As the new year begins, staying on top of compliance deadlines is crucial for businesses and individuals to avoid penalties. January 2025 brings a host of important dates for tax filings, payments, and returns. Here’s a clear, concise guide to help you stay compliant.
Key Compliance Deadlines in January 2025
7th January: TDS Payment for December 2024
Businesses must remit Tax Deducted at Source (TDS) for transactions carried out in December 2024. Timely payment ensures compliance with Section 200 of the Income Tax Act.
10th January: Professional Tax (PT) on Salaries
Employers are required to pay Professional Tax deducted from employees’ December salaries. Note that PT due dates vary across states. Consult with a tax expert for state-specific deadlines.
11th January: GSTR-1 Filing (Monthly)
Taxpayers registered under GST with monthly filing requirements must submit GSTR-1 for December 2024.
13th January: GSTR-1 Filing (Quarterly)
Businesses under the Quarterly Return Monthly Payment (QRMP) Scheme must file GSTR-1 for the October-December 2024 quarter.
15th January: Multiple Deadlines
- TCS Return: File Form 27EQ for Tax Collected at Source (TCS) for the October-December 2024 quarter.
- Provident Fund (PF) & ESI Payments: Submit PF and ESI contributions for December 2024.
- Extended ITR Filing: Resident individuals can file belated or revised Income Tax Returns (ITR) for AY 2024-25.
18th January: CMP-08 Filing
Taxpayers under the GST Composition Scheme must file CMP-08 for the October-December 2024 period.
20th January: GSTR-3B Filing (Monthly)
Monthly GST filers must submit GSTR-3B for December 2024.
22nd and 24th January: GSTR-3B Filing (Quarterly)
- 22nd January: Quarterly GSTR-3B for taxpayers in South India.
- 24th January: Quarterly GSTR-3B for taxpayers in North India.
30th January: TDS Payments & TCS Certificates
- TDS Payments: Remit TDS for December 2024 under Forms 26QB (Property), 26QC (Rent), 26QD (Contractor Payments), and 26QE (Crypto Assets).
- TCS Certificates: Issue TCS certificates in Form 27D for the October-December 2024 quarter.
31st January: TDS Return Filing
File TDS returns in Forms 24Q, 26Q, and 27Q for the October-December 2024 quarter.
Why Timely Compliance Matters
Missing these deadlines can result in penalties, interest charges, or legal complications. Timely compliance also reflects sound financial management and fosters trust among stakeholders.
Pro Tips for Managing Compliance
- Set Calendar Reminders: Use tools to mark deadlines and avoid last-minute stress.
- Consult Experts: Seek guidance for complex filings or state-specific requirements.
- Automate Processes: Leverage technology for tax filing and compliance tracking.
Final Thoughts
By staying proactive and organized, you can ensure smooth operations and compliance with regulatory requirements. For personalized assistance, consult tax professionals or trusted advisors.
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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.
Published on: January 3, 2025