Tax deadline compliance is something that business entities and individuals need to recall. In November 2024, GST and Income Tax filing deadlines require great attention so that both of them will not cross the deadlines. If deadlines are not complied with, fines, interest, and increased scrutiny from the tax officials can be faced by the people. Here are some major compliance dates which are applicable in the month of November 2024.

All deadlines are to be well understood for financial record management and to meet the required statutory compliances. Saptax Hub, the best CA firm in Delhi, guides you on these requirements. Their expert team is up for professional support in GST, income tax, TDS, and TCS filings so you never miss a deadline accurately and in time.

Major GST Compliance Dates for November 2024

For GST-liable businesses, November has multiple deadlines that need to be followed as noted below:

1. 10th November:

GSTR-7 and GSTR-8:

• GSTR-7 is a return, which has to be filed by any business undertaking deduction of tax at source under GST. This return has to be filed by that business that would intimate the TDS collected and deposited.
• GSTR-8: For e-commerce operators subject to TCS; This return contains information of TCS that has been collected from suppliers of goods or services through e-commerce operators.

2. November 11:

GSTR-1 for Monthly Filers:

A business entity filing monthly returns under GST will have to file its GSTR-1 by November 11 with details of all the outward supplies effected in October. This would include sales to both registered and those that are not registered with the business organization. Since GSTR 1 is a part of the GST regime and affects the recipient’s input tax credit, the accuracy is critical.

3. November 13 Invoice Furnishing Facility (IFF)

The IFF can be used by small taxpayers registered under QRMP to provide B2B invoice details for October. The convenience of monthly reporting enables these smaller taxpayers to keep their clients informed about their supplies in time, and assist their clients to claim input tax credit without any difficulties.

4. November 20 _GSTR 3B, GSTR 5 and GSTR 5A

GSTR-3B: This is a self assessment return which is due in October and it will contain information of the outward and inward supplies, tax liability, input tax credit and net tax payable. So this is an important filing as failure to do it would expose the business to heavy penalties.

GSTR-5: This GSTR form is intended for non-resident taxable persons who provide a summary of their monthly returns.

GSTR-5A: These returns are filed by the service providers of online information and database access or retrieval services in order to discharge the monthly tax obligation.

It is thus possible that a company can be updated on time, keep their books proper and also, be in compliance with the tax authority in time as well, regarding certain GST dates.

Important Income Tax Compliance Dates for November 2024

Besides GST, many key compliance dates of income tax fall during November:

1. November 7 Payment Date of TDS/TCS of October 2024: Any TDS or TCS of the month of October must be paid by this date. This will help your business avoid late fees and interest and ensures that withholding requirements are fully met.
2. November 15 Issue of TDS certificates (Form 16A): Any non-salary payment that closes on the quarter ending September 2024 shall carry Form 16A. These certificates are essentials for vendors or contractors to get a credit for the TDS on income other than salaries and give them the proof that they have paid their taxes on the incomes earned.
3. 30 November Transfer Pricing under Form 3CEAA: Organizations involved in specific international or domestic transactions will be required to file Form 3CEAA in seeking transfer pricing documentation. It applies to all organizations with foreign affiliations or any business done in a controlled form to ensure compliance with transfer pricing regulations.
4. Updated Income Tax Return (ITR): This is the last date for a new ITR filing to be submitted for the year 2022-23 under Section 139(8A), if an ITR has already been filed. The updation facility is available to rectify errors or omissions that occurred while filing the first ITR.

It, therefore, will not invite attention from tax authorities.

Consequences of Missing Deadlines

Failure to file according to these deadlines for tax compliance might lead to several unfavorable outcomes. There may be penalties for late filing, interest rates for paid taxes, and even more significantly, non-compliance may draw the attention of the tax authorities for scrutiny or audits. Compliance saves you from all such problems; with Saptax Hub, you stay compliant, so a business runs smoothly.

Conclusion

The following are the compliance dates for GST and Income Tax coming up in November 2024. Whether it is filing of GSTR-1 and GSTR-3B, making TDS payments to prepare transfer pricing documentation, these deadlines will ensure your business remains on the right side of the taxman. In such cases, compliance avoids penalties and sustains financial integrity.

Saptax Hub can make tax compliance easy and hassle free depending on the needs of the individuals. Their professional advice guarantees that all filings are done as and when due and are in compliance with the law. To know how they can assist you with dependable tax services and income tax return in India, go to the Homepage.