Now that August 2024 is here, it's critical to remember significant Income Tax Due Dates and GST Due Dates. As a business owner it is important to be aware of these taxes due dates which will help you to stay in compliance with Income Tax & GST Tax laws and prevent penalties if you're an Indian taxpayer or business owner.
In this blog we will discuss the important Income tax due dates and GST Due Dates and compliance dates for August 2024. You can easily manage your tax obligations and keep on schedule with the help of this information.
Income Tax, TDS and GST Due Dates for August 2024
| Due Date | Law | Purpose | Period | Description |
|---|---|---|---|---|
| 07th Aug | Income Tax | TDS/TCS | July 24 | Payment of TDS/TCS for the month |
| 10th Aug | GST | GSTR-7 (Monthly) | July 24 | Summary of Tax Deducted and deposited under GST Law. |
| 10th Aug | GST | GSTR 8 (Monthly) | July 24 | For registered e-commerce taxpayers in India who are liable to pay TCS |
| 11th Aug | GST | GSTR 1 (Monthly) | July 24 | The return contains details of all outward supplies made during that particular tax period |
| 13th Aug | GST | GSTR 1 (IFF) | July 24 | GSTR 1 IFF (Optional) for QRMP for the month |
| 13th Aug | GST | GSTR 5 | July 24 | To be filed by registered non-resident taxable person for the period during which they carry out businesses transactions in India |
| 13th Aug | GST | GSTR 6 | July 24 | Return to be filed by all the Input Service Distributors (ISD) to provide the details of their distributed input tax credit & inward supplies. |
| 15th Aug | Other | PF & ESIC | July 24 | Depositing contribution towards PF/ ESI |
| 20th Aug | GST | GSTR 5A | July 24 | Applicable for non-resident ODIAR services providers |
| 20th Aug | GST | GSTR 3B | July 24 | Summary return for taxpayers with a turnover > 5 crore in the previous FY or have not chosen the QRMP scheme |
| 31st Aug | Other | PT Payment | July 24 | Professional Tax (PT) on Salaries |
FAQ on Income Tax, TDS and GST Due Dates
1. What is TDS ?
TDS (Tax Deducted at Source) are tax that is deducted while making payments made to people or companies. It is a means by which the government can collect taxes revenue at the point of income.
2. Why it is important to met Tax Due Dates
It will help to avoiding fines and interest costs by meeting tax deadlines. It also guarantees that you abide by tax regulations and keep your good standing with the relevant tax authorities.
3. What Happens if I miss due dates
In case you miss the due dates, You will have to pay government fines, interest on overdue taxes if you miss a tax deadline. It's advisable to keep up with your tax obligations on time.
4. How can I get help with my Taxes and Compliances
Yes, you can seek advice from an Jordensky team of accountant or tax specialist. They can assist you in realizing your tax liabilities and making sure you fulfill all deadlines before due dates.
5. How to keep track of various due dates and compliances ?
To keep yourself organized and on schedule, you can make a checklist of crucial tax dates, utilize a calendar, or set reminders on your phone. Also we at Jordensky have built a Compliance Calender Ebook which will have due dates for Income Tax, GST, TDS, ROC Compliance for FY 2024-25
Conclusion
For every business owner and startup in India, it is important to keep track of various income tax deadlines and GST deadlines for the month of August 2024. Audit firms in Bangalore can help you make sure you abide by the tax laws and stay out of trouble by being aware of these important dates. Make sure to put these due dates on your calendar and take the necessary steps to fulfill your tax obligations.
Please contact the Jordensky Professional Expert or a Tax Expert if you need assistance or have any issues managing your Income Tax and GST Compliances.
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