Income Tax News: As October 2024 approaches, it’s crucial to stay informed about the important income tax deadlines. Understanding these tax deadlines helps you plan effectively, ensuring compliance and helping you avoid penalties. The Income Tax Department has released a detailed calendar outlining significant dates this month. Let’s break down these key deadlines to keep you on track.
Income Tax Deadlines for October 2024
October 7, 2024: TDS/TCS Liability Deposit
The first key date is October 7, 2024. This is the deadline for the deposit of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) liabilities for September 2024. If any tax was deducted or collected by government offices, it must be paid to the Central Government on the same day, especially if it was done without using an Income Tax Challan. Meeting this deadline is essential to avoid penalties associated with late payments.
October 15, 2024: TDS Certificates and Contributions
On October 15, 2024, several important tasks must be completed:
- Issuance of TDS Certificates:
- Form 16B for tax deducted under section 194-IA in August 2024.
- Form 16C for tax deducted under section 194-IB in August 2024.
- Form 16D for tax deducted under section 194M in August 2024.
- Deadline for PF and ESI Contributions: Ensure contributions towards Provident Fund (PF) and Employee State Insurance (ESI) for September 2024 are deposited by this date.
- Quarterly TCS Return: This is also the due date for filing the quarterly TCS return (Form 27EQ) for the quarter ending September 2024.
Staying ahead of these deadlines helps you avoid penalties and ensures all necessary contributions are made on time.
October 30, 2024: TCS Certificate and Challan Submission
Mark October 30, 2024 on your calendar for two essential tasks:
- TCS Certificate Issuance: This is the due date for issuing the TCS certificate (Form 27D) for the quarter ending September 2024.
- Challan-Cum-Statement Submission: The deadline for furnishing the challan-cum-statement under Section 194IA, covering Forms 26QB, 26QC, and 194M for September 2024, is also due on this day.
These tasks are vital for accurate record-keeping and compliance, helping you avoid any penalties.
October 31, 2024: Quarterly TDS Return and ITR Filing
Finally, October 31, 2024, is a significant day with multiple deadlines:
- Quarterly TDS Return: This is the due date for the quarterly TDS return (Form 24Q or Form 26Q) for the quarter ending September 2024.
- ITR Filing for Audited Assessees: Assessees requiring an audit for the financial year 2023-24 must file their Income Tax Returns (ITR) by this date, particularly those without international or specified domestic transactions.
- Transfer Pricing Audit Report: If you have international or specified domestic transactions, you must submit your transfer pricing audit report for FY 2023-24 by this deadline.
These steps are essential for maintaining compliance with income tax regulations, helping you avoid penalties and facilitating smooth financial operations.
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