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Tax calendar for September 2023: Don’t miss these important dates

As September begins there are many important dates to keep in mind especially when it comes to tax filing. If you pay tax or file required return within these due dates you can protect yourself from the hassle of penalty and late charges later. Here are a few important dates that fall in the month of September

Advance Tax: When it comes to tax payment, the principle of pay-as-you-earn applies. This means you shouldn't wait until July 31st each year to calculate your tax obligation; instead, you should pay it as it becomes due. The government collects taxes in advance through quarterly installments during the financial year, making it a mandatory requirement. These instalments are divided into four parts: 15% by June 15th, 45% by September 15th, 75% by December 15th, and 100% by March 15th of the financial year.

For instance, if you’re employed and have additional income sources like fixed deposits, you must pay the advance tax installment before September 15, 2023. Similarly, if your income comes from sources such as capital gains, rent, or fixed deposits and not just a salary, you're also liable to pay advance tax on your earnings. Additionally, advance tax is applicable when the payable amount for a financial year is Rs 10,000 or more.

“Most important deadline to be followed in the month of September is advance tax instalment to be paid before 15th September. If one misses on this instalment, interest at the rate of 1 per cent per months starts to be calculated on unpaid tax liability of estimated income of financial year 2023-24,” said Sujit Bangar, founder,

Tax Audit Report: Another major date to be remembered is 30th September which is deadline getting tax audit report filed. Tax audits are compulsory when your turnover crosses Rs 50 lakh.

“This is required to avoid penal charges for not getting tax audit done within time. The penalty can be to the extent of 0.5 per cent of the of the turnover or gross receipts, or Rs 1.5 lakh, whichever is lower,” said a tax and consulting firm lists some important dates for September from an Income-tax perspective:

Tax Audit Report under section 44AB of Income-tax Act, 1961, for the assessment year 2023-24 in the case of a corporate taxpayer or non-corporate taxpayer (who is required to submit his/her tax return of income on October 31,2023) is 30th September 2023,” said Yeeshu Sehgal, Head of Tax Market, AKM Global.

Deposit of TDS/ TCS: If you are liable to pay Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) then due date for depositing of TDS for the month of August is 7th September. While TDS is deducted while you receive money TCS is deducted when you make payment.

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