Income Tax News: As the year 2023 draws to a close, it’s time for taxpayers to gear up for the final stretch of tax obligations. December brings along a flurry of crucial deadlines that must be met to ensure compliance with income tax regulations. Staying informed about these deadlines is essential to avoid any penalties or complications
7 December 2023: Depositing Tax Deducted or Collected
This date marks the deadline for depositing tax deducted or collected for November 2023. A crucial reminder, especially for government offices, emphasizing the timely credit of deducted sums to the Central Government.
15 December 2023: Multiple Obligations
Furnishing Form 24G by government offices and the third instalment of advance tax for the assessment year 2024-25 are due on this date. Additionally, TDS certificates for tax deducted in October 2023 and a statement from stock exchanges regarding modified client codes are required by this deadline.
30 December 2023: Challan-Cum-Statement Submission
This date is essential for submitting challan-cum-statements related to tax deducted under various sections, such as 194-IB, 194M, 194-IA, and 194S. Timely submission is crucial to ensure compliance and avoid penalties.
31 December, 2023: Last Chance for Income Tax Return Filing
For those who haven’t filed their income tax return for the assessment year 2023-24, this is the last opportunity. Applicable to all assessments not completed before 31st December 2023, including filing belated returns and revising previously submitted returns.
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