Introduction
Business under India’s legal system requires strict adherence to laws about income tax, provident fund (PF), and employees’ state insurance (ESI). These laws make sure that individuals and businesses pay their fair share of taxes and maintain social security programs. Keeping track of the deadlines for different files and payments is essential for companies and individuals who want to stay in compliance with Indian tax laws and regulations. This document provides a comprehensive guide to the important due dates, forms to be filled out, period, and who should file for income tax compliance, provident fund (PF), and employees’ state insurance (ESI) in the June 2024 compliance calendar 2024.
- Compliance with Income Tax
Implementing the guidelines and deadlines established by the Indian Income Tax Department is essential for income tax compliance. This comprises:
1. Filing Returns: Precisely and punctually submitting annual income tax returns.
2. Payments for TDS and TCS: by the relevant rates and schedules, deducting and depositing TDS (tax deducted at source) and TCS (tax collected at source).
- Provident Covered
An initiative of the Employees’ Provident Fund Organization (EPFO) for social security is the Provident Fund. To comply with PF, employers must:
1. Contributions Must Be Deducted and Deposited: Each month, contributions from the employee’s salary and the employer’s contribution must be put into the PF account.
2. File Returns: The Electronic Challan Cum Return (ECR), which lists the individuals who were covered and the contributions made, must be submitted.
- Employee State Insurance
Medical and financial benefits are offered to employees under the Employees’ State Insurance program, which is governed by the Employees’ State Insurance Corporation (ESIC)
Payments of Contributions: Employers are required to take into account the employees’ wages when deducting and paying ESI contributions. ). ESI
The June Compliance Calendar 2024 for Income Tax Compliance, which provides detailed information:
Important Due Dates for Income Tax Compliance/PF/ESI: -June 2024
|
Due Dates |
Forms to be Filled |
Period |
Who should File? |
|
07.06.2024 |
TDS and TCS liabilities to the ITD |
May 2024 |
To be filed by entities who are required to deduct tax at the source before making certain payments, such as salaries, interest, rent, commission, etc. |
|
14.06.2024 |
TDS Certificate (Form 16) |
April 2024 |
Form 16 is filed by any salaried person whose tax has been deducted by the employer at the source. |
|
14.06.2024 |
TDS Certificate (Form 16A) |
April 2024 |
Form 16A is typically filed by the payer of income, such as an employer or a financial institution, to report tax deducted at source (TDS) on income other than salary. |
|
14.06.2024 |
TDS Certificate (Form 16B) |
April 2024 |
Form 16B is filed by the buyer of immovable property (like land, building, apartment) if TDS is deducted on the purchase of such property. |
|
14.06.2024 |
TDS Certificate (Form 16C) |
April 2024 |
Form 16C is filed by the person who is responsible for paying any income or making any payment (other than salary) to a resident. It’s primarily related to TDS on rent. |
|
14.06.2024 |
TDS Certificate (Form 16D) |
April 2024 |
Form 16D is filed by the tenant (deductor) for TDS deducted on rent. |
|
15.06.2024 |
Professional tax returns |
May 2024 |
Filing professional tax returns typically falls on the employers or the individuals who are liable to pay professional tax |
|
15.06.2024 |
PF/ESI |
May 2024 |
Employers are required to deduct the specified amounts from employees’ salaries and contribute their share towards PF and ESI |
|
30.06.2024 |
Challan cum TDS statement (Tax deducted under 194IA, 194IB, and 194M) |
May 2024 |
To be filed by a contractor, an employer, or any person or entity making specified payments where TDS is required to be deducted as per the provisions of the Income Tax Act, 1961. |
The Reasons for Compliance
1. On-Time Filing: To make sure employees are qualified for benefits, file returns on time and keep track of your contributions.
2. Steer clear of penalties and interest. Delayed files or payments can result in large fines and interest, which puts a greater financial strain on businesses.
3. Sustain Legal Standing: Adhering to a regular compliance schedule helps businesses keep a positive reputation with regulatory bodies, which is necessary for efficient operations and the avoidance of legal issues.
The following are the recommendations for Maintaining Compliance:
1. Setup Reminders: For important due dates, set reminders using digital calendars or compliance management software.
2. Frequent Updates: Check official notices from the Income Tax Department, EPFO, and ESIC regularly to stay informed about any changes to tax legislation or compliance demands.
3. Seek Advice from Experts: To make sure that all requirements are fulfilled accurately and on schedule, consult with tax experts or compliance specialists.
Conclusion
In June 2024, the compliance calendar adheres to Income Tax Compliance/PF/ES and specifies the important due dates, forms to be filed, period, and who should file them. Individuals and businesses in India must abide by income tax, PF, and ESI laws. It is possible to prevent penalties and guarantee efficient operations by keeping up with the most recent changes, meeting important deadlines, and implementing best practices.
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