Tax planning is an integral part of financial management. This requires knowledge of the crucial dates for tax payments. A tax calendar assists taxpayers in remaining organized and in compliance with tax regulations. The following are the tax deadlines for September 2023.
Essential Tax Dates for September 2023
1. September 7: TDS/ TCS Deposit
The tax deposit deducted/collected for August 2023 is due on September 7, 2023. However, any funds deducted/collected by a government agency must be remitted to the credit of the central government on the same day that tax is paid, even if no income tax challan is produced.
2. September 14: TDS Certificate
In July 2023, the deadline for issuing a TDS certificate for tax deducted under Sections 194-IA, 194-IB, 194M, and 194S is September 14.
3. September 15: Form 24G, Advance Tax, Form 3BB
The deadline for a government agency to submit Form 24G. It is for individuals who have paid TDS/TCS without producing a challan for August 2023. It is also the deadline for paying the second advance tax installment for the fiscal year 2024-25.
Aside from this, a stock exchange must provide a statement in Form No 3BB for transactions in which client codes were amended after registration in the system for August 2023.
4. September 30: TDS Challan, Audit Report, ITR, Form 9A
It is the deadline for submitting a challan-cum-statement for taxes deducted in August 2023 under Sections 194-IA, 194-IB, 194M, and 194S.
In the event of a corporate assessee or non-corporate assessee (who is obliged to file an income tax return by October 31, 2023), an audit report under Section 44AB must also be filed by September.
It is also the deadline for submitting an application in Form 9A to exercise the option given under Explanation to Section 11(1) to apply the previous year’s income in the next year or in the future (if the assessee is obliged to file an income return on November 30, 2023).
A statement in Form No. 10 must also be provided to accumulate revenue for future application under Section 10(21) or Section 11(1) (if the assessee is obliged to file an income tax return by November 30, 2023).
Taxpayers must submit the quarterly statement of TCS and TDS deposited for the quarter ending June 30, 2023, by September 30.