As we approach June 2024, it’s critical for both businesses and individuals to remain vigilant about their tax compliance obligations. This month brings several significant deadlines that must be met to ensure the timely and accurate filing of taxes and related forms. Below, we offer a comprehensive overview of the key tax compliance dates for June 2024, coupled with helpful tips to assist you in efficiently managing these requirements.
Important Tax Compliance Dates for June 2024
June 7: TDS Payment
Due Date: June 7, 2024
Description: Ensure prompt payment of Tax Deducted at Source (TDS) for May 2024. Delayed payments may incur penalties and interest.
June 10: Professional Tax (PT)
Due Date: June 10, 2024
Description: Remit Professional Tax for employees for the preceding month. This tax is a state-level obligation and varies across states.
June 11: GSTR-1
Due Date: June 11, 2024
Description: File GSTR-1 for businesses with a turnover exceeding ₹5 crores or those not under the QRMP scheme. This return outlines all outward supplies (sales) made during May 2024.
June 13: GSTR-1 IFF (Optional) for QRMP
Due Date: June 13, 2024
Description: QRMP scheme taxpayers can choose to file the Invoice Furnishing Facility (IFF) for the first two months of the quarter, facilitating the reporting of monthly B2B invoices.
June 15: Advance Tax, PF & ESI Payments, TDS Certificates Form 16/16A
Due Date: June 15, 2024
Description:
- Advance Tax: Submit the first installment of advance tax for the financial year 2024-25.
- PF & ESI Payments: Make Provident Fund (PF) and Employees’ State Insurance (ESI) contributions for May 2024.
- TDS Certificates: Issue TDS Certificates in Form 16/16A for TDS deducted in the previous financial year.
June 20: GSTR-3B
Due Date: June 20, 2024
Description: File GSTR-3B, a summary return of all outward supplies, input tax credit claimed, and net tax payable for May 2024. This is obligatory for all regular taxpayers.
June 25: GST Challan Payment for QRMP
Due Date: June 25, 2024
Description: Make GST payments through challan for QRMP scheme taxpayers for the first two months of the quarter.
June 30: DPT 3, TDS Forms 26QB, 26QC, 26QD, 26QE, IEC Code Renewal
Due Date: June 30, 2024
Description:
- DPT 3: File Form DPT 3 to report details of outstanding money or loans received by a company.
- TDS Forms 26QB, 26QC, 26QD, 26QE: File TDS returns for specific transactions such as property purchases (26QB), rent (26QC), and others.
- IEC Code Renewal: Renew the Importer Exporter Code (IEC), necessary for businesses involved in import/export activities.
Tips for Efficient Tax Compliance
1.Organize Your Documents: Maintain all relevant documents like invoices, challans, and receipts in a well-organized manner for easy access and to avoid last-minute complications.
2.Utilize Reliable Tax Software: Employing reputable tax software can automate and streamline the process of preparing and filing returns.
3.Set Reminders: Mark these crucial dates on your calendar and set reminders to ensure timely compliance.
4.Consult with Experts: Seek guidance from tax professionals if you’re uncertain about any tax-related matters to prevent errors and penalties.
5.Review Before Submission: Double-check all entries and calculations before submitting any forms to ensure accuracy.
Remaining informed about these critical dates and adhering to best practices can guarantee smooth and hassle-free tax compliance. Adequate planning and timely action can help you steer clear of unnecessary penalties and maintain your financial records in good standing.
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This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any inadvertent omission of the provisions, update, etc if any.
