ITR target dates: Meeting target dates, specifically for tax return, is important in order to protect against sustaining fines, chastening rate of interest, and making sure prompt declaring of tax return (ITR). Here are the leading target dates for the month of November 2024. By sticking to these target dates, you can successfully prevent tax obligation notifications and make sure far better administration of your financial resources. Thank you for your interest to this issue.
Important Dates for Tax Compliance
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November 7, 2024
Deadline for TDS/TCS repayment for October 2024.
November 14, 2024
I ssuance due days for TDS certifications:
Form 16B for tax obligation deducted under area 194-IA in September 2024.
Form 16C for tax obligation deducted under area 194-IB in September 2024.
Form 16D for tax obligation deducted under area 194M in September 2024.
November 15, 2024
Last day for PF and ESI payments for October 2024.
TCS return (Form 27EQ) declaring target date for the quarter finishing September 2024.
November 15
The target date for declaring tax return (ITR) for the fiscal year 2023-24 (Assessment Year 2024-25) has actually been prolonged by the Income Tax Department from October 31, 2024, to November 15, 2024, in particular situations. This expansion applies to certain taxpayers that are needed to send a tax obligation audit record by September 30, 2024, and submit their ITR by October 31, 2024.
It is very important to keep in mind that if you are bound to send a tax obligation audit record, you have to likewise submit your tax return within the stated target date. These 2 jobs are adjoined, and have to be finished sequentially according to their corresponding target dates. Only after sending a tax obligation audit record can you wage submitting your tax return (ITR).
âThe 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October 2024 to 15th November, 2024,â stated the Ministry of Finance using Central Board of Direct Taxes in a round outdated October 26, 2024.
What if you stop working to submit ITR by November 15, 2024
Failure to submit your Income Tax Return (ITR) by November 15, 2024 might lead to different effects for the taxpayer, consisting of:
Accrual of rate of interest for late declaring of tax obligation due under area 234A
Accrual of rate of interest for late repayment of tax obligation due under area 234B
Imposition of a cost for default in declaring ITR under area 234F (varying from Rs 1,000 to Rs 5,000 relying on overall gross income)
Denial of the capability to carry-forward company losses and resources losses
Potential category as a ‘defined individual’ if overall TDS & & TCS quantity surpasses Rs 50,000, causing a greater price of TDS for settlements in the complying with 2025-26 (based on a minimal price of 5%).
November 30, 2024
Kindly keep in mind the upcoming target dates for the challan-cum-statement for tax obligation deducted under Section 194IA, 194IB, and 194M:
Deadline for equipping challan-cum-statement under Section 194IA (Form 26QB), 194IB (Form 26QC), and 194M for October 2024.
Additionally, please recognize the due day for submitting the tax return (ITR) for transfer prices situations, especially for those that have actually taken part in worldwide and defined residential purchases throughout the fiscal year 2023-24.
