In January 2024, both Income Tax and GST deadlines arrives. By meeting these deadlines, we not only fulfilling legal obligation, but it is a step for maintain the financial record. Let’s explore the significance of these statutory compliance trackers and how they impact individuals and businesses alike. The compliance requirements specified in the Income Tax Act of 1961 for January 2024 / GST & Income Tax compliance deadlines for January 2024.
| Tax type | Period ending | Section prevailing | Last date of Jan 24 | Description |
| TDS/TCS | Dec-23 | – | 7 | |
| TDS/TCS | Oct 23 – Dec 23 | 192, 194A, 194D, or 194H | 7 | Applicable when the Assessing Officer has authorized a quarterly deposit of TDS under sections 192, 194A, 194D, or 194H |
| Issue of TDS certificate | Nov-23 | 194-IA, 194-IB, 194M | 14 | – |
| Form 24G | Nov-23 | – | 15 | Issued by a government office, which has paid TDS/TCS without a challan |
| TCS | Oct 23 – Dec 23 | – | 15 | TCS Quarterly Report- |
| Quarterly statement | Oct 23 – Dec 23 | – | 15 | Authorized dealers to provide a quarterly statement regarding foreign remittances in the specified Form No. Quarterly revenue for December 2023 amounted will get reflected in form 15CC. |
| Form 15G/15H declarations | Oct 23 – Dec 23 | – | 15 | The form 15G/H received from the period of Oct 2023-Dec 2023 need to be submitted by 15th Jan- |
| TCS certificate | Oct 23 – Dec 23 | – | 30 | – |
| Challan-cum-statement | Dec-23 | 194-IB, 194M | 30 | challan-cum-statement relating to tax deducted under mentioned sections |
| Summary of TDS Report | Dec-23 | – | 31 | Summary of TDS Report for the period ending December, 2023 |
| Form No. 3CEAC | Dec-23 | 31 | Section 286(1) notification in form no 3CEAC by a resident subsidiary of a multinational organisations whose parent company is located abroad need to submit this. | |
| Time deposits interest report | Oct23 – Dec 23 | – | 31 | Banking company to report the non-withheld portion on a quarterly basis of interest on time deposits |
GST Tax Compliance Tracker for the month of Jan-24
| Tax Period | Return/Form Number | Timeline | Due date of Jan 24 | Compliance Description |
| Dec -23 | GSTR 3B / GSTR 3BQRMP | 20th of Succeeding month – | 20 | The taxpayers whose aggregate turnover in the previous year exceeds 5 crores |
| Dec – 23 | GSTR 3B | – | 22 | The taxpayers whose aggregate turnover in the preceding F.Y is up to 5 crore and has not opted for quarterly return filing and for Group A states the GST 3B due date is 22 Jan |
| Dec – 23 | GSTR 3B QRMP | – | 24 | The taxpayers whose aggregate turnover in the preceding F.Y is up to 5 crore and has opted for quarterly return filing and for Group B states |
| Dec -23 | GSTR -1 | – | 11 | Registered persons with a total turnover of more than INR 5 Crores in the previous year and A registered individual, who had a total turnover of less than INR 5 Crores in the previous year, has chosen to file their returns monthly under the QRMP scheme. |
| Dec – 23 | GSTR 5 & 5A | 20th of Succeeding month | 20 | The GSTR 5 & 5A need to be filed by Non Resident ODIAR services provider by 20th of succeeding month – |
| Dec -23 | GSTR 6 | 13th of Succeeding month | 13 | The GSTR 6 that need to be filed by every Input Service distributor by 13th of succeeding month |
| Dec -23 | GSTR 7 | 10th of Succeeding month | 10 | The GSTR 7 need to be filed by tax deductor by 7th of succeeding month it’s the return for tax deducted at source – |
| Dec -23 | GSTR 8 | 10th of Succeeding month | 10 | The GSTR 8 need to be filed by E commerce operator who are registered under GST liable to TCS need to file return by 10th of succeeding month – |
| Dec-23 | GSTR 1 QRMP monthly/ Quarterly Return | 13th of Succeeding month | 13 | Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme. |
| Oct-Dec 23 | GST OMT-06 | – | 25 | The payment deadline for GST for a taxpayer with a total turnover of up to INR 5 crores in the previous year and who has chosen to file their returns on a quarterly basis under QRMP. |
| Dec-23 | GSTR 11 | – | 28 | GSTR-11 is the tax return that individuals with a Unique Identity Number must submit when they seek a refund for taxes paid on their purchases. The filing deadline for UIN holders is on the 28th of the month after they receive the inward supply. |
| Oct 2023 – Dec 2023 | GST CMP-08 | – | 18 | The purpose of Form GST CMP-08 is to provide information or a summary of the tax amount that taxpayers, who have chosen to be under a composition levy, are required to pay. |
Takeaway
As January progresses, it becomes vital to navigate the GST & Income Tax compliance deadlines for January 2024 ground. Ensuring timely completion of Income Tax and GST obligations is not solely about avoiding penalties, but it also promotes the refinement of financial discipline. Regardless of whether you are an individual or a business owner, staying updated on these duties will guarantee a smooth financial experience and establish a foundation for a financially responsible year to come.
