ITR goal dates: Meeting goal dates, particularly for tax return, is vital to be able to shield towards sustaining fines, chastening charge of curiosity, and ensuring immediate declaring of tax return (ITR). Here are the main goal dates for the month of November 2024. By sticking to those goal dates, you possibly can efficiently stop tax obligation notifications and ensure much better administration of your monetary assets. Thank you on your curiosity to this situation.
Important Dates for Tax Compliance
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November 7, 2024
Deadline for TDS/TCS reimbursement for October 2024.
November 14, 2024
I ssuance due days for TDS certifications:
Form 16B for tax obligation deducted underneath space 194-IA in September 2024.
Form 16C for tax obligation deducted underneath space 194-IB in September 2024.
Form 16D for tax obligation deducted underneath space 194M in September 2024.
November 15, 2024
Last day for PF and ESI funds for October 2024.
TCS return (Form 27EQ) declaring goal date for the quarter ending September 2024.
November 15
The goal date for declaring tax return (ITR) for the fiscal yr 2023-24 (Assessment Year 2024-25) has really been extended by the Income Tax Department from October 31, 2024, to November 15, 2024, particularly conditions. This enlargement applies to sure taxpayers which can be wanted to ship a tax obligation audit report by September 30, 2024, and submit their ITR by October 31, 2024.
It is essential to remember the fact that in case you are certain to ship a tax obligation audit report, it’s a must to likewise submit your tax return throughout the said goal date. These 2 jobs are adjoined, and must be completed sequentially based on their corresponding goal dates. Only after sending a tax obligation audit report are you able to wage submitting your 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2024 to 15th November, 2024,” said the Ministry of Finance utilizing Central Board of Direct Taxes in a spherical outdated October 26, 2024.
What in the event you cease working to submit ITR by November 15, 2024
Failure to submit your Income Tax Return (ITR) by November 15, 2024 would possibly result in completely different results for the taxpayer, consisting of:
Accrual of charge of curiosity for late declaring of tax obligation due underneath space 234A
Accrual of charge of curiosity for late reimbursement of tax obligation due underneath space 234B
Imposition of a price for default in declaring ITR underneath space 234F (various from Rs 1,000 to Rs 5,000 counting on total gross revenue)
Denial of the aptitude to carry-forward firm losses and assets losses
Potential class as a ‘defined individual’ if total TDS & & TCS amount surpasses Rs 50,000, inflicting a larger worth of TDS for settlements within the complying with 2025-26 (based mostly on a minimal worth of 5%).
November 30, 2024
Kindly take into accout the upcoming goal dates for the challan-cum-statement for tax obligation deducted underneath Section 194IA, 194IB, and 194M:
Deadline for equipping challan-cum-statement underneath Section 194IA (Form 26QB), 194IB (Form 26QC), and 194M for October 2024.
Additionally, please acknowledge the due day for submitting the tax return (ITR) for switch costs conditions, particularly for people who have really taken half in worldwide and outlined residential purchases all through the fiscal yr 2023-24.
