Guide to Major Compliances Due from 1st June 2024 to 31st July 2024

As the financial year progresses, taxpayers in India must stay informed about key tax compliance deadlines. Missing these deadlines can result in penalties and interest charges. This guide provides a detailed overview of all major compliances due from 1st June 2024 to 31st July 2024, in chronological order.

June 2024: Start of Monthly and Quarterly Compliance

7th June 2024: TDS Payment

• TDS for May 2024: The due date for depositing Tax Deducted at Source (TDS) for May 2024. Ensuring timely TDS payments helps avoid interest and penalties.

10th June 2024: GST TDS and TCS Returns

• GSTR-7: This return is for persons required to deduct TDS under GST, due for May 2024.
• GSTR-8: This return is for e-commerce operators required to collect TCS under GST, also due for May 2024.

11/13th June 2024: Monthly GST Return Filing

• GSTR-1 for May 2024: Filing for GSTR-1, which details all outward supplies of goods and services.

15th June 2024: Advance Tax Payment

• Advance Tax for FY 2024-25: The first installment of advance tax for the financial year 2024-25 is due. Taxpayers with significant other income, businesses, and professionals with an estimated tax liability exceeding ₹10,000 must pay advance tax.

20th June 2024: Monthly GST Return Filing

• GSTR-3B for May 2024: The due date for filing GSTR-3B, which is a summary return of inward and outward supplies along with the payment of tax.

30th June 2024: Quarterly and Annual Returns

• Quarterly TDS Payment: The due date for depositing TDS for the April to June quarter.
• Form 24Q Submission: Employers must file Form 24Q for the April to June quarter, detailing salary paid and TDS deducted for each employee.
• GSTR-1 Filing for April to June 2024: GST-registered businesses need to file GSTR-1 for the quarter ending in June 2024.

July 2024: Peak Compliance Month

7th July 2024: TDS Payment

• TDS for June 2024: The due date for depositing TDS for June 2024.

10th July 2024: GST TDS and TCS Returns

• GSTR-7: Filing for TDS under GST for June 2024.
• GSTR-8: Filing for TCS under GST for June 2024.

11/13th July 2024: Monthly GST Return Filing

• GSTR-1 for June 2024: Filing for GSTR-1, detailing outward supplies of goods and services.

15th July 2024: TDS Certificates and Advance Tax

• Issuance of TDS Certificates (Form 16): Employers must issue Form 16 to employees, detailing the salary paid and TDS deducted during FY 2023-24. Form 16 is crucial for employees to file their income tax returns.
• Advance Tax Payment: The first installment of advance tax for FY 2024-25 is due.

20th July 2024: Monthly GST Return Filing

• GSTR-3B for June 2024: Filing for GSTR-3B, summarising inward and outward supplies and tax payment.

31st July 2024: Multiple Key Deadlines

• Income Tax Return Filing for AY 2024-25: The due date for filing income tax returns for individuals, Hindu Undivided Families (HUFs), and other non-audit cases for AY 2024-25. This includes salaried individuals, pensioners, and professionals not requiring audited accounts.
• Annual GST Return and Audit Report for FY 2022-23: Filing the annual GST return (GSTR-9) and the reconciliation statement and audit report (GSTR-9C). GSTR-9 is a summary of all monthly or quarterly returns filed during the year, and GSTR-9C is for businesses with an annual turnover exceeding ₹2 crores.
• Quarterly TDS Return Filing (Form 26Q): Filing for the April to June quarter, which includes details of all payments made and TDS deducted other than salary.

Additional Key Compliances Due Before 31st July 2024

LLP Form-11 Due on 31st May 2024:

• Limited Liability Partnerships (LLPs) must file their annual return in Form-11 by 31st May 2024. This form includes details of all the partners and any changes in the partnership during the financial year. Timely filing of Form-11 is crucial to avoid penalties and ensure compliance with regulatory requirements.

DPT-3 Due on 30th June 2024:

• Companies must file Form DPT-3 by 30th June 2024, which is a return of deposits or transactions not considered deposits as per the Companies Act, 2013. This form is crucial for companies to report their outstanding receipts of money or loans.

FLA (RBI) Due on 15th July 2024:

• Companies and LLPs receiving Foreign Direct Investment (FDI) or making overseas investments must submit the Foreign Liabilities and Assets (FLA) return to the Reserve Bank of India (RBI) by 15th July 2024. The FLA return captures annual financial data related to foreign investments and is essential for regulatory compliance.

Conclusion

Maintaining awareness of tax compliance deadlines is vital for avoiding penalties and ensuring smooth financial operations. The period from 1st June 2024 to 31st July 2024 is packed with significant deadlines that require timely action from taxpayers. By adhering to these deadlines, individuals and businesses can stay compliant and contribute to the financial health and stability of the nation. Managing these compliances properly and efficiently can be facilitated by consulting with tax professionals and making use of digital solutions.

At ComplyQuick, we specialize in providing comprehensive compliance solutions to help businesses navigate the complex landscape of tax regulations. Our team of experts ensures that all your compliance requirements are met accurately and on time, minimizing the risk of penalties and interest charges. With our hassle-free services, you can focus on your core business activities while we take care of the rest. Trust ComplyQuick for quick, reliable, and efficient compliance management