November 2024: Important Tax Dates and Deadlines to Remember
Stay on top of your tax obligations this November 2024 with our essential guide to key dates and deadlines. From income tax return filings to TDS payments, ensure you avoid penalties and manage your finances effectively.
ITR Due Dates
Meeting deadlines for income tax returns is essential to avoid penalties and ensure timely filing. Here are the key deadlines for November 2024 that you should keep in mind to manage your finances effectively and prevent tax notices.
Important Dates for Tax Compliance
November 7, 2024
Deadline for TDS/TCS payment for October 2024.
November 14, 2024
Issuance deadlines 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.
- Extended deadline for filing income tax returns (ITR) for FY 2023-24 (Assessment Year 2024-25) for certain taxpayers required to submit a tax audit report by September 30, 2024.
It’s crucial to remember that if a tax audit report is required, the ITR must be filed after this report is submitted.
November 30, 2024
Deadline for furnishing challan-cum-statement under Sections 194IA, 194IB, and 194M for October 2024.
The due date for filing ITR for transfer pricing cases involving international and specified domestic transactions for FY 2023-24.
Consequences of Missing the Deadline
Failing to file your ITR by November 15, 2024, can lead to various penalties, including:
- Accrued interest for late filing and late payment under Sections 234A and 234B.
- A fee for default in filing ITR under Section 234F (ranging from ₹1,000 to ₹5,000 based on taxable income).
- Inability to carry forward business and capital losses.
- Potential classification as a 'specified person' if total TDS & TCS exceeds ₹50,000, leading to higher TDS rates in the following fiscal year.
By staying aware of these deadlines and adhering to them, you can manage your tax obligations effectively and avoid unnecessary penalties.
