PEAKLIFE

By Neha Mehrotra

With the start of a new month, it’s crucial to assume responsibility for your financial matters and ensure you meet your tax obligations before the stipulated deadline. November holds significance in the income tax schedule, as it encompasses various essential dates and cutoffs for individuals and businesses.

To assist taxpayers, the Income Tax Department (IT department) in India provides a comprehensive tax calendar that highlights crucial dates for filing income tax returns, making advance tax payments, and managing tax deductions at the source and offers insights into various other essential tax-related activities. Staying well-acquainted with this tax calendar is crucial for upholding financial discipline, avoiding inadvertent oversights, and ensuring compliance with the tax laws and regulations.

The tax calendar by the IT department is available on its official website, providing a detailed breakdown of due dates for November. Here is a comprehensive list of the important due dates that you should be aware of in the month.

Income Tax Calendar for November

November 7, 2023

This is the deadline for submitting the taxes that were deducted/collected in October 2023. However, government officials are required to pay the sum deducted/collected to the Central Government on the same day they collect it, without the production of an income tax challan.

November 14, 2023

By November 14, the TDS (Tax Deducted at Source) certificate needs to be issued for tax deducted under section 194-IA, section 194-IB, section 194M and section 194S in the month of September 2023.

November 15, 2023

This is the due date for submitting a quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2023.

It is also the deadline for furnishing Form 24G by an office of the government where TDS/TCS for the month of October 2023 has been paid without the production of a challan.

Additionally, stock exchanges are required to submit statements in Form No. 3BB for transactions in which client codes have been modified after registering in the system for the month of October 2023.

November 30, 2023

There are several important tax-related tasks that need to be completed by November 30:

● Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB ,194M, section 194S in the month of October, 2023

● Return of income for the assessment year 2023-24 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s)

● Additionally, submit a report in Form No. 3CEAA by a constituent entity of an international group for the accounting year 2022-23

● Statement of income distribution by Venture Capital Company or venture capital fund in respect of income distributed during previous Year 2022-23 (Form No. 64)

● Statement to be furnished in Form No. 64D by Alternative Investment Fund (AIF) to Principal CIT or CIT in respect of income distributed (during previous year 2022-23) to units holders

● The due date to exercise option of safe harbour rules for international transaction and specified domestic transaction by furnishing Form 3CEFA and Form 3CEFB.

● The deadline for filing of statement of income distributed by business trust to unit holders during the financial year 2022-23 (in form No. 64A)

● The deadline to submit a copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case the company is eligible for weighted deduction under section 35(2AB) [if the company has any international/specified domestic transaction].

● Submit the statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is November 30, 2023).

● Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm’s length price of the remuneration paid to the fund manager. (if the assessee is required to submit return of income on November 30, 2023).

● The due date of furnishing of Return of Income in Form ITR-7 for the Assessment Year 2023­24 in the case of assessees referred to in clause (a) of Explanation 2 to section 139(1).