Income tax

August 2024, Statutory Tax Compliance Tracker: An All-Inclusive Guide

We offer a thorough statutory tax compliance tracker for August 2024 in this blog post to help financial professionals and businesses remember important deadlines. Important dates and forms for income tax, EPF, ROC, GST, and ESI compliance are included in the handbook. We also highlight important regulations and modifications, such as the latest labor law amendments and the GST Amnesty scheme. Businesses can avoid penalties, fines, and reputational harm by adhering to this tracker, which will guarantee seamless operations all month long.

Maintaining Statutory Tax Compliance: An All-Inclusive Guide for August 2024

Maintaining statutory tax compliance is essential for business owners and financial professionals to prevent penalties, fines, and reputational harm. The tax environment is always changing, making it difficult to stay on top of deadlines, paperwork, and laws. We will offer a thorough statutory tax compliance tracker for August 2024 in this blog post, which will contain important dates, forms, and guidelines for income tax, GST, and other statutory compliances.

August 2024 GST Compliance Tracker

GSTR-1: August 11, 2024 is the deadline for filing GSTR-1 for the month of July 2024.
GSTR-3B: August 20, 2024 is the deadline for filing GSTR-3B for the month of July 2024.
GSTR-7: August 10, 2024 is the deadline for filing GSTR-7 for the month of July 2024.
GSTR-8: August 10, 2024 is the deadline for filing GSTR-8 for the month of July 2024.

Tracker for Income Tax Compliance - August 2024

TDS Payment Deadline: August 7, 2024 is the deadline for submitting TDS for the month of July 2024.
TDS Return: August 31, 2024 is the date for submitting the TDS return for the quarter ending in June 2024.
Form 16: August 15, 2024 is the deadline for distributing Form 16 to workers.
Advance Tax: August 15, 2024 is when the second installment of advance tax for FY 2024–2025 is due.

August 2024: Additional Statutory Compliance Tracker

EPF Payment: August 15, 2024 is the cutoff date for EPF contributions for the month of July 2024.
ESI Payment: August 15, 2024 is the cutoff date for ESI contributions for the month of July 2024.
Professional Tax: Each state has a different deadline for submitting professional tax deposits for the month of July 2024.
ROC Compliance: August 31, 2024, is the deadline for submitting annual returns to the Registrar of Companies (ROC) for the fiscal year 2023–2024.

Important Rules and Changes - August 2024

GST Amnesty plan: Until August 31, 2024, taxpayers who have not filed their GST returns are eligible for assistance under the GST amnesty plan.
Income Tax Return Filing: Until August 31, 2024, income tax returns for the fiscal year 2023–2024 must be filed.
Labor Law Reforms: The 2019 Code on Wages and the 2020 Occupational Safety, Health, and Working Conditions Code are two of the labor law reforms that the government has implemented.

In Summary

Businesses must adhere to statutory tax requirements in order to prevent penalties, fines, and harm to their reputation. Businesses may make sure they meet their GST, income tax, and other statutory compliance obligations on time by using our August 2024 statutory tax compliance tracker. In order to avoid any last-minute problems, don't forget to keep up with the most recent modifications and rules.

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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

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Krishna Gopal Varshney

An editor at apnokaca

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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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