Crack the Code: Your Comprehensive FY 2023-24 Tax Compliance Calendar

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Published Date:  08-01-2024   Author:   rutuja-khedekar
captainbiz crack the code your comprehensive fy tax compliance calendar

Your complete FY 2023- Compliance Calendar. Taxes can be a scary puzzle, though; fear not – we are here to make it simple and manageable pieces. This guide is written to help you understand and meet your tax obligations easily. Think of it as your tax season guide, marking important dates and crucial events that help remain up to par with the taxman. Whether you are a veteran or a newbie taxpayer, this guide aims to take the confusion out of taxes and make it an easy trek in terms of compliance.

So, let us go on this journey together. We’ll outline the key dates and events you need to be aware of, making tax season a much simpler process. Born to break the code and get on top of taxes? Let’s dive in!

captainbiz fy tax compliance calendar

Understanding Fiscal Year 2023-24

Fiscal Year Kick-off

To start the fiscal year 2023-24 on a high note, it’s vital to know critical financial dates and deadlines. This provides a proactive approach to tax compliance, preventing last minute problems and the possibility of penalties. The Fiscal year officially commences on April 1 , 2023, and ends on  March 31 , 2024.

Quarterly Tax Deadlines

A quarterly adherence to tax deadlines is one of the key principles in efficient tax planning. Failure to meet such deadlines may cause financial repercussions and penalties. Our calendar has a short version of these deadlines so that you can strategically plan your financial activity.

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Navigating Complex Tax Structures

  • Income Tax Filings

This is fundamental to understanding the subtleties of income tax. Filing with utmost care is important whether you are an individual taxpayer or a business entity. Our expert demystifies income tax brackets, deductions and credits to provide a clear route that helps you maximize your tax liability. 

  • Business Tax Compliance

For companies, to abide by all the tax regulations is like walking in a labyrinth. We study the inner workings of corporate tax compliance from deductible expenses, credits and strategies to comply with. Understanding these aspects beyond the curve is crucial for financial well-being.

Planning for Taxes during FY 2023-2024

  • Maximizing Deductions

Tax planning is good when it involves maximizing deductions legally. There are overlooked deductions that our guide highlights that could greatly influence your tax liability. From business expenses to individual deductions, we go through everything.

  • Investment and Tax Efficiency

Investments should be strategically associated with tax efficiency – this is a game-changer. We give you tax efficient investment ideas enabling you to make the right decisions which in addition increase your wealth but have low tax obligations.

Also Read: Tax Planning Tips for Small Businesses

Staying Compliant: Record-keeping and Documentation

  • Impeccable Record-keeping

Tax compliance hinges on having immaculate financial records. Also, our guide focuses on the issue of precise documentation and provides relevant techniques and instruments that can facilitate this process.

  • Digital Documentation Best Practices

In the digital era, effective document management is a must. We delve into the best practices for digital documentation to make sure that you stay compliant with tax authorities but also prepare in terms of future financial record-keeping.

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Technology and Tax Compliance Overview

1) Utilizing Tax Software

In the age of technology, using tax software helps simplify compliance processes. We take a look at state-of the art tax software programs, focusing on features that make filing taxes easier and improve general financial management.

2) Automation for Efficiency

Tax compliance has been changed, and revolutionized by automation. Meet automation tools introduced by our guide that not only help you save time but also minimize the risk of errors, allowing for smooth adherence to tax regulations.

Also Read: How to Use Technology to Make Tax Compliance Easier?

Tax Compliance Calendar for FY 2023-24 (IT, GST, TDS)

With a focus on Individuals, Professionals and SME Businesses 2023-New Income Tax Filing due dates starting Apr or July based on permitted by IT Department TDS Payments welcome. 

April 2023

Date Important Events
9 Setup Online Accounting Software for FY 2023-24
10 FY 2022-23 (AY 2023-24) IT e-Filing Start Date
10 Professional Tax (PT) on Salaries for March 2023

The Due Date for Professional Tax varies from State to State. For Expert Guidance, Please Contact eztax.in Please Select an Option.

