Introduction
The important due dates and deadlines for compliance-related tasks that a company or organization must complete are outlined in a compliance calendar. It helps reduce the risk of non-compliance and the accompanying financial or legal consequences by ensuring that all compliance-related duties and responsibilities are fulfilled promptly and effectively. Depending on the type of company, location, and industry, a compliance calendar contains due dates for reporting, tax filing, renewal, auditing, and other regulatory requirements. In this article, we will look at the compliance calendar for July 2024, which includes Income tax compliances/PF/ESI.
The Compliance Calendar-July 2024
Let's have a glance at Important due dates for Income tax compliance/PF/ESI
|
S.NO |
Due Date |
Forms to be Filled |
Period |
Who should file them? |
|
1 |
07.07.2024 |
TDS and TCS liabilities to the Income Tax Department |
June 2024 |
To be filed by entities required to deduct tax at the source before making certain payments, such as salaries, interest, rent, commission, etc. |
|
2 |
15.07.2024 |
TDS Certificate (Form 16B) |
May 2024 |
Form 16B is filed by the buyer of immovable property (like land, building, or apartment) if TDS is deducted on the purchase of such property. |
|
3 |
15.07.2024 |
TDS Certificate (Form 16C) |
May 2024 |
Form 16C is filed by the person who is responsible for paying any income or making any payment (other than salary) to a resident. It's primarily related to TDS on rent. |
|
4 |
15.07.2024 |
TDS Certificate (Form 16 D) |
May 2024 |
Form 16D is filed by the tenant (deductor) for TDS deducted on rent. |
|
5 |
15.07.2024 |
Professional tax returns |
June 2024 |
Filing professional tax returns typically falls on the employers or the individuals who are liable to pay professional tax |
|
6 |
15.07.2024 |
PF/ESI |
June 2024 |
Employers are required to deduct the specified amounts from employees' salaries and contribute their share towards PF and ESI |
|
7 |
15.07.2024 |
Quarterly TCS return (Form 26EQ) |
April-June 2024 |
TCS collectors need to submit a TCS return every quarter. |
|
8 |
30.07.2024 |
Quarterly TCS Certificate |
April-June 2024 |
Issuance of TCS certificate ( Form 27D) for Quarter 1 of FY 2024-25 |
|
9 |
30.07.2024 |
Challan cum TDS statement [Tax deducted under 194IA (Form 26 QB), 194IB (Form 26 QC), and 194M (Form 26 QD)] |
June 2024 |
To be filed by a contractor, an employer, or any person or entity making specified payments where TDS is required to be deducted as per the provisions of the Income Tax Act, 1961. |
|
10 |
31.07.2024 |
Deposit of quarterly TDS returns |
April-June 2024 |
Quarterly TDS returns (Form 24Q or Form 26Q) for April-June 2024 quarter |
|
11 |
31.07.2024 |
Form No. 10BBB |
April-June 2024 |
Intimation in Form 10BBB by a pension fund in respect of each investment made in India for the quarter ending June 2023 |
|
12 |
31.07.2024 |
ITR Filing |
FY 2023-24 |
ITR Filing for assessees other than (a) corporate filer or (b) non-corporate filer (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply or (d) a filer who is required to furnish a report under Section 92E. |
Conclusion
The compliance calendar for July 2024 suggests to maintain timely compliance with income tax and PF/ESI rules, you must observe these due dates. Notice that these deadlines could change depending on certain conditions; for accurate and current information, it's always best to speak with a tax expert or follow official guidelines.
The author is a director and operations manager at Ebizfiling India Private Limited, and has led a team of 50+ professionals in CA, CMS, MBA, and retired bankers. Apart from individual experience in almost every facet of statutory compliances, law, and taxation. She can also be reached at info@ebizfiling.com
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