income Tax Compliance – 30th September 2024 (Monday)
- Furnish Challan-cum-statement for TDS under sections 194-IA, 194-IB, 194-S, and 194-M for the month of August 2024.
- Filing of Tax Audit Report by the person (corporate & non-corporate) who carries on business or profession and who is required to get accounts audited under section 44AB of the Income Tax Act or under any other law.
- Filing of Audit Report in Form No. 10B/10BB by a fund or trust or institution or any university or other educational institution or any hospital, etc. If due date of submission of ITR is 31/10/2024:
- Filing of Form 29C where Alternate Minimum Tax (AMT) applies in case of a person other than a company.
- Filing of Form 3AF for preliminary expenses incurred under proviso to section 35D(2)(a).
- If the assessee is required to submit ITR on 30th November 2024, furnish:
- Form 9A for exercising the option available under Explanation to section 11(1) to apply income of the previous year in the next year/future.
- Form 10 for the statement to accumulate income for future application under section 10(21) or section 11(1).
- Last date for buy-back of shares being taxable at 20% in the hands of the company and exempt in the hands of shareholders as per Finance (No. 2) Act, 2024.
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