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Income tax

June 2024 Compliance Guide: Income Tax, PF, ESI

This comprehensive guide covers essential information for businesses and individuals operating in India regarding income tax, provident fund (PF), and employees' state insurance (ESI) compliance in June 2024. Understand the requirements, deadlines, and forms to be submitted to maintain compliance with Indian tax laws and regulations.

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Introduction

Operating a business in India requires strict compliance with laws concerning income tax, provident fund (PF), and employees' state insurance (ESI). These regulations ensure that individuals and businesses contribute their fair share of taxes and uphold social security programs. Keeping track of deadlines for various filings and payments is crucial for companies and individuals to remain compliant with Indian tax laws and regulations. This article offers a detailed guide on the essential due dates, forms to be submitted, periods, and who should file for income tax compliance, provident fund, and employees' state insurance in the June 2024 compliance calendar.

Compliance with Income Tax

Adhering to the guidelines and deadlines set by the Indian Income Tax Department is vital for income tax compliance, which involves:

  • Filing Returns: Accurately and timely submission of annual income tax returns.
  • TDS and TCS Payments: Deducting and depositing TDS (tax deducted at source) and TCS (tax collected at source) as per the relevant rates and schedules.

Provident Fund Compliance

The Provident Fund, managed by the Employees' Provident Fund Organization (EPFO), is a social security initiative. Employers must:

  • Deduct and Deposit Contributions: Monthly contributions from the employee's salary and the employer's share must be deposited into the PF account.
  • File Returns: Submit the Electronic Challan Cum Return (ECR), detailing covered individuals and contributions made.

Employee State Insurance

The Employees' State Insurance program, controlled by the Employees' State Insurance Corporation (ESIC), offers medical and financial benefits to employees. Employers must:

  • Contribute Payments: Consider employees' wages when deducting and paying ESI contributions.

Important Due Dates for Income Tax Compliance/PF/ESI in June 2024

Due Date Form Period Who Should File
07.06.2024 TDS and TCS liabilities to the ITD May 2024 Entities required to deduct tax at source before making payments like salaries, interest, rent, commission, etc.
14.06.2024 TDS Certificate (Form 16) April 2024 Salaried individuals whose tax is deducted by the employer.
14.06.2024 TDS Certificate (Form 16A) April 2024 Payers of income, such as employers or financial institutions, reporting TDS on non-salary income.
14.06.2024 TDS Certificate (Form 16B) April 2024 Buyers of immovable property if TDS is deducted on the purchase.
14.06.2024 TDS Certificate (Form 16C) April 2024 Individuals paying income or making payments (other than salary) to residents, primarily related to TDS on rent.
14.06.2024 TDS Certificate (Form 16D) April 2024 Tenants deducting TDS on rent.
15.06.2024 Professional tax returns May 2024 Employers or individuals liable to pay professional tax.
15.06.2024 PF/ESI May 2024 Employers must deduct specified amounts from employees' salaries and contribute their share to PF and ESI.
30.06.2024 Challan cum TDS statement (Tax deducted under 194IA, 194IB, and 194M) May 2024 Contractors, employers, or entities making specified payments where TDS must be deducted as per the Income Tax Act, 1961.

Recommendations for Maintaining Compliance

  • Setup Reminders: Use digital calendars or compliance management software to set reminders for important due dates.
  • Frequent Updates: Regularly check official notices from the Income Tax Department, EPFO, and ESIC to stay informed about changes in tax legislation or compliance requirements.
  • Seek Expert Advice: Consult tax experts or compliance specialists to ensure all requirements are accurately met and on time.

Income tax return filing can be done online via the e-filing portal or by submitting the form physically. Accurate and timely filing is crucial to comply with tax requirements and avoid penalties.

Conclusion

The June 2024 compliance calendar outlines the important due dates, forms to be submitted, periods, and who should file for Income Tax Compliance/PF/ESI. Adhering to these requirements is essential for individuals and businesses in India to avoid penalties and ensure smooth operations. Staying updated on changes, meeting deadlines, and following best practices are key to maintaining compliance.

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Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com



Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.


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Krishna Gopal Varshney

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Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.

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