ITR deadlines: Meeting deadlines, especially for income tax returns, is crucial in order to prevent incurring penalties, penal interest, and ensuring timely filing of income tax returns (ITR). Here are the top deadlines for the month of November 2024. By adhering to these deadlines, you can effectively avoid tax notices and ensure better management of your finances. Thank you for your attention to this matter.
Important Dates for Tax Compliance
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November 7, 2024
Deadline for TDS/TCS payment for October 2024.
November 14, 2024
Issuance due dates for TDS certificates: Form 16B for tax deducted under section 194-IA in September 2024. Form 16C for tax deducted under section 194-IB in September 2024. Form 16D for tax deducted under section 194M in September 2024.
November 15, 2024
Last day for PF and ESI contributions for October 2024. TCS return (Form 27EQ) filing deadline for the quarter ending September 2024.
November 15
The deadline for filing income tax returns (ITR) for the financial year 2023-24 (Assessment Year 2024-25) has been extended by the Income Tax Department from October 31, 2024, to November 15, 2024, in certain cases. This extension is applicable to specific taxpayers who are required to submit a tax audit report by September 30, 2024, and file their ITR by October 31, 2024.
It is important to note that if you are obligated to submit a tax audit report, you must also file your income tax return within the stipulated deadline. These two tasks are interconnected, and must be completed sequentially according to their respective deadlines. Only after submitting a tax audit report can you proceed with filing your income tax return (ITR).
“The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax. Act,1961 ('the Act'), extends the due date of furnishing of Return of Income under sub-section ( 1) of section 139 of the Act for the Assessment Year 2024-25 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section ( 1) of section 13 9 of the Act, which is 31st October 2024 to 15th November, 2024,” said the Ministry of Finance via Central Board of Direct Taxes in a circular dated October 26, 2024.
What if you fail to file ITR by November 15, 2024
Failure to file your Income Tax Return (ITR) by November 15, 2024 may result in various consequences for the taxpayer, including:
Accrual of interest for late filing of tax due under section 234A Accrual of interest for late payment of tax due under section 234B Imposition of a fee for default in filing ITR under section 234F (ranging from Rs 1,000 to Rs 5,000 depending on total taxable income) Denial of the ability to carry-forward business losses and capital losses Potential classification as a 'specified person' if total TDS & TCS amount exceeds Rs 50,000, resulting in a higher rate of TDS for payments in the following fiscal year 2025-26 (subject to a minimum rate of 5%).
November 30, 2024
Kindly note the upcoming deadlines for the challan-cum-statement for tax deducted under Section 194IA, 194IB, and 194M:
Deadline for furnishing challan-cum-statement under Section 194IA (Form 26QB), 194IB (Form 26QC), and 194M for October 2024.
Additionally, please be aware of the due date for filing the income tax return (ITR) for transfer pricing cases, specifically for those who have engaged in international and specified domestic transactions during the financial year 2023-24.