11 GSTR 1 (Monthly) for March 2023
13 GSTR-1 (Jan-Mar 2023) for QRMP
15 Provident Fund (PF) & ESI Returns Payment for March 2023
18 CMP 08 for Jan to Mar 2023 (Composition)
20 GSTR 3B for March 2023 (Monthly)
22 GSTR 3B (Jan-Mar 2023) for South India
24 GSTR 3B (Jan-Mar 2023) for North India
30 Opt in / Opt out of GST Quarterly scheme for April to June 2023
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Mar 2023
30 TDS Payment for March 2023
30 GSTR-4 (FY 2022-23) for Composition taxpayers

May 2023

Date Important Events
7 TDS Payment for April 2023
10 Professional Tax (PT) on Salaries for April 2023

It Varies from State to State Professional Tax Due Date. Kindly approach eztax.in for expert advice.

11 GSTR 1 (Monthly) for April 2023
13 GSTR 1 IFF (Optional) (Apr 2023) for QRMP
15

15

TCS Return in Form 27EQ for Jan-Mar 2023 Quarter

Provident Fund (PF) & ESI Returns Payment for April 2023

20 GSTR 3B for April 2023 (Monthly)
25 GST Challan Payment if no sufficient ITC for Apr 2023 (for all Quarterly Filers)
30  Form 11 for FY 2022-23 for LLP’s
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Apr 2023
30 issue of TCS Certificates in Form 27D for Jan to March 2023
31 TDS Return in Form 24Q, 26Q, and 27Q for Jan-Mar 2023

June 2023

Date Important Events
7 TDS Payment for May 2023
10 Professional Tax (PT) on Salaries for May 2023

Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help.

11 GSTR 1 (Monthly) for May 2023
13 GSTR 1 IFF (Optional) (May 2023) for QRMP
15 Advance tax Payment for April to June 2023 (1st Installment)
15 Provident Fund (PF) & ESI Returns Payment for May 2023
15 Issuance of TDS Certificates Form 16/16A for Jan to March 2023
20 GSTR 3B for May 2023(Monthly)
25 GST Challan Payment if no sufficient ITC for May 2023
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for May 2023
30 IEC Code Renewal

July 2023 

Date Important Issue
7 TDS Payment for June 2023
10 Professional Tax (PT) on Salaries for June 2023

Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help.

11 GSTR 1 (Monthly) for June 2023
13 GSTR-1 (Apr-Jun 2023) for QRMP
15 Provident Fund (PF) & ESI Returns and Payment for June 2023
18 CMP 08 for Apr to June 2023(Composition
2 GSTR 3B for June 2023(Monthly)
22 GSTR 3B (Apr-Jun 2023) for South India
24 GSTR 3B (Apr-Jun 2023) for North India
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for June 2023
31 Income Tax Returns for Individuals, Non Corporates who are not-liable to Tax Audit for FY 2022-23
31 TDS Return in Form 24Q for April to June 2023
31 INC 22A Filing for Companies
31 Form DPT 3 for FY 2022-23 for Companies

August 2023 

Date Important Events
7 TDS Payment for July 2023
10 Professional Tax (PT) on Salaries for July 2023

Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help.

11 GSTR 1 (Monthly) for July 2023
13 GSTR 1 IFF (Optional) (Jul 2023) for QRMP
15 Issue of TDS Certificates in Form 16A for April to June 2023
15 Provident Fund (PF) & ESI Returns and Payment for July 2023
20 GSTR 3B for July 2023(Monthly)
25 GST Challan Payment if no sufficient ITC for Jul 2023
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for July 2023
31 GST Amnesty Scheme for GSTR 9, 9C, GSTR 4, GSTR10 etc

September 2023 

Date Important Events
7 TDS Payment for Aug 2023
10 Professional Tax (PT) on Salaries for Aug 2023

Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help

11 GSTR 1 (Monthly) for Aug 2023
13 GSTR 1 IFF (Optional) (Aug 2023) for QRMP
15 Advance tax Payment for July to Sep 2023
15 Provident Fund (PF) & ESI Returns and Payment for Aug 2023
20 GSTR 3B for Aug 2023 (Monthly)
25 GST Challan Payment if no sufficient ITC for Aug 2023
27 AOC 4 Filing by One Person Companies for FY 2022-23 (OPC)
30 Audit Report in Form 3CB-3CD and 3CA-3CD for Non Corporate and Corporates for FY 2022-23
30 Annual General Meeting for Companies
30 Annual General Meeting for Companies
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Aug 2023
30 TCS Return in Form 27EQ for Apr-Jun 2023
30 TDS Return in Form 26Q,27Q for April to June 2023

