Important Tax and Compliance Deadlines for 15th October 2024

 Important Tax and Compliance Deadlines for 15th October 2024

As the 15th of October 2024 approaches, several critical tax and compliance deadlines need to be addressed to avoid penalties. Here’s a breakdown of the key tasks and forms due for submission:

1. Issuance of TDS Certificates (Section 194-IA, 194-IB, 194M, 194S)

All individuals responsible for deducting tax under sections 194-IA, 194-IB, 194M, and 194S during August 2024 must issue the relevant TDS certificates to the payees by 15th October 2024. This includes transactions related to the purchase of immovable property, rent payments, payments to contractors, professionals, and transfer of virtual digital assets.

2. Furnishing of Form 24G (September 2024)

Government offices responsible for tax deductions or collections (TDS/TCS) in September 2024, where the payments have been made without the production of a challan, must submit Form 24G by 15th October 2024. This form enables the government to link the TDS/TCS with the correct accounts and facilitates timely updates to deductees' statements.

3. Form 3BB (Stock Exchanges)

Stock exchanges need to submit Form 3BB for the month of September 2024 by 15th October 2024. This statement covers transactions where client codes have been modified after being registered in the system, ensuring transparency and accurate record-keeping in financial markets.

4. Quarterly Statement of TCS Deposited (Quarter Ending 30th September 2024)

Entities required to collect tax at source (TCS) must file their quarterly TCS statement for the period ending on 30th September 2024 by 15th October 2024. This filing ensures that all TCS transactions are accurately recorded with the tax authorities.


5. Upload of Form 15G/15H Declarations

If you’ve received any Form 15G or Form 15H declarations from recipients (such as senior citizens or individuals eligible for non-deduction of TDS) during the quarter ending September 2024, these declarations must be uploaded by 15th October 2024. Ensuring timely upload prevents unnecessary TDS deductions and helps recipients avoid cash flow disruptions.

6. Payment of Provident Fund (PF) Contributions

Employers are required to deposit the Provident Fund (PF) contributions deducted from employees' salaries for the month of September 2024 by 15th October 2024. Late payments can attract interest and penalties, so it’s crucial to meet this deadline.

7. ESIC Payments

Employers must also make Employees’ State Insurance Corporation (ESIC) payments for the month of September 2024 by 15th October 2024. This monthly payment ensures employees receive timely medical and social security benefits.

Final Thoughts These deadlines are essential for businesses and individuals to stay compliant and avoid penalties or legal repercussions. Failing to meet the deadlines could lead to interest charges, fines, or other complications. Mark your calendars, set reminders, and ensure that all filings and payments are made on time.

If you need any assistance with compliance, tax filings, or other regulatory matters, feel free to reach out to Power of Factorial Business Solutions. Our expert team is here to help you stay on top of your financial obligations.

Stay compliant and stress-free! ✅



#TaxCompliance #PF #TDS #TCS #Form24G #ESIC #Form3BB #TaxFiling #BusinessSolutions

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