November has started, and it is important to stay updated on the income tax deadlines. There are some crucial dates in November that require comprehensive planning to avoid potential consequences.
It is necessary to stay organized and plan accordingly to meet these requirements on time. The tax calendar provides a list of dates that individuals and businesses paying taxes need to be aware of.
Important dates for income tax payers:
November 7, 2023
The due date for depositing tax deducted/collected for October 2023. Government offices must pay the deducted/collected sum to the central government on the same day without an income-tax challan.
November 14, 2023
Tax Deducted at Source (TDS) certificates must be issued by November 14, 2023, for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in September 2023.
November 15, 2023
The Quarterly TDS certificate (for payments other than salary) must be submitted by November 15 for the quarter ending September 30, 2023. Additionally, government offices need to file Form 24G if TDS/TCS for October 2023 has been paid without an income-tax challan.
Furthermore, stock exchanges need to submit statements in Form No. 3BB for transactions in which client codes have been modified after registering in the system for October 2023.
November 30, 2023
This is the most crucial date for all taxpayers:
I. The last date to furnish challan-cum-statement for tax deducted under sections 194-IA, 194-IB, 194M, and 194S for the month of October 2023.
II. The due date to file income tax returns for assessment year 2023-24 under section 92E related to international or specified domestic transactions.
III. Companies eligible for weighted deduction under section 35(2AB) must submit a copy of the audit of accounts to the Secretary, Department of Scientific and Industrial Research.
IV. Scientific research associations, colleges, universities, and Indian scientific research companies must submit a statement as required under rules 5D, 5E, and 5F.
V. Submitting income tax details in Form ITR-7 for assessment year 2023-24 in case of assessments as referred to in clause (a) of Explanation 2 to section 139(1).