October 2023 

Date Important Events
7 TDS Payment for Sep 2023
10 Professional Tax (PT) on Salaries for Sep 2023. Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help
11 GSTR 1 (Monthly) for Sep 2023
13 GSTR-1 (Jul-Sep 2023) for QRMP
14 ADT-1 filing (Appointment of an Auditor for Companies)
15 TCS Return in Form 27EQ for Jul-Sep 2023
15 Provident Fund (PF) & ESI Returns and Payment for Sep 2023
15 Issue of TCS Certificates in Form 27D for April to June 2023
18 CMP 08 for July to Sep 2023 (Composition)
20 GSTR 3B for Sep 2023 (Monthly)
22 GSTR 3B (Jul-Sep 2023) for South India
24 GSTR 3B (Jul-Sep 2023) for North India
29 AOC 4 Filing for Companies for FY 2022-23
30  Form 8 Filing for LLP’s for FY 2022-23
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Sep 2023
30 Issue of TCS Certificates in Form 27D for July to Sep 2023
31 Income Tax Returns for Non Corporate’s who needs Audit and Corporates for FY 2022-23
31 TDS Returns in Form 24Q,26Q,27Q for July to Sep 2023

November 2023 

Date Important Event
7 TDS Payment for Oct 2023
10 Professional Tax (PT) on Salaries for Oct 2023.Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help.
11 GSTR 1 (Monthly) for Oct 2023
13 GSTR 1 IFF (Optional) (Oct 2023) for QRMP
15 Provident Fund (PF) & ESI Returns and Payment for Oct 2023
15 Issue of TDS Certificates in Form 16A for July to Sep 2023
20 GSTR 3B for Oct 2023 (Monthly)
25 GST Challan Payment if no sufficient ITC for Oct 2023
29 MGT 7/7A Filing for Companies & OPC for FY 2022-23
30 Labour Licence renewal for Calendar Year 2024
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Oct 2023

December 2023 

Date Important Event
7 TDS Payment for Nov 2023
10 Professional Tax (PT) on Salaries for Nov 2023 Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help.
11 GSTR 1 (Monthly) for Nov 2023
13 GSTR 1 IFF (Optional) (Nov 2023) for QRMP
15 Advance tax Payment for Oct to Dec 2023
15 Provident Fund (PF) & ESI Returns and Payment for Nov 2023
20 GSTR 3B for Nov 2023 (Monthly)
25 GST Challan Payment if no sufficient ITC for Nov 2023
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Nov 2023
31 Due date for Belated and Revised Income Tax Filing for AY 2023-24 for all Non Corporate and Corporate
31 GST Annual Return Filing for FY 2022-23(GSTR-9 & 9C)

January 2024 

Date Important Event
7 TDS Payment for Dec 2023
10 Professional Tax (PT) on Salaries for Dec 2023 Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help.
11 GSTR 1 (Monthly) for Dec 2023
13 GSTR-1 (Oct-Dec 2023) for QRMP
15 TCS Return in Form 27EQ for Oct-Dec 2023
15 Provident Fund (PF) & ESI Returns and Payment for Dec 2023
18 CMP 08 for Oct to Dec 2023 (Composition)
20 GSTR 3B for Dec 2023 (Monthly)
22 GSTR 3B (Oct-Dec 2023) for South India
24 GSTR 3B (Oct-Dec 2023) for North India
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Dec 2023
30 Issue of TCS Certificates in Form 27D for Oct to Dec 2023
31 TDS Return in Form 24Q,26Q,27Q for Oct to Dec 2023

February 2024 

Date Important Event
7 TDS Payment for Jan 2024
10 Professional Tax (PT) on Salaries for Jan 2024

Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help

11 GSTR 1 (Monthly) for Jan 2024
13 GSTR 1 IFF (Optional) (Jan 2024) for QRMP
15 Provident Fund (PF) & ESI Returns and Payment for Jan 2024
15 Issue of TDS Certificates in Form 16A for Oct to Dec 2023
20 GSTR 3B for Jan 2024 (Monthly)
25 GST Challan Payment if no sufficient ITC for Jan 2024

March 2024 

Date Important Event
2 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Jan 2024
7 TDS Payment for Feb 2024
10 Professional Tax (PT) on Salaries for Feb 2024

Professional Tax Due Date Varies from State to State. Kindly Contact eztax.in for Expert help.

