As Oct 2024 approaches, it’s important for businesses, professionals, and taxpayers to stay informed about their upcoming tax filing and payment deadlines. Missing these deadlines could lead to penalties and interest charges, so staying on top of your obligations is essential. Below is a comprehensive guide to all the key dates in Oct 2024.
New TDS Rates: Make Sure You’re Up to Date
In October 2024, the government introduced updated TDS (Tax Deducted at Source) rates. Therefore, it is important to ensure that your payroll systems are adjusted to reflect these changes. Keeping an eye on TDS rates is crucial to prevent mistakes during audits or filings later.
Important Filing and Payment Deadlines for October 2024
Early October Deadlines
- 7th October 2024: TDS Payment for September 2024
Businesses must complete their TDS payments for the month of September 2024 by this date. This is critical to avoid penalties and ensure smooth operations. - 10th October 2024: Professional Tax (PT) Payment on Salaries for September 2024
Professional Tax (PT) due dates may differ based on the state. However, businesses should ensure that they meet the deadlines applicable in their respective states. If you need assistance, feel free to contact a tax professional for help with state-specific compliance.
Mid-October Deadlines
- 11th October 2024: GSTR-1 (Monthly) for September 2024
This is the deadline for businesses that file GSTR-1 on a monthly basis. Ensure that you submit details of your outward supplies for September 2024 before this date. - 13th October 2024: GSTR-1 for QRMP Scheme (July to September 2024)
Businesses under the Quarterly Return Filing and Monthly Payment (QRMP) scheme must submit their GSTR-1 for the July to September 2024 quarter by this date. Submitting on time ensures you avoid potential fines. - 14th October 2024: ADT-1 Filing for Auditor Appointments
If your company is appointing or reappointing auditors for the fiscal year 2023-24, remember to file ADT-1 by this date.
Late October Deadlines
- 15th October 2024: TCS Return Filing in Form 27EQ for July to September 2024
For businesses that collect tax at source, TCS returns for the quarter of July to September 2024 must be submitted by this date. Compliance ensures your business avoids complications during audits. - 15th October 2024: PF & ESI Returns and Payment for September 2024
It is essential that businesses submit their Provident Fund (PF) and Employee State Insurance (ESI) returns for September 2024 by this deadline. This helps maintain compliance with labor rules and avoids penalties. - 18th October 2024: CMP-08 Filing for July to September 2024 (Composition Scheme)
Businesses under the composition scheme must file CMP-08 for the July to September 2024 quarter by this date. This filing involves paying the tax due for the quarter. - 20th October 2024: GSTR-3B for September 2024 (Monthly)
Businesses that file GSTR-3B monthly must complete their submissions for September 2024 by this date to remain compliant with GST regulations. - 22nd October 2024: GSTR-3B for QRMP Scheme (South India – July to September 2024)
For businesses in South India, the GSTR-3B return for the July to September quarter is due by this date. - 24th October 2024: GSTR-3B for QRMP Scheme (North India – July to September 2024)
Similarly, businesses in North India under the QRMP scheme must file their GSTR-3B by this date for the same quarter.
End-of-Month Deadlines: Critical for Compliance
- 29th October 2024: AOC-4 Filing for Companies for FY 2023-24
Companies must file their financial statements and related documents in Form AOC-4 for the fiscal year 2023-24 by this date. Filing on time helps you stay compliant with the Ministry of Corporate Affairs (MCA) requirements. - 30th October 2024: Form 8 Filing for LLPs for FY 2023-24
LLPs (Limited Liability Partnerships) must submit their financial statements and solvency declaration in Form 8 for FY 2023-24 by this deadline. - 30th October 2024: TDS Payment for Property, Rent, Contractor, and Crypto Assets (September 2024)
Complete your TDS payments in Forms 26QB (Property), 26QC (Rent), 26QD (Contractor Payments), and 26QE (Crypto Assets) for the month of September 2024 by this date. - 30th October 2024: Issuance of TCS Certificates for July to September 2024
If your business collected tax at source during the July to September 2024 quarter, you must issue TCS certificates in Form 27D by this date. - 31st October 2024: Income Tax Return Filing for Non-Corporates Needing Audit and Corporates for FY 2023-24
Corporates and non-corporates that require an audit must file their income tax returns for FY 2023-24 by the end of October. - 31st October 2024: TDS Returns in Forms 24Q, 26Q, and 27Q for July to September 2024
Businesses must submit their TDS returns for salaries, non-salaries, and payments to non-residents for the July to September 2024 quarter by this deadline. Filing on time ensures compliance and avoids potential issues during tax assessments.
Conclusion
October 2024 is packed with crucial tax deadlines, from TDS and GST filings to PF, ESI returns, and more. By staying informed and submitting all necessary forms on time, businesses can avoid penalties and ensure smooth operations.
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