Important Income Tax Deadlines in October 2024: What You Need to Know

In India, keeping up with tax deadlines is a vital part of managing personal and business finances. The financial year runs from April to March, and the Income Tax Department sets several important dates throughout the year. Being aware of these deadlines can help you stay compliant, avoid penalties, and manage your taxes smoothly. October 2024 has several key tax deadlines that individuals and businesses should mark on their calendars.

TDS/TCS Deposit

The first deadline is scheduled for Monday, October 7, 2024. It is the last date of depositing any tax so deducted or collected during the month of September 2024. Apart from that, the provision under government offices is that such tax so deducted or collected is to be paid to the Central Government within the same day and no Income-tax Challan is required for this. Apart from this, taxpayers who were permitted by the Assessing Officer to remit TDS quarterly (under sections 192, 194A, 194D or 194H) are required to pay the taxes for the quarter July to September of the year 2024 before this date. This will make one liable to penalties or interest charges if done late.

Extended Deadline to file Tax Audit Report for FY 2023-24

The Central Board of Direct Taxes (CBDT) has extended the due date for filing various reports of audit including Tax Audit for the Previous Year 2023-24, which was 30th September 2024 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th October 2024.

Furnishing Form 24G by government offices and TDS Certificates

Tuesday, 15 October, 2024 Important tax work on this date includes furnishing Form 24G by government offices. Any TDS or TCS payment made in September 2024 can be made without using a challan, and any office accepts it. On the same day, TDS certificates for taxes deducted under sections 194-IB, 194-IA, 194M, and 194S (for specified persons) during August 2024 have to be issued.

Filing TCS Return for 2nd quarter of FY 2024-25

15 October 2024 also happens to be the quarterly statement filing date due for tax-collecting businesses relating to TCS deposits for the quarter culminating on September 30, 2024.

Also, Form No. 15G or 15H declarations received from recipients for this quarter have to be uploaded latest by this date itself.

Submitting challan-cum-statements

Last but not least, the last few days of October will be crucial, especially October 30, 2024, Wednesday. The due date for submitting challan-cum-statements for any taxes deducted during September 2024 under sections 194-IA, 194-IB, 194M, and 194S (for specified persons) is by this date.

Issuance of TCS Certificate for 2nd quarter of FY 2024-25

By this date, the quarterly TCS certificate for the quarter ending September 30, 2024, too has to be furnished. For this, the due date provides the much-needed assurance that all such taxes collected or deducted are reported to the authorities in proper time.

Submitting Transfer Pricing Audit Report

There are a series of dates on Thursday, October 31, 2024.

It is also the date for filing reports on international or specified domestic transactions which are to be filed together with Form 3CEB.

Last date for Form No. 3CEAB, to be furnished by any body that is part of an international group, for the accounting period January 2023 to March 2024.

Filing TDS Return for 2nd quarter of FY 2024-25

It would also happen to be the last date for the quarterly TDS statement for the quarter September 2024.

Due date for filing Income Tax Return for FY 2023-24

October 31 is important for most taxpayers as it is the last date for filing a return of income-tax for assessment year 2024-25. It also includes corporate taxpayers, non-corporate taxpayers that seek audit of their books, partners in firms audited, spouses of partners if section 5A applies to them.

Other notable dates on 31st October are as follows:

Submission of audited accounts of approved projects under section 35(2AA) and quarterly return in respect of banks which did not deduct tax on interest on time deposits during the quarter.

Declarations under Form No 60 received by businesses during April and September, 2024, shall be filed with the concerned Director or Joint Director also.

Pension funds and Sovereign Wealth Funds must also file investment details for the quarter that ended in September 2024 on this day.

All in all, major tax due dates fill October 2024. Hence, no one should end up leaving those dates without knowing what to file and pay for. This keeps taxpayers from going into the fraternity of those who would end up getting penalties while parting with their money, not forgetting possibly avoiding or attracting some tax exemptions or relief.