11 GSTR 1 (Monthly) for Feb 2024
13 GSTR 1 IFF (Optional) (Feb 2024) for QRMP
14 Founder’s Day @ EZTax.in
15 Advance Tax Payment for Jan to Mar 2024
15 Tax Planning & Book Closure Plan for FY 2023-24
15 Provident Fund (PF) & ESI Returns and Payment for Feb 2024
15 Form 13 (Nil / Lower TDS) for FY 2023-24
20 GSTR 3B for Feb 2024 (Monthly)
25 GST Challan Payment if no sufficient ITC for Feb 2024
30 TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments) for Feb 2024
31 Last Date for Updated ITR for FY 2020-21 (For FY 2021-22 and FY 2022-23 the due date would be 31st Mar 2025 and 2026 respectively)

Conclusion 

The comprehensive guide, “Crack the Code: Your Comprehensive FY 2023-24 Tax Compliance Calendar,” has been a guiding star, guiding you towards fiscal responsibility. Deconstructing the intricacies of tax systems, offering priceless insights into planning strategies, and stressing the importance of technology in compliance, this guide helps individuals and businesses to confidently traverse the labyrinth of tax regulations.

Meticulous record-keeping, digital documentation, and leveraging technology for automation have become all the more important. These elements are not merely procedural but aimed at building a strong foundation of fiscal soundness. With the fiscal uncertainties of the next year in mind, consider this guide can help you maximize your deductions, optimize your tax efficient investments and stay ahead of an ever changing financial world. Just remember, breaking the code of tax compliance is not all about meeting dates; it’s all about creating a stable financial future for yourself.

Also Read: What Are The Benefits Of Integrating GST Registration With Your Invoice/ Billing Software?

FAQ 

  1. Why is it critical to know the fiscal year 2023-24 for tax compliance? 

It is critical to understand the meaning of the fiscal year as it determines the timeframe for several tax-related activities and enables both individuals and businesses to plan. This guide can be used to facilitate quarterly tax compliance for the year 2023-24. 

  1. How can one optimize deductions according to the guide?

The guide delves into approaches for maximizing deductions, casting light on commonly neglected costs that can favorably influence tax liabilities.

  1. How does the guide deal with the intricacies of income tax filing for both individuals and businesses?

The guide makes income tax issues less complicated providing information about brackets, deductions, and credits, related to individual and business situations. 

  1. How does the guide inform about best practices for digital documentation?

This guide teaches the necessity of effective digital document management and gives direct advice on how to meet the requirements and make record-keeping future-proof. 

  1. What does the guide say about tax compliance and the use of technology? 

It discusses state of the art tax software and automation tools, simplifying compliance procedures and reducing the potential for errors. 

  1. Is the guide able to assist in quarterly GSTR-1 filing and what needs to be done? 

Yes, the guide provides a manual on quarterly GSTR 1 filing so that businesses can adhere to GST regulations smoothly and easily. 

  1. Why is it critical to know the fiscal year 2023-24 for tax compliance? 

It is critical to understand the meaning of fiscal year as it determines the timeframe for several tax-related activities and enables both individuals and businesses to plan. 

  1. How can one optimize deductions according to the guide? 

The guide delves into approaches for maximizing deductions, casting light on commonly neglected costs that can influence tax liabilities in a favorable way. 

  1. How does the guide deal with the intricacies of income tax filing for both individuals and businesses? 

The guide makes income tax issues less complicated providing information about brackets, deductions, and credits, related to individual and business situations. 

  1. How does the guide inform about best practices for digital documentation? 

This guide teaches the necessity of effective digital document management and gives direct advice on how to meet the requirements and make record-keeping future-proof.

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Rutuja Khedekar

Rutuja is a finance content writer with a post-graduate degree in M.Com., specializing in the field of finance. She possesses a comprehensive understanding of financial matters and is well-equipped to create high-quality finance content